Singapore's CPF Board is cutting the daily online withdrawal limit to S$50,000 from S$200,000 for members aged 55 and above, starting 25 September 2024, to shield older savers from scams.
KEY POINTS
IN SIMPLE TERMS
The CPF (your retirement savings account) is making it harder for scammers to steal large amounts of your money by reducing how much you can withdraw online each day. If you need to withdraw more, you can still do it by making multiple smaller withdrawals or visiting a CPF office in person.
WHY IT MATTERS
WHERE DO YOU STAND?
Do you think lowering the daily withdrawal limit to S$50,000 is the right balance between protecting older savers from scams and allowing them convenient access to their own money?
👍 👎 Vote ↓Singapore’s CPF Board is taking steps to protect older members from scams by reducing online withdrawal limits.
According to CPF, big changes are coming for CPF members aged 55 and above.
From 25 September 2024, the most you can take out online from your CPF in one day will drop from S$200,000 to S$50,000.
This change aims to protect older members from scams.
The CPF Board said, “Lowering the maximum DWL provides a greater deterrence to scammers and can help to limit the potential losses in a scam.”
In the first half of 2024, Singapore saw over 26,000 scams.
Less than 0.1% of these scams involved CPF withdrawals.
If you’re 55 or older and have set your daily withdrawal limit above S$50,000, you’ll get a notice about the change.
Your daily withdrawal limit will go down automatically.
But don’t worry, you can still take out larger amounts if you need to.
You have two options:
The CPF Board added, “We seek CPF members’ understanding that this move aims to better protect them against scams.”
Most scam victims had raised their daily limit above S$2,000 before falling for fraudulent withdrawals.
By lowering the maximum limit, the CPF Board hopes to make it harder for scammers to steal large sums quickly.
The CPF Board explained, “As scams continue to evolve, our safeguards must continuously be adjusted to ensure efficacy.”
The CPF Board is also taking other steps to keep your money safe:
| Measure | What It Means |
|---|---|
| PayNow update | Members using PayNow need to do a one-time update of registered bank account with CPF for extra security. |
| Processing time | This update will be subjected to a 12-hour cooling period. |
| CPF Withdrawal Lock | Members can lock their accounts to prevent unauthorised withdrawals. |
If you’re planning to make a big withdrawal after 25 September 2024, here’s what to do:
Remember, these changes are meant to protect your hard-earned savings from scammers.
Do you think lowering the daily withdrawal limit to S$50,000 is the right balance between protecting older savers from scams and allowing them convenient access to their own money?
Be the first to weigh in.
