The rate hike is due to an increase in the 12-month average yield of 10 year Singapore Government Securities, which the interest rate is pegged to, said the CPF Board, Housing Board and Health Ministry in a joint statement on Dec 6.
The interest rate for the Retirement Account (RA) will also increase to 4.08 per cent, from 4 per cent, for the same period.
From 2024, the RA interest rate peg will be aligned to that of the Special and MediSave accounts and computed quarterly instead of annually.
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