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[QUOTE=Salary.sg;268719]CPF contribution rates for those aged 55 to 65 will be increased by a further 1.5% in 2025.

Maximum amount that CPF members can put into their Retirement Account (RA) will be increased to $426k. (This is 2x the FRS of $213k in 2025, or 4x the BRS of $106.5k.)

CPF Special Account (SA) will be closed for those aged 55 and above.
- SA savings will be transferred to the RA up to the Full Retirement Sum (FRS).
- Remaining SA savings will be transferred to the Ordinary Account (OA).

For those who are still working, the share of their CPF contributions which would normally be deposited in the Special Account will go into the Retirement Account instead.

If the Full Retirement Sum has already been reached in the Retirement Account, funds that would usually be in the Special Account will be diverted to the Ordinary Account.

Sources:

[url]https://www.channelnewsasia.com/commentary/budget-2024-cpf-retirement-sum-special-account-money-savings-seniors-snap-insight-4129311[/url]

[url]https://www.channelnewsasia.com/singapore/cpf-special-account-sa-shielding-closure-interest-rates-budget-2024-4131271[/url][/QUOTE]

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18-02-2024 12:07 AM

Salary.sg

Changes to CPF system 2024

CPF contribution rates for those aged 55 to 65 will be increased by a further 1.5% in 2025.

Maximum amount that CPF members can put into their Retirement Account (RA) will be increased to $426k. (This is 2x the FRS of $213k in 2025, or 4x the BRS of $106.5k.)

CPF Special Account (SA) will be closed for those aged 55 and above.
- SA savings will be transferred to the RA up to the Full Retirement Sum (FRS).
- Remaining SA savings will be transferred to the Ordinary Account (OA).

For those who are still working, the share of their CPF contributions which would normally be deposited in the Special Account will go into the Retirement Account instead.

If the Full Retirement Sum has already been reached in the Retirement Account, funds that would usually be in the Special Account will be diverted to the Ordinary Account.

Sources:

https://www.channelnewsasia.com/comm...nsight-4129311

https://www.channelnewsasia.com/sing...t-2024-4131271

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