Budget 2024: CPF changes for senior workers include Special Account closure, higher Enhanced Retirement Sum
Closure of Special Account for those aged 55 and above
Higher Enhanced Retirement Sum to four times Basic Retirement Sum
Rise in contribution rates of workers aged above 55 to 65
FROM 2025, the Central Provident Fund (CPF) Special Accounts (SAs) of those aged 55 and above will be closed, with the savings transferred to their Retirement Accounts (RAs), up to the Full Retirement Sum (FRS).
Any SA savings that remain will go to the Ordinary Account (OA). OA savings can be withdrawn, but interest is accrued at the lower, short-term interest rate.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
Singapore tourist arrivals dip to 1.36 million in April, after March’s Taylor Swift-led high
Singapore’s key exports down 9.3% in April – slightly more than expected, but better than March’s tumble
Singapore’s monetary policy should remain tight until inflationary pressures recede: IMF
PM Wong calls on Singaporeans to support each other, help his government take the country forward
Daily Debrief: What Happened Today (May 16)
Daily Debrief: What Happened Today (May 15)