CPF Life gives monthly payout, much like property rental income: Koh Poh Koon

But unlike property rentals, CPF Life payouts are not taxable, he says

- Chor Khieng Yuit Senior Business Correspondent

Senior Minister of State for Manpower Koh Poh Koon (second from left) at the Nov 11 panel discussion on retirement adequacy, with (from left) UFM100.3 presenter Cheng Cheng Yao, CPF Board's deputy chief executive for policy and corporate development Tang Lee Huat and CPF volunteer Ong Sin Hong.

(PHOTO: SHIN MIN DAILY NEWS)

Topping up one’s savings in the Central Provident Fund (CPF) account is akin to investing in a property for a regular source of income in one’s old age.

Senior Minister of State for Manpower Koh Poh Koon said this during a panel discussion with the CPF Board’s deputy chief executive for policy and corporate development, Mr Tang Lee Huat, and a CPF volunteer, Madam Ong Sin Hong.

The Mandarin dialogue on retirement adequacy was organised by Chinese language daily Shin Min Daily News in partnership with Reach (Reaching Everyone for Active Citizenry @ Home).

Speaking to about 100 people at the Suntec convention centre on the evening of Nov l, Dr Koh said CPF Life gives a regular monthly payout for life, much like receiving rental income from a property. He noted that while rental income is taxable, CPF Life payouts are not.