760,000 CPF members to get Home Protection Scheme rebates

Those eligible for HPS rebates will receive at least $500 and will be notified via email, SMS or letter.

Around 760,000 Central Provident Fund (CPF) members are set to receive premium rebates from the Home Protection Scheme this month.

In fact, rebates worth $640 million will be given out to eligible members as HPS posted better than expected investment returns as well as lower than projected claims.

The rebate exercise will see about half of those eligible for the rebates to receive at least $500, which will be credited in their CPF Ordinary Account, reported The Straits Times citing the CPF Board.

Eligible members will be notified of the rebate amount via email, SMS or letter from mid-January. Members can also view the amount in the CPF website, under their transaction history statement.

The last HPS rebate exercise was conducted in November 2015.

The scheme is compulsory for members who are using their CPF savings in order to pay for their Housing Board flats’ monthly housing loan instalments.

HPS pays the monthly instalments on an HDB flat in the case of permanent incapacity or death of the insured member before the housing loan is fully paid – effectively protecting CPF members and their families from losing their HDB flat

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg