SINGAPORE: The interest rate for Central Provident Fund ( CPF ) Special, MediSave and Retirement accounts will increase to 4.14 per cent in the fourth quarter of 2024, up from 4.08 per cent in the previous quarter.
Savings in these accounts will increase by 4.14 percent from October to December, according to the CPF Board and Housing Board ( HDB) in a joint news release released on Friday ( Sep 20 ).
The government has even extended the 4 % interest rate floor for all Specific, Medisave, and Retirement records for the following year, starting January 1 through December 31, 2025.
In spite of the volatile interest rate environment, the CPF Board and HDB said,” This modification of the ground level may continue to provide CPF people with clarity on the results of their CPF benefits.”  ,
These accounts have an interest rate equal to the yield on 10-year Singapore Government Securities, which is increased by 1 %.
Since the OA pegged rate is still below the floor rate of 2.5 percent, the interest rate on the Ordinary Account ( OA ) will remain unchanged for the fourth quarter.
The concessionary interest level for HDB cover money, which is pegged at 0.1 percent above the Op interest rate, will likewise remain constant for the same time frame at 2.6 %.
Members may continue to receive more attention on their CPF savings in accordance with the administration’s efforts to increase pension savings for CPF members.  ,
Those below 55 years old will earn an extra 1 per cent interest on the first S$ 60, 000 ( US$ 46, 500 ) of their combined balances. This fascination is capped at S$ 20, 000 for the OA.  ,
People aged 55 and over will get an extra 2 per cent interest on the first S$ 30, 000 of their combined accounts, capped at S$ 20, 000 for the OA, and an additional 1 per share on the next S$ 30, 000.  ,
A person’s Special Account or Retirement Account will receive the additional interest earned on the OA accounts.  ,
The CPF Board and HDB stated that “if a member is over 55 years old and joins CPF LIFE, the additional interest will be earned on their combined Pension accounts, which includes the saving used for CPF LIFE.”  ,