How CPF Life can enable retirees above 65 to have new credit cards
Retirees who have planned for high monthly payouts from CPF Life will have no problem meeting the $15,000 annual income threshold. PHOTO: LIANHE ZAOBAO
If you have been topping up your CPF Retirement Account to plan for higher payouts from age 65, here's another piece of good news – the lifelong monthly income from CPF Life will give your creditworthiness a boost should you need to apply for a new credit card or loan.
Monetary Authority of Singapore (MAS) rules state that people who are over 55 and retired must show they have an annual income of at least $15,000 if applying for an unsecured loan facility such as credit cards.
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Semiconductor equipment supplier VDL Group opens new facility in S'pore, will expand hiring
The facility will boost the company's existing manufacturing capacity in Singapore by 30 per cent. PHOTO: LIANHE ZAOBAO SINGAPORE – A Dutch semiconductor manufacturing equipment supplier with roots in Singapore going back to 1970 opened a third facility on June 2 and said it plans to hire 400 more staff here over the next five years. VDL Enabling Technologies Group's new 20,000 sq m facility in Pioneer comprises an office block, warehousing and logistics space, and a clean room that produces parts for companies that make semiconductor manufacturing equipment. The facility, called SQ1, will boost the company's existing manufacturing capacity in Singapore by 30 per cent. VDL said it had invested more than $50 million in the plant, but declined to disclose the exact amount. The company currently employs around 800 staff in Singapore. While SQ1 has capacity for 100 staff, the remaining new hires will be spread across its other facilities. Roles include those in engineering, supply chain management and administration. VDL Singapore managing director Chiam Sing Chung told The Straits Times on June 2 that the company will invest another $100 million over the next five years to upgrade infrastructure at its two existing manufacturing plants and at SQ1. The investment will go towards hardware, machinery and clean room facilities. Mr Chiam added that VDL Singapore has not seen 'a very adverse effect' from global tariffs so far, and is aiming to grow its revenue from the current $400 million to $1 billion within the next five to six years. 'If we talk about a realignment of the supply chain, then Singapore, generally speaking, is a good place for this realignment, so we see some new opportunities coming along,' he said. Headquartered in Eindhoven, the Netherlands, VDL has had a presence in Singapore for 55 years. It set up its first plant here in 1970 as the Philips Machine Factory, producing parts for its then parent company, Philips. VDL now has operations in 20 countries. Mr Jermaine Loy, managing director at the Economic Development Board, said at the opening ceremony of the new facility that Dutch companies such as VDL have been integral to Singapore's economic transformation, playing key roles across different sectors, including energy, electronics and precision engineering. He also noted that Singapore's semiconductor industry accounts for about 6 per cent to 7 per cent of the country's gross domestic product and employs around 35,000 people – about 10 per cent of chips and 20 per cent of semiconductor equipment produced globally each year are made here. 'We have built a comprehensive semiconductor ecosystem – from integrated circuit design, to wafer fabrication, to assembly, testing and packaging, to headquarter functions and R&D (research and development), and supported by a strong network of semiconductor equipment and materials companies,' said Mr Loy. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
an hour ago
- Straits Times
China is waking up from its property nightmare
One of China's biggest economic nightmares seems to be ending: the savage property crunch. PHOTO: AFP China's economy has been through a stress test in the past six months with the trade war shredding nerves. The tensions over tariffs are not over yet. On May 29, US Treasury Secretary Scott Bessent said that ongoing talks had 'stalled' and US President Donald Trump complained that China 'had totally violated' the preliminary agreement to reduce duties reached between the two sides in Geneva on May 12. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
2 hours ago
- Straits Times
Iran says it has seen no change in US position on sanctions yet
FILE PHOTO: Iran's and U.S.' flags are seen printed on paper in this illustration taken January 27, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Iran says it has seen no change in US position on sanctions yet DUBAI - Iran's foreign ministry said on Monday it would have to see if there are changes in the U.S. position on sanctions, as the two countries negotiate a deal to resolve a decades-long dispute over Iran's nuclear ambitions. "I regret to inform you that the American side has not yet been willing to clarify this issue," ministry spokesperson Esmaeil Baghaei said in a weekly press conference in Tehran. "It must be clear to us how the oppressive sanctions against the Iranian people will be lifted, to ensure that past experiences are not repeated", he added. Oman's Foreign Minister Sayyid Badr Albusaidi, who has been mediating between Iran and the Trump administration, presented elements of a U.S. proposal for a nuclear deal between Tehran and Washington during a short visit to Tehran on Saturday. Iranian and U.S. delegations wrapped up a fifth round of talks in Rome last month and, while signs of some limited progress emerged, there are many points of disagreement that are hard to breach, notably the issue of Iran's uranium enrichment. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
