Page 5 - Basic Retirement Sum News Today

Earlier this month, DBS Bank made the decision to raise the interest rates for its Multiplier deposit account holders by up to 0.8 percentage points. It was a bold move by a local bank to attract customers as it was promising higher returns on regular savings amid rising inflation (and the rise in mortgage interest rates). DBS Multiplier accounts customers...

Every salaried employee in Singapore makes CPF contributions each month, but the CPF system is understood by few. There are more fun things to do with those precious post-work hours than to spend it on the CPF Board's website trying to decipher government-speak. One of the most confusing aspects of the CPF system is that there are three different types...

When buying a house, some of us would use our CPF savings to pay for our housing loans. But the thing about CPF is that it’s for retirement, so there’s a limit to how much you can use it for housing. Since the limit depends on the Basic Retirement Sum, what happens if your housing loan deductions reach it? Before...

If you're reading this, chances are you're probably relying on — or intending to rely on — your Central Provident Fund (CPF) to pay the monthly mortgage instalments for your property. However, there's a limit on how much CPF funds you can use in some cases. To avoid the rude shock of realising you've exceeded your CPF Housing Withdrawal Limits...

Condominiums, like most shiny, pretty things, come with a hefty price tag. That's why buying a new launch condo might be the most cost-effective option to owning your own unit. They come with a whole host of discounts from the developers, like vouchers, early bird discounts, and even stamp duty reimbursements. The downside, of course, is that you've got a...

I’ll start this article by saying there’s probably no correct answer as to the amount “the average person” needs to retire in Singapore. If you’ve been keeping up with the news, you know this number has been raised. From July 1, 2022, Singapore’s Ministry of Manpower will be increasing the retirement age from 62 to 63. Not only that, the...

For many Singaporeans homeowners, paying off their home loans using their CPF seems to be the default option. This could possibly be attributed to the lack of understanding of CPF. A common misconception is that your CPF is money that can never be withdrawn - hence you'd be better off using it to service your mortgage. Another reason may be...

Project Seniors Aid will boost their funds through CPF's Matched Retirement Savings Scheme. . Read more at straitstimes.com.

As detailed by Manpower Minister Dr Tan See Leng, the priorities include strengthening support for locals and enhancing retirement adequacy, among others.

Can you really say that you know where your money goes every month? If you don’t understand what’s happening to that precious chunk of your salary that goes into your CPF accounts through CPF contributions, never to be seen again, then the answer is no. But not to worry, understanding how CPF works is tedious, but it isn’t rocket science....