MANY Singaporeans are Central Provident Fund-rich but may have little or no cash savings because of various reasons ("Let those in need tap CPF savings" by Mr Lee Yong Se; Feb 3).
I have a number of elderly family members and relatives above 55, as well as friends below 50, who have quite a large amount of CPF savings but are unable to withdraw any money even though they are in dire straits. Some, for instance, have been out of a job for several months, while others need money to pay their outstanding hospital bills.
They have had to apply for financial assistance from government agencies or welfare organisations, or worse, resort to licensed or even unlicensed moneylenders for urgent cash loans.
I hope that the Government can be more flexible and compassionate, and allow those in genuine need to tap their CPF savings.
This is also important as it will prevent Singaporeans from developing the mentality that the Government will provide cash assistance and support when they are in trouble.
Muhammad Dzul Azhan Haji Sahban
I have a number of elderly family members and relatives above 55, as well as friends below 50, who have quite a large amount of CPF savings but are unable to withdraw any money even though they are in dire straits. Some, for instance, have been out of a job for several months, while others need money to pay their outstanding hospital bills.
They have had to apply for financial assistance from government agencies or welfare organisations, or worse, resort to licensed or even unlicensed moneylenders for urgent cash loans.
I hope that the Government can be more flexible and compassionate, and allow those in genuine need to tap their CPF savings.
This is also important as it will prevent Singaporeans from developing the mentality that the Government will provide cash assistance and support when they are in trouble.
Muhammad Dzul Azhan Haji Sahban
