85,000 people born before 1948 to receive automatic monthly payouts: CPF

SINGAPORE — About 85,000 people born before 1948 will start receiving automatic monthly payouts from June, said the Central Provident Fund (CPF) Board on Wednesday (Feb 15).

They will start receiving the payouts in their coming birth month in their personal bank accounts and be notified beforehand.

The scheme applies to those who are not on CPF Life, which automatically enrols those turning age 65 from 2023 with at least S$60,000 in their CPF Retirement Account and provides lifelong monthly payouts in retirement. Explaining the move, it said that members who have started receiving their CPF Life payouts may have received subsequent inflows to their Ordinary and Special Accounts.

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