Clifford Theseira, 72, has earlier wrote on his Facebook page relating that he is only getting a monthly payout of $575 from CPF Board.
He also revealed that he has to work as a Grab driver as the payout was not enough for him and his wife to survive. However, due to his old age, he was unable to drive for long hours.
In addition, he attached a letter from the CPF Board, informing him that he needed to make his MediSave contributions, which amounted to $595.
If he did not top up his MediSave, he would not be able to renew his driving license, and risk affecting his CPF payouts as well.
His post went viral prompting CPF Board to respond on Sunday (27 Oct).
The Board said the man, Mr Clifford Theseira, had not told the full story. It rebutted Mr Theseira, “Mr Theseira had withdrawn a total of about $140,000 from his CPF since turning 55. If Mr Theseira had not done so, his monthly payout could be more than $1,000 per month.”
“In addition, Mr Theseira co-owns a 5-room HDB flat which is fully paid up.”
CPF Board also said that Mr Theseira could contribute his Medisave monthly via Giro and added that the Giro payment would amount to less than 1 per cent of his monthly income.
“As long as he makes regular CPF contributions, which is no different for all other workers, he will be able to renew his licence when it becomes due in July next year,” it said.
No CPF payouts from 55 to 65
Of course, the CPF Board did not disclose that from 55 to 65, there is no payout from one’s CPF Life. To survive, one will either have to work, assuming he can find a suitable job at the age of 50s to 60s, or to start using his withdrawn CPF funds from 55 to 65 to survive.
Assuming Mr Theseira used up the $140,000 from 55 to 65 before getting his monthly payouts of $575 after 65, on average, he would be surviving on $1,170 per month for both himself and his wife during the “lost decade”.
This is, in fact, a sum already less than the minimum $1,379 a month by a study for a single elderly aged 65 and above, in order to attain a “basic standard of living” in Singapore (‘Study finds older singles need $1,379 per month‘).