one of the changes to the cpf act was passed by parliament today, through a new special needs savings scheme (SNSS).
through the SNSS, parents can arrange to have their cpf savings disbursed in monthly payouts to their disabled offspring/s after their deaths.
prior to this scheme, the savings of a cpf member who dies are distributed to his/her nominees as one lump sum.
parents can decide the quantum of the monthly payouts but this has to be at least $250. however, if their cpf savings at death are insufficient to provide the payout for 12 months, the entire balance will be paid in a lump sum.
who is eligible?
open to parents of disabled children who are attending or have attended a special education school, or who need help in at least one activity of daily living, such as getting dressed, eating or moving around.
the SNSS will be ......