Post-Secondary Education Account

Name and Constituency of Member of Parliament

Ms Sylvia Lim, Aljunied GRC

Question

To ask the Minister for Education regarding the Post-Secondary Education Account (PSEA) (a) for the last three years, what percentage of each cohort had unused balances in their PSEA which were transferred to their CPF Ordinary Accounts; and (b) for the cohorts in (a), what are the median and average amounts of unused balances so transferred.

Response

1. Over the past three years, about 90% of PSEA accounts have balances that can be transferred to the CPF-OA. It is not a bad thing to have some balances to transfer to CPF-OA, because the monies can then be used for housing and other purposes.

2. The median and average amounts transferred were $460 and $742 respectively in 2016, $782 and $943 in 2017, and $748 and $1,013 in 2018. The amounts are increasing as the relevant cohorts have different starting balances and received different amounts of top ups before they reach 30 years of age.