In facing death, is retirement savings still important? During the recent Parliament sitting held on 9 May 2016, the Worker’s Party raised the possibility of increasing the $5000 cap on CPF Medical Grounds Scheme due to rising cost of living in Singapore. The Minister of Manpower Lim Swee Say rejected the proposal and claimed that he was “hesitant about introducing such a move”. I was truly disappointed with his response and felt that he totally missed the point.
Withdrawal of CPF based on Medical Grounds
You can apply to withdraw your CPF savings on medical grounds if you
...- are suffering from an illness which renders you permanently unfit from ever continuing in any employment; or
- have a severely reduced lifespan; or
- lack capacity within the meaning of Section 4 of the Mental Capacity Act (MCA) and the lack of capacity is likely to be permanent; or
- are terminally ill...