Starting 1 January 2012, HDB flat owners under the Central Provident Fund (CPF) Board’s Home Protection Scheme (HPS) will enjoy 12 percent savings on their premiums.
Minister of State for Manpower and National Development, Tan Chuan-Jin, said on his Facebook page that the move will benefit 80 percent of CPF members who are currently paying annual premiums.
“It is important to keep HPS sustainable and affordable to members for the long term. While I hope that we will never ever need to file a claim from HPS, it is assuring to know that our family members are protected against losing their homes, should anything unfortunate happen to us,” he said.
Meanwhile, those who join the scheme on or after 1 January and existing members will enjoy the new rates, the latter when they adjust or renew their HPS coverage.
Furthermore, the CPF Board will notify all existing members who are eligible for lower premiums after the successful payment of their next premium.
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