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Written Answer to PQ on Use of birth date for CPF payouts

NOTICE PAPER NO. 2342 OF 2023 FOR THE SITTING ON 06 NOVEMBER 2023
QUESTION NO. 5142 FOR WRITTEN ANSWER

MP: Assoc Prof Jamus Jerome Lim

To ask the Minister for Manpower for the purposes of CPF payouts, why is the birth date rather than birth year being utilised, especially since the main milestone for participation into the economy, such as schooling and subsequently entry into the workforce, is based on the birth year.

Answer:

1. CPF Board uses birth month rather than birth year for the purposes of computing CPF payouts as this is typical industry practice for similar products.