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Closure of Special Account for those 55 and above among CPF changes in 2025
The Straits Times
|December 17, 2024
Others include contributions for platform workers and increases in Enhanced Retirement Sum
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.
This story is from the December 17, 2024 edition of The Straits Times.
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