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- Jul 24, 2008
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Jan 1, 2011
Spare young people the premium shock
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RECENTLY, I did some part-time work after my national service stint and was glad to make my first Central Provident Fund (CPF) contribution. Alas, my joy was short-lived.
I was informed a few weeks later, through a letter, that $36 had been deducted automatically from my Ordinary account to pay the premium for the Dependants' Protection Scheme (DPS). That left my account balance near empty.
I understand the good intentions of the CPF Board in coming up with the automatic opt-in scheme to tide members and their families over unfortunate events. However, there should be an advance opt-out option, at least for young people who are yet to enter their working careers.
I am going to start my full-time university studies this year and will not be able to contribute to my CPF account until I graduate and land a job. When my CPF account runs dry, I would be asked to pay for my premiums in cash. As I do not wish to go through this hassle, I have decided to opt out till I get a full-time job.
Make DPS an optional scheme for young people and spare them the shock of seeing their hard-earned money disappear in no time.
Trent Ng
Spare young people the premium shock
<!-- by line --><!-- end by line -->
<!-- end left side bar --><!-- story content : start -->
RECENTLY, I did some part-time work after my national service stint and was glad to make my first Central Provident Fund (CPF) contribution. Alas, my joy was short-lived.
I was informed a few weeks later, through a letter, that $36 had been deducted automatically from my Ordinary account to pay the premium for the Dependants' Protection Scheme (DPS). That left my account balance near empty.
I understand the good intentions of the CPF Board in coming up with the automatic opt-in scheme to tide members and their families over unfortunate events. However, there should be an advance opt-out option, at least for young people who are yet to enter their working careers.
I am going to start my full-time university studies this year and will not be able to contribute to my CPF account until I graduate and land a job. When my CPF account runs dry, I would be asked to pay for my premiums in cash. As I do not wish to go through this hassle, I have decided to opt out till I get a full-time job.
Make DPS an optional scheme for young people and spare them the shock of seeing their hard-earned money disappear in no time.
Trent Ng
