Latest news with #CPF
Straits Times
11 hours ago
- Business
- Straits Times
Banks can consider CPF Life payouts as retirees' income for new unsecured loans: MAS
Retirees above 65 who get decent monthly payouts from CPF Life can qualify for a new credit card if they meet the $15,000 annual income threshold. PHOTO: LIANHE ZAOBAO Banks can consider CPF Life payouts as retirees' income for new unsecured loans: MAS SINGAPORE – Retirees above 65 years old who get decent monthly payouts from CPF Life can qualify for new unsecured loan facilities such as credit cards if they pass the $15,000 annual income threshold set by the Monetary Authority of Singapore (MAS). While MAS does not prescribe specific incomes to assess a borrower's eligibility, it notes that banks can look at regular incomes that retirees get, such as rents, interest or dividend and annuity payouts, such as those from CPF Life or private insurers. But borrowers must show with that they are currently earning such income to qualify. The issue of eligibility of older folk for credit cards was highlighted in The Straits Times Forum recently when 64-year-old retiree Brian Yim wrote about his plight of having an existing card from Trust Bank cancelled just because he wanted to increase its $2,000 credit limit for an overseas holiday. He submitted his Central Provident Fund (CPF) statement, which showed that he had more than the prevailing enhanced retirement sum of $426,000, but the bank asked instead for a bank statement that shows a cash balance of $750,000. An MAS spokesperson told The Straits Times that another qualifying test for retirees above 55 is to have a minimum net worth of $750,000 because if this amount is put in a fixed deposit that earns 2 per cent interest, for instance, the annual income would be $15,000. This means that regular income is still preferred for paying bills. Hence, banks 'may consider various up-to-date income sources, such as a borrower's rental income and annuity payouts', the spokesperson said. ST learnt that most banks do not look at retirees' CPF for credit checks, but this practice is likely to change with MAS' confirmation that the CPF Life payout is a good income source. It would be hard for banks to reject CPF Life payouts since such lifelong income is guaranteed by the Singapore Government. Those reaching 55 in 2025 will get monthly payouts of $1,700, or $20,400 annually, from age 65 if they save $213,000 in their Retirement Account. They can also choose to top up to the maximum of $426,000, for a monthly payout of $3,300, or $39,600 annually. Mr Yim, who turns 65 later this year, says his expected payout would more than exceed MAS' $15,000 threshold but he has no intention of reinstating his Trust credit card. 'I am now happily charging to my five other credit cards that better deserve my business,' he said. Tan Ooi Boon is the Invest editor of The Straits Times. More on this Topic Why high CPF Life payouts means less need to have more savings Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Recorder
20 hours ago
- Business
- Business Recorder
Aurangzeb praises World Bank's valuable contributions to Pakistan
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb, on Friday, met with the World Bank Pakistan team, including Najy Benhassine, outgoing country director, and Bolormaa Amgaabazar, incoming Country Director for Pakistan. During the meeting, the finance minister warmly welcomed Bolormaa Amgaabazar to Pakistan and extended his best wishes for her upcoming assignment. He expressed confidence that the collaborative efforts between Pakistan and the World Bank would continue to flourish under her leadership. Ahsan vows to deepen cooperation with World Bank Aurangzeb also took the opportunity to commend Najy Benhassine for his valuable contributions and unwavering support to the Government of Pakistan throughout his tenure. He acknowledged Benhassine's role in strengthening the development partnership and wished him success in his future endeavours. Highlighting the enduring relationship between Pakistan and the WB, the minister expressed gratitude for the bank's generous financial and technical assistance across key sectors of the economy. He emphasised the importance of the recently signed 10-year Country Partnership Framework (CPF) as a pivotal element in Pakistan's economic roadmap, noting its potential to transform critical sectors through strategic and well-coordinated implementation. Aurangzeb underscored the significance of effectively executing the CPF's Country Financing Framework (CFF), describing it as essential to unlocking the full benefits of the WB's support. He particularly praised the institutional, technical, and financial backing consistently provided by the bank. The minister also highlighted the recent successful completion of the International Monetary Fund (IMF) review and the subsequent $1 billion disbursement under the Extended Fund Facility (EFF), along with additional resources made available through the Resilience and Sustainability Facility (RSF). He noted that development finance must be guided by merit and objective assessment, rising above political considerations to ensure sustainable progress. The meeting reaffirmed the mutual commitment to strengthening Pakistan's economic resilience and advancing inclusive development through strategic partnerships. Copyright Business Recorder, 2025
Business Recorder
20 hours ago
- Business
- Business Recorder
Punjab govt, World Bank agree to boost partnership
LAHORE: Chief Minister Punjab Maryam Nawaz Sharif met Country Director World Bank Najy Benhassine in which it was agreed to further strengthen ever growing partnership between the World Bank and the Punjab government. The CM warmly welcomed the Country Director World Bank Najy Benhassine and paid tribute to his outstanding services rendered in Pakistan since 2020. The Chief Minister said, 'Punjab government holds in high esteem its strong, effective and long-standing partnership with the World Bank. The World Bank is providing valuable assistance to the Punjab government in various social and development sectors including education as well as health. The new $40 billion Country Partnership Framework between Pakistan and the World Bank is a manifestation of the vision of CPF 'Uraan Pakistan'.' She highlighted, '12 projects worth $2.4 billion are underway in Punjab with the support of the World Bank. The Punjab Rural Sustainable Water Supply & Sanitation, Resilient Inclusive, Agriculture Transformation and Human Capital Investment projects are improving service delivery in the province.' She outlined, 'The Punjab Rural Sustainable Water Supply & Sanitation Program is being expanded throughout the province. The Punjab government is making untiring strives to provide clean water and sanitation to all the villages in the province. We are striving to further strengthen the partnership between the World Bank and the Punjab government.' Copyright Business Recorder, 2025
&w=3840&q=100)
First Post
a day ago
- Business
- First Post
Is World Bank making the mistake IMF has made with Pakistan?
