The Central Provident Fund (CPF) Board should consider allowing emergency withdrawals for genuine cases.
A friend of mine was a successful businessman until his family’s fortunes overseas were affected and he had to sell his assets to save his family.
He came back penniless and tried to find work, but it was hard to come by for someone in his 40s. He was reduced to doing menial work, as he had little certification.
He had, though, a substantial amount in his CPF account. If he were able to withdraw 10 per cent, it would be enough to help him make a new start in life.
Maybe the CPF Board could let people like him, who have fallen off the wagon, to make a life for themselves again.
My friend made the money in his CPF account when he had been a businessman. Given the chance, he would want to start a business again.
There could be a withdrawal cap of between 10 and 20 per cent when the amount in reserve is above S$100,000.
Let us move forward without leaving any citizen behind. Let us be an inclusive society for all Singaporeans.
HE XIN LE
*Article first appeared on TodayOnline Forums (3 May 2014)