The CPF Life annuity scheme, which provides retirees with a lifelong monthly payout, will be simplified to make it easier for Central Provident Fund (CPF) members to choose what scheme they want.
The new default option for CPF members will be the Standard plan, which combines the popular Plus and Balanced plans. The Income plan will be scrapped, as the take-up rate has been low.
Manpower Minister Tharman Shanmugaratnam said the new Standard plan should meet the needs of most members, giving them a slightly higher payout while still allowing them to leave a bequest.
The other option is the Basic plan, which will remain unchanged and cater to those who want to leave behind a higher bequest while receiving a slightly lower payout.
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