$640 million of premium rebates will be distributed to over 760,000 eligible Central Provident Fund (CPF) members under the Home Protection Scheme (HPF), the CPF Board wrote on Friday, 10 January.
About half of the eligible members will receive $500 or more. The rebates will then be credited into their CPF Ordinary Accounts from mid January. All is due to favourable returns from investment of the HPF scheme and “lower than projected claims”, according to The CPF Board.
The rebates can be used as payment for future HPS premiums and other housing or investment schemes that are approved by the CPF Board.
Who Is Eligible for the Home Protection Scheme Premium Rebates?
With the last exercise carried out in November 2015, here’s how to know if you are eligible this time round:
- If you have previously been covered under HPS from 9 November 2015
- A Singaporean or Singapore Permanent Resident
- Have not made a claim under medical grounds
If you are an eligible member, you will receive either an SMS notification, email or hardcopy letter of your rebate amount from mid-January 2020.
Alternatively, you can check your Transaction History Statement when your log into the CPF website with your SingPass.
If you are an eligible member and have further enquiries, you may call the CPF Call Centre at 1800-227-1188 or email them through cpf.gov.sg/writetous.
About the Home Protection Scheme (HPS)
The HPS is a mortgage-reducing insurance scheme that seeks to protect CPF members and their families from losing their HDB flats in the event of death, terminal illness or total permanent disability.
It insures members until 65 years old or until they have repaid their housing loans—whichever is earlier.
Source: CPF Board, The Straits Times
Lead image from CPF Board website.
Get daily updates about our top stories when you follow us on Telegram at https://t.me/theAsianparentSG.