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CPF LIFE is a scheme that is designed to provide lifelong income for the elderly in their retirement.
All CPF members are required to put aside the Minimum Sum (MS) at age 55 for their retirement needs.
The scheme will start in the year 2013.
The MS cash balance will be split into 2 parts:
Retirement Account – Monthly payment starts from age 65 to 80
LIFE premium – Monthly payment starts at age 80 till death
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