More than 760,000 CPF members to receive Home Protection Scheme premium rebates

SINGAPORE – More than 760,000 Central Provident Fund (CPF) members are set to receive Home Protection Scheme premium rebates this month, in the first such rebate exercise in more than four years.

Rebates totalling S$640 million will be distributed to eligible members on the back of better than expected investment gains and lower than projected claims experience, said the CPF Board in a news release on Friday (Jan 10).

About half of those eligible can expect to receive at least S$500 from the rebate exercise.

Eligible CPF members will receive the rebate in their CPF Ordinary Account, which can be used to pay for future Home Protection Scheme premiums and other CPF-approved schemes.

Those who qualify will be notified of their rebate amount via SMS, e-mail or letter from mid-January.

The amount will also be reflected under members' transaction history statement when they login on the CPF website.

The last such rebate exercise was in November 2015.

The Home Protection Scheme is a mortgage-reducing insurance scheme which aims to protect CPF members and their families from losing their HDB flat in the event of death, terminal illness or total permanent disability.

Members are covered for the period of the housing loan or until they reach the maximum cover age of 65, whichever is earlier.  CNA

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