The Central Provident Fund (CPF) has been a controversial issue since its introduction to Singapore.
Recently, a lady complained on Facebook about having to repay her loan to CPF after taking money out under its education loan scheme.
The lady had applied for the education scheme a few years back to pay for her polytechnic fees. The scheme lets you use your CPF money to pay for your own, your children’s or your spouses’ tuition fees.
However, because of financial constraints, she was unable to repay the loan. This resulted in her receiving letters CPF warning her that if she continues to fail to pay, it will have to take legal action against her.
She then asks in her post why, if the money is meant for her in the future, couldn’t she use it now for her education.
One netizen commented that just like any loan you take, you will need to return money. CPF is no exception.
Another netizen further explains that the interest will ensure that the money is returned and she is not shortchanged of her retirement funds. After all, the retirement sum is reserved for her retirement.
Also regarding the interest on her loan, one netizen said that she should’ve read the terms and conditions before taking up the scheme.
A quick look at CPF’s official website tells us that there is indeed an interest rate on the loaned amount.
Instead of taking sides, one netizen decides to try and help her out of her predicament.
Here is the summarised version what makes you eligible for the waiver.
Unfortunately, it looks like her only option is migrating.
She mentioned that she took the education scheme merely “some years back” for polytechnic education. This means she probably fails the first age criteria.
Furthermore, she mentioned that her reason for not paying was due to her financial problems, not failing health. She does not qualify for the second criteria as well.
So she’s left with the last option — migrate. Otherwise, she’ll eventually have to repay the loan.
Hopefully, the lady manages to work something out with CPF.
Featured image from Facebook.
The clip was taken out of context which completely transformed its meaning, she said.
A unit in Sengkang is the second million-dollar flat in the area.
The China Airlines supervisor knelt to apologize for the luggage delay.
Many netizens advised the woman to order something else.
NEA's surveillance cameras detected acts of littering from both apartment units.
The OP said the fan blade would've fallen from the 8th floor if the windows…