About two months after it was officially announced, the Special Needs Savings Scheme by MCYS was launched this month.
Under this scheme, beneficiaries will be able to get a monthly payout (of at least $250) from their deceased parents’ Central Provident Fund (CPF) savings instead of getting it in a lump sum.
A parent’s CPF savings must be enough to support a year’s worth of payouts, otherwise the CPF savings will be disbursed as a lump sum.
Why would anyone want to do that?
It is because the scheme is meant for people with special needs, who might be unable to manage the money on their own.
Furthermore, funds put into this scheme will earn interest of up to 4%, with an extra 1% on the first $60,000.
Only Singaporeans and permanent residents are eligible to join the scheme. The person must require help in at least one activity of daily living, like washing or dressing, and has attended or is enrolled in a special education school.
More details of the scheme can be found at the Centre for Enabled Living website. You can also call 1800-858-5885 for assistance.