CPF: 2.2 Million CPF Members Receive the Highest Additional Interest Rate

2.2 Million CPF Members Receive the Highest Additional Interest Rate

https://www.zaobao.com.sg/realtime/singapore/story20250219-5899052

 

February 19, 2025

 

Li Simiao

Lianhe Zaobao 

 

Over the past 10 years, the number of people earning the highest additional interest rate on their Central Provident Fund (CPF) savings has increased by 900,000, accounting for half of all members.

 

Dr. Tan See Leng, Minister of Manpower and Second Minister for Trade and Industry, said in a written reply to a question from Workers' Party MP Chua Kheng Wee from Sengkang GRC in Parliament on Tuesday (February 18) that between 2015 and 2024, the number of members earning the highest additional interest rate on their CPF savings increased from about 1.3 million to 2.2 million, and the overall proportion rose from 40% to 52%.

 

Among them, the number of active members with at least S$60,000 in CPF savings also increased from about 1.1 million in 2015 to 1.6 million in 2024.

 

The interest rate for the CPF Special Account, Medisave Account, and Retirement Account in the first quarter of this year is 4%. To boost CPF members' retirement savings, members below 55 years old can receive an additional 1 percentage point of interest on their first S$60,000 in savings (with a maximum of S$20,000 from the Ordinary Account). Members aged 55 and above can receive an additional 2 percentage points of interest on their first S$30,000 in savings (with a maximum of S$20,000 from the Ordinary Account), and an additional 1 percentage point of interest on the next S$30,000 in savings.

 

Dr. Tan See Leng said that the growth reflects the gradual improvement of people's savings habits, and more and more members are accumulating savings through the CPF and enjoying higher interest earnings.

 

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Dr. Tan See Leng also replied in writing to a question from MP Chew Kai Nian from Chua Chu Kang GRC, saying that among the CPF members who passed away in 2024, about 80% had nominated CPF beneficiaries.

 

Among the living CPF members aged 65 and above, about 86% had nominated beneficiaries, while only 36% of members aged 16 to 64 had done so. Among the members who did not nominate beneficiaries, the majority were below 44 years old.

 

By nominating, CPF members can designate beneficiaries to receive their CPF savings and the proportion of the amount they can receive after their death.

 

Members can log in through SingPass at

 

www.cpf.gov.sg/makeCPFNom

 

to nominate. They only need to fill in the name and identity card number of the beneficiary, as well as the names, identity card numbers, and contact information of two witnesses. The witnesses will receive a notification and need to "witness" online through Signpass within seven days to confirm that the nominator intends to make the nomination.