Critics warn the World Bank may be repeating the IMF's errors by offering large-scale financial support without enforcing meaningful, long-term reforms read more The World Bank has unveiled a $40 billion long-term financial support package for Pakistan under its new Country Partnership Framework (CPF), extending its planning horizon from five to 10 years (2026–2035). This marks a significant deepening of engagement with a country persistently troubled by economic instability and chronic governance failures. Official documents say that the CPF aims to bolster public services, attract private investment, and support sectors such as education, healthcare, clean energy, and climate resilience. The first phase will channel $20 billion in public sector loans, while the International Finance Corporation (IFC) will mobilise the remaining $20 billion to spur private sector participation. STORY CONTINUES BELOW THIS AD While the CPF aligns with Pakistan's declared development priorities, serious concerns persist regarding the country's inefficient and inequitable tax system—a challenge the World Bank itself has acknowledged, calling for urgent reforms to ensure fiscal sustainability and responsible use of foreign assistance. But Pakistan has a dubious record: Terrorism, misuse of Funds, and international warnings Critics warn the World Bank may be repeating the IMF's errors by offering large-scale financial support without enforcing meaningful, long-term reforms. The IMF recently released $1 billion to Pakistan despite strong objections from India and others, who cited Pakistan's history of misusing funds and sheltering extremist elements. India has consistently accused Pakistan of diverting international loans and grants to sponsor terrorism, particularly across the border into India, and has highlighted Pakistan's repeated failure to honour its commitments to curb terror financing. India's Defence Minister Rajnath Singh publicly urged the IMF and other global lenders to reconsider their support, warning that such funds risk being siphoned off to finance terrorist infrastructure. Following these protests, the IMF imposed 11 stringent conditions on Pakistan, demanding reforms in governance, fiscal discipline, and transparency. Pakistan's high-risk profile for money laundering and terror financing has been flagged by the Financial Action Task Force (FATF), which placed the country on its 'grey list' due to 'strategic deficiencies' in its anti-money laundering and counter-terror financing regimes. STORY CONTINUES BELOW THIS AD Pakistan remains a key conduit for the funding and sheltering of terrorist groups, with porous borders and weak regulatory oversight facilitating crimes such as smuggling, drug trafficking, and extortion—all of which help finance terrorism. Siphoning of international aid There is a well-documented history of Pakistan diverting international aid, including IMF and World Bank loans, to fund military and extremist activities. Reports indicate that arms imports and terror financing activities have increased in years when Pakistan received large-scale international assistance. Pakistan's Inter-Services Intelligence (ISI) and military have been repeatedly implicated in channelling funds—often sourced from international loans—towards terror groups operating in the region. The risk for the World Bank Without robust accountability measures and strict conditionality, the World Bank risks seeing its CPF funds absorbed into the same cycle of mismanagement and extremism sponsorship that has plagued previous IMF bailouts. Pakistan observers warn that with absent structural reforms and effective monitoring, international funds may once again fail to yield genuine progress for the Pakistani people, instead perpetuating instability in the region. STORY CONTINUES BELOW THIS AD The World Bank's new economy-booster move risks repeating the IMF's mistakes by providing substantial financial support to Pakistan without adequate safeguards, despite the country's well-documented record of sheltering, sponsoring, and protecting terrorism—often by misappropriating international loans and grants intended for development.
IOL News
a day ago
- IOL News
Community remembers Brigadier Leon Matthysen: A dedicated Durban policeman
Durban policeman Brigadier Leon Matthysen passed away from a heart attack on Wednesday. Image: Supplied Tributes continue to pour in for Durban policeman Brigadier Leon Matthysen, who passed away from a heart attack on Wednesday, sending shockwaves through the community. Matthysen was the station commander and head of crime prevention at several police stations in KwaZulu-Natal during his career. In 2023, he was appointed as the station commander of Pinetown SAPS. On Thursday, the community, Community Policing Forums (CPF), and Private security companies held a memorial drive from Kloof to Pinetown police station in memory of Matthysen. Andreas Mathios of Marshall Security said people came out in their numbers, which was a testament to the deep respect and admiration 'we held in our hearts' for Matthysen. 'He was the ultimate example of South Africa's finest, a true top cop whose integrity, courage, and unwavering commitment to justice set him apart. He did not just wear the uniform, he honoured it, and in doing so, earned the trust and respect of the community he served,' Mathios said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Aidan David, the chairperson of eThekwini District Police Board and Provincial Board treasurer, spoke of the memories he had of Matthysen, including the support he showed to the CPFs. David said wherever Matthysen's career had taken him, he always touched the lives of people and made them feel safe. According to him, Matthysen always supported the CPFs and believed that crime cannot be solved without the input from the community. David said that Matthysen left an indelible mark as one of the best station commanders that Isipingo SAPS has ever had, adding that he was an officer who never liked to be office-bound. 'He used to always sit at the back of the SAPS kombi with the door open, and he would make the young officers like Constable Donald Naidoo drive through the CBD of Isipingo and do patrols. Before the van could stop, if he saw a suspect breaking the law, he would spring out of that moving van and pounce on the suspects, and before they knew what happened, they would be apprehended by Brigadier Matthysen,' David recalled. David said that for the police officers patrolling with Matthysen, it was like an action scene from a movie. 'This kind of dedication and guts kept the people of Isipingo safe, and he really cleaned up our town of Isipingo and left us to take office with his promotion elsewhere,' David said. Police officers paid tribute to Brigadier Leon Matthysen at the Pinetown police station. Image: Andreas Mathios
