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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.