Basic Retirement Sum News Today

To clarify, MOM shared that the closure of the Special Account aligns with the principle that only long-term savings should earn higher long-term interest rate.

SINGAPORE —  The closure of the Central Provident Fund (CPF) Special Account is not aimed at helping the Government to save on higher interest it pays out to such account holders, said Minister for Manpower Tan See Leng in Parliament on Wednesday (28 Feb).

The CPF Special Account (SA) will be closed for members aged 55 and above starting in 2025, as announced in Budget 2024. How will this affect workers?

More details on the rationale behind the closure of the SA for members aged 55 and above from early 2025, how much one can withdraw from their CPF, and more.

About 14,000 CPF members who are 55 and over today will not be able to transfer all their SA savings to their RA. Read more at straitstimes.com.

The Enhanced Retirement Sum will be pegged to four times the Basic Retirement Sum from 2025. Read more at straitstimes.com.

CPF members aged 55 and above can receive estimated monthly payouts of up to S$3,330.

SINGAPORE, Feb 16 — From 2025, the Central Provident Fund (CPF) Special Account of those aged 55 and above will be automatically closed and the money in there, up to the Full...

Singapore News - From workers to seniors, individuals to households, Budget 2024 has something for everyone to cope with cost-of-living pressures. Deputy Prime Minister and Minister for Finance Lawrence Wong on Feb 16 unveiled a suite of support measures for all Singaporeans, including cash... Read more at www.tnp.sg

The Enhanced Retirement Sum will be four times the Basic Retirement Sum.