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Written answer by Mr Lim Swee Say, Minister for Manpower, to Parliamentary Question on CPF account balances for deceased members from 2010 to 2015

Notice Paper No. 308 Of 2016 For The Sitting On 16 August 2016
Question No. 206 For Written Answer

MP: Mr. Leon Perera

To ask the Minister for Manpower from 2010 to 2015, what has been the median, mean, 10th percentile and 90th percentile total amount of money in individual CPF accounts when those individuals became deceased in each of those years.

Answer

1. Half of CPF members aged 65 or older who passed on in 2015 had about $6,800 or less left in their CPF accounts. Table 1 below shows the CPF balances of CPF members aged 65 or older who passed away between 2010 and 2015.

Table 1: CPF Balances of all SC/PRs aged 65 or older who passed away from 2010 to 2015  

In the Year

CPF Balances

Mean

Median

10th Percentile

90th Percentile

2010

$         8,300

 $      3,000

 $          100

 $      22,200

2011

$         9,800

 $      3,500

 $          200

 $      26,200

2012

$      12,300

 $      4,000

 $          200

 $      30,300

2013

$      13,300

 $      4,800

 $          300

 $      34,800

2014

$      16,100

 $      5,700

 $          400

 $      39,700

2015

$      18,600

 $      6,800

 $          500

 $      45,400


2. Any unused CPF balances are bequeathed to the deceased member’s nominated beneficiaries. If there are no nominated beneficiaries, the unused CPF balances are distributed under intestacy laws.