In reality, rebates worth $640 million will be awarded out to qualified members since HPS posted better than expected investment yields in addition to lower than projected promises.
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The rebate exercise will probably find about half of the eligible for the rebates for at least $500, which is credited within their CPF Ordinary Account, reported The Straits Times mentioning the CPF Board.
Eligible members will be advised of the lien amount through email, SMS or correspondence from mid-January. Members may also see the amount from the CPF site, under their trade history announcement.
The previous HPS rebate exercise has been conducted in November 2015.
The strategy is mandatory for members that are using their CPF savings so as to cover their Housing Board flats’ monthly home loan instalments.
HPS pays the yearly instalments within an HDB apartment in the case of permanent incapacity or death of the insured member prior to the home loan is fully paid — efficiently shielding CPF members and their families by dropping their HDB apartment.