New Critical Illness Definition from August 2020
The Life Insurance Association of Singapore has announced that the new definitions of 21 of the 37 critical illnesses with standardised definition across the insurance industries will be updated with…
Stricter NRIC control from 1 September 2019
From 1st Sept 2019, it will be illegal for organisations to collect, use or disclose NRIC numbers or make copies of the identity card, under stricter rules spelt out by…
Higher CPF contribution from 2021 for higher CPF Life payout?
It is good news for those who may have difficulty savings for the CPF Full Retirement Sum before age 65. From 1 January 2021, the Singapore Government will increase the…
Updated Rules on CPF Usage and HDB Housing Loan from 10 May 2019
Rules on CPF usage and HDB housing loans will now focus on whether the remaining lease of the home can cover the youngest buyer until at least the age of 95. Home buyers will…
New upper limit for Deposit Insurance Scheme and updates on Policy Owners’ Protection Fund Scheme
With effect from 1 April 2019, the insured amount of the Deposit Insurance (DI) Scheme will be increased from $50,000 to $75,000 if any of the DI Scheme members such…
Up to $200,000 investment into Singapore Savings Bond
From 1 February 2019, Singaporeans can invest up to $200,000 of their funds into Singapore Savings Bond (SSB), up from the current limit of $100,000. Also, the Supplementary Retirement Scheme…
Use PayNow for CPF withdrawal
Since March 2018, PayNow has been available to CPF members as a form of withdrawal of the money from the CPF accounts for members who are aged 55 and above. This…
2018 GST Vouchers and Medisave Top-ups
From 1 August 2018, Singaporeans residing in Singapore who are aged 21 and above in 2018, whose assessable income for Year of Assessment 2017 is not more than $28,000, will…
Reduction in Home Protection Scheme Premium from 1 July 2018
Home Protection Scheme (HPS) is an term-reducing mortgage insurance managed by CPFB that will help HPS members to pay off the housing loan in the event of death, terminal illness…
CareShield Life to replace ElderShield in 2020
From 2020, all Singaporeans who are aged 30 to 40 will be automatically enrolled into the new CareShield Life, regardless of his health condition. It is a universal coverage, and…
U‑Save rebate for April 2018
The Utilities-Save (U-Save) rebate, which Singaporean households will receive as GST vouchers in April 2018, will help to offset their utilities bills. These vouchers will be disbursed every 3 months.…
CPF savings transfer to parents and grandparents
Currently, CPF members can only transfer savings from their CPF accounts to their parents or grandparents after setting aside the full retirement sum. However, members can soon do the transfer…