TikTok user issued second Pofma order in a week; correction notice over false claims about CPF

SINGAPORE – A TikTok user known as dr.ishhaq.jay has been issued a correction notice for the second time in a week under the Protection from Online Falsehoods and Manipulation Act .

Contrary to the user’s claim, the CPF Board’s data indicated that almost seven in 10 active CPF members managed to set aside their cohort’s BRS at the age of 55 in 2022. This included members earning below the median income for those aged 55 in 2022, who had used their CPF savings to repay housing loans. The ministry expects the proportion of active CPF members able to set aside their cohort’s BRS at 55 to rise to about eight in 10 by 2027.

The ministry further clarified that the Government has been enhancing the CPF system over the years to benefit those who require more support. For instance, an additional 1 per cent interest is provided for the first $60,000 of members’ combined CPF balances, and an extra 1 per cent for the first $30,000 of combined CPF balances for members aged 55 and above, to help boost their retirement savings.

However, MOM said that when a CPF member turns 55, monies from the member’s Special Account are transferred to the Retirement Account, up to the Full Retirement Sum. If there is a shortfall in the Full Retirement Sum, only the Ordinary Account monies needed to make up the shortfall are transferred to the Retirement Account.

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