The budget is being debated in parliament today and the workers party has called on the CPF to be even more flexible than the PAP has proposed.
WP called on the draw-down age to be lowered to 60 so that CPF members can start to enjoy monthly payouts from 60 rather than the current 64 or 65 for those turning this age in 2018.
However, while the called for more flexibility, WP supported the PAP in terms of being against allowing full withdrawal at once.
This was explained by NCMP Gerald Giam who explained that many CPF members have a "genuine need" to withdraw earlier, especially for those who may have lost their jobs or were unable to continue working for whatever reason.
For these people, they may be left with no money as they are unable to work and unable to withdraw from CPF.
In particular, Mr Giam pointed out that there was a mismatch as the current retirement age was 62 but CPF members could only withdraw their savings at 64 or 65.
In order to finance the early withdrawal, the WP proposed that those who choose to withdraw earlier will have to sacrifice the amount of their monthly withdrawals so that their CPF can last until later on in their life.
Mr Giam noted that giving such options to people will give greater flexibility to those who need it but those who wish to continue working can still do so and earn higher monthly payouts.
Other suggestions made include giving a one-on-one meeting with a CPF board member before CPF members turn 55 so that they are aware of their options on the use and withdrawal of their savings.
The WP also suggested that the Silver Support Scheme suggested in Budget 2015 be paid out monthly instead of quarterly as the beneficiaries are not working and may need the money to pay for daily expenses.
Overall, WP still supports not allowing full withdrawal. Mr Giam noted that the forced savings have helped Singaporeans save more than what they would have on their own and it is overall still a good system that needs more flexibility.