By Zakir Hussain

MORE than 30,000 older CPF members have committed over $1.2 billion to a new annuity scheme since its launch two months ago.

However, these opt-ins to the CPF Life scheme add up to less than 5 per cent of the more than 700,000 Singapore residents aged 55 and older who are eligible to sign up for it.

Asked about the low proportion, Minister of State for Manpower Lee Yi Shyan told reporters yesterday that 30,000 is 'a significant number'' when compared to only about 71,000 private-sector annuities bought by individuals.

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