Ash
In a recent update that has brought relief to many Singaporeans, first-time CPF withdrawers are now eligible for a $1,800 cash payout.
This benefit is part of the government’s broader initiative to provide financial flexibility and support to CPF members, especially during emergencies or significant life events.
The Central Provident Fund (CPF) is Singapore’s mandatory savings scheme that helps residents save for retirement, healthcare, and housing needs.
While Central Provident Fund withdrawals have long been permitted under strict conditions, this new $1,800 incentive offers an added advantage for first-time claimants.
Why the $1,800 Cash Payout Matters
This cash incentive is aimed at helping those who are withdrawing for the first time manage urgent financial needs more comfortably.
Many Singaporeans delay withdrawing from CPF due to bureaucracy or lack of awareness, and this measure acts as an encouragement for eligible members to access their rightful savings.
Eligibility Criteria for the $1,800 CPF Payout
To qualify for the payout, you must meet specific government-defined conditions. Below is a breakdown:
| Criteria | Details |
|---|---|
| Citizenship | Must be a Singaporean citizen or permanent resident |
| Age Requirement | Must be 55 years or older |
| Medical Grounds | Must have a serious medical condition, reduced life expectancy, or permanent incapacity |
| Mental Capacity | Must permanently lack mental capacity under the Mental Capacity Act |
| Leaving Singapore Permanently | Allowed if leaving Singapore or West Malaysia permanently with no intention to return |
| Death of Central Provident Fund Member | CPF funds can be withdrawn by next-of-kin upon certified death of the member |
How to Apply for the First-Time CPF Withdrawal
Applying for Yourself
- Visit the CPF website and log in using Singpass.
- Submit an online application through the designated portal.
- Download the Medical Assessment Report form provided.
- Have a licensed doctor fill out the form.
- Instruct the medical institution to submit the completed report directly to the Central Provident Fund Board.
- If applying from abroad, all documents must be certified by a Singapore Overseas Mission.
Applying as a Deputy for a Next-of-Kin
- Submit the application form with a copy of your NRIC.
- Attach these supporting documents:
- Medical report proving mental incapacity.
- Lasting Power of Attorney or Court Order.
- Bank statement for the trust account held on behalf of the Central Provident Fund member.
Daily Withdrawal Limit
CPF Board has a default online withdrawal limit of $2,000 per day for members aged 55 and above. This limit is adjustable from $0 up to $200,000, but changes are only effective after:
- Singpass Face Verification (SFV)
- A 12-hour cooling period
This measure ensures enhanced security and control over Central Provident Fund funds.
Why This Policy Change is Important
Singapore’s aging population and rising cost of living have made financial liquidity increasingly important.
By incentivizing the first withdrawal with a $1,800 payout, the Central Provident Fund Board is encouraging members to make informed and timely financial decisions.
It also helps those with urgent needs, especially related to health or permanent incapacity.
The $1,800 cash payout for first-time Central Provident Fund withdrawers marks a significant move by the Singapore government to enhance financial accessibility and address urgent personal needs.
Whether you’re reaching the age of withdrawal or dealing with health-related circumstances, this initiative offers crucial support at a pivotal time.
Make sure you check your eligibility, follow the right steps, and submit your application correctly to benefit from this limited-time opportunity.
FAQs
What is the minimum age to make a first-time CPF withdrawal?
You must be at least 55 years old to withdraw your CPF savings, unless special circumstances like serious medical conditions apply.
Is the $1,800 payout available for every CPF withdrawal?
No, the $1,800 payout is a one-time benefit only for first-time Central Provident Fund withdrawers who meet the eligibility criteria.
Can I apply on behalf of a relative who is mentally incapacitated?
Yes. As a legal deputy, you can apply with a medical report, Lasting Power of Attorney, and trust account documentation.