CPF PayNow is a scheme of the Central Provident Fund (CPF) retired members (members aged 55 and above). It is a service that allows eligible members aged 55 and above to withdraw their Special and Ordinary Account savings, and receive payment in their PayNow registered bank account instantly. This service was available on 26 March 2018. The CPF provides its members with a monthly payout for life when they reach their payout eligibility age.
Central Provident Funds, CPF paynow schemes
Retirement Sum Scheme: This scheme provides CPF members with a monthly payout when they reach their CPF payout eligibility age.
Retirement Sum Topping-Up Scheme: This scheme helps CPF Members build up their retirement savings by topping up their own or their loved ones’ CPF Accounts.
Matched Retirement Savings Scheme: This type of scheme helps the senior Singaporeans aged 55 to 70 who have yet to meet the current Basic Retirement Sum save more for their retirement.
How To Withdraw From CPF paynow
CPF members can withdraw their CPF savings after they need to put aside their full retirement sum in their pension plan. The Full Retirement Sum can be set aside fully with cash or with cash (i.e. at least the Basic Retirement Sum) and property.