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| Investments and Net Worth Talk all about money making exploits, shares, property and building net worth |
Topic Review (Newest First)
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| 03-02-2008 09:39 AM | |
| admin--- |
803 Vadiraj, yes. Check out the ever-changing rules at www.cpf.gov.sg |
| 30-01-2008 11:33 PM | |
| Vadiraj--- |
782 There is any Year restriction to withdraw CPF? |
| 21-12-2007 12:30 AM | |
| Salary.sg |
CPF Changes from January 2008 Starting from 1 January 2008, your CPF balances will earn more interests. Interest Pegging for Special Account, Medisave Account and Retirement Account (SMRA) The yield will be pegged to 1% + the 12-month average yield of the 10-year Singapore Government Security (10YSGS), subject to a minimum of 4% for 2 years. The yield data is available at the MAS SGS site. Based on the new formula, CPF Board calculated that your SMRA accounts will still earn 4% for Q1 2008. Effectively no change here, at least for now. But note that you may get higher interest for the first 2 years, and possibly lower interest after that. Extra 1% interest You will earn an additional 1% interest on the first $60k of your combined CPF balances, with up to $20k from your Ordinary Account. Example: If you have $30k in Ordinary Account and $30k in Special Account (let's ignore other accounts), you will be getting the extra 1% interest on only $50k due to the cap of $20k on the Ordinary Account. Note: Your SMRA balances that form part of the combined $60k will also get the additional 1%. In other words, that portion of your SMRA balances will earn 5% interest. Other Changes For those who are turning 55, the Medisave Required Amount will be $14k from 1 January. For details on this and other CPF changes, please see this page in the CPF site. CPF Posts http://www.salary.sg/2007/cpf-change...-january-2008/ |
