The Special Account for people aged 55 and above will be closed from the second half of January 2025, one of a slew of changes in the Central Provident Fund (CPF) system in the new year.
Other changes include increases in the Enhanced Retirement Sum and CPF contributions for platform workers, and a higher CPF monthly salary ceiling to keep pace with rising wages.
From the second half of January, savings in the Special Account of affected CPF members will be transferred to the Retirement Account, up to the cohort's Full Retirement Sum.
Any remaining Special Account savings will be transferred to their Ordinary Account. Members have the flexibility to withdraw the money when needed or transfer it to their Retirement Account, up to the Enhanced Retirement Sum.
"The principle behind the closure of the Special Account for members aged 55 and above is to right-site CPF savings, such that only CPF savings committed towards long-term retirement needs earn the higher long-term interest rate," the CPF Board said on Dec 16.
Members' funds in the Retirement Account will continue to earn the higher long-term interest rate (floor rate of 4 per cent per annum) and they will receive higher monthly payouts in retirement, it added.
هذه القصة مأخوذة من طبعة December 17, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 17, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Jay-Z will seek dismissal of sexual assault lawsuit his lawyer calls a 'sham'
Lawyers for Jay-Z (right) plan to ask a judge to toss a lawsuit accusing the American rapper of raping a 13-year-old in 2000, pointing to what they described as \"glaring inconsistencies\" that emerged in an NBC interview of the accuser, who was not named in the suit.
Comedian Jimmy O. Yang finds people who look more like him than himself in lookalike contest
It looks like there are Asians out there who look more like Jimmy O. Yang than the man himself, said the Hong Kong-born American actor and stand-up comedian.
Brazil judge orders Adele song to be pulled globally
A Brazilian judge has ordered a song by British pop superstar Adele (left), Million Years Ago (2015), to be pulled worldwide - including on streaming services - over an ongoing plagiarism claim by a Brazilian composer.
Local musician-TikToker first from Asia to be nominated
Drumeo Awards: TikTok Drummer of the Year category
Malcolm In The Middle is getting a four-episode revival on Disney+
NEW YORK - One of America's wackiest families is making a comeback.
Pedro Almodovar is not lost in translation
Working in English and directing Hollywood stars can be difficult for European directors. But the Spanish director's The Room Next Door is an exception
Lessons from a dog attack
Viewpoint Canines may bite and scratch when excited or caught by surprise
Could dark chocolate reduce risk of diabetes?
If you have long assumed that you must deprive yourself of delicious foods to be healthy, a new study in medical journal The BMJ offers encouraging news: Eating dark chocolate has been associated with a reduced risk of developing Type 2 diabetes.
BAD BACK
More teens and young adults hit with degenerative disc disease
Diplomacy ● Remark about chai in poor taste
I refer to the article \"No shortage of chai for Singapore's envoy in India after 'tasteless' brew post goes viral\" (Dec 16).
