Oral answer by Ministry of National Development on whether the CPF Board will consider aligning the life expectancy factor with the Department of Statistics for property purchase.

1285. Mr Foo Cexiang: To ask the Minister for National Development whether the CPF Board will consider aligning the life expectancy factor with the Department of Statistics Singapore's reported average of 83.5 years when tabulating how much CPF savings can be used to purchase a property, instead of the existing 95 years.

Answer:

Our rules on CPF usage for property purchases are intended to encourage Singaporeans to buy a home for life, which safeguards their housing and retirement adequacy.

Under the current home-for-life condition, the remaining lease must cover the youngest owner till at least age 95. If we set the requirement at 83.5 years, many seniors would live longer than this average lifespan.