SINGAPORE, Feb 17 — Removing the Central Provident Fund (CPF) Special Account for those aged 55 and above will “tidy up” the system and also shut down a little-used...
Singapore Budget: CPF Special Account closure at age 55 removes overlap, stops 'shielding' hack that maximises interest earnings, say experts
Christopher Gee, senior research fellow and deputy director at the Institute of Policy Studies , said that since the Special Account and Retirement Account are both meant for retirement savings, there are some overlaps. Unlike the Ordinary Account, which can be used for housing purposes, members would not be able to withdraw money from the Special Account until they reach 55, or if there are other special reasons such as death, illness or permanent emigration.
This meant that most members would not have any money in their Special Account after their Retirement Account is created. This is because these members would have CPF savings beyond the Full or Enhanced Retirement Sum that they wish to retain in the higher interest-earning Special Account, rather than have them transferred to the lower-earning Ordinary Account as soon as they reach 55.
In response to a parliamentary question in 2022, Minister for Manpower Tan See Leng said about 2 per cent of CPF members in 2021 had invested their Special Account savings six months before turning the age of 55 and liquidated their investment six months after that.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jho Low ordered 'Arab donation' letter for Najib's bank account, court hearsFugitive businessman Jho Low had in 2015 ordered the preparation of an 'Arab donation' letter to explain cash deposits into then prime minister Najib Razak's private bank account, the High Court heard today. Former 1MDB general counsel Jasmine Loo, the 50th prosecution witness in Najib's trial over the misappropriation of 1MDB's RM2.27 billion, said she had seen a draft of the Arab donation letters in a London hotel.
Read more »
Singapore's largest money laundering case sees assets worth over S$3 billion seizedThe assets seized in Singapore’s largest money laundering case that saw 10 foreigners arrested are now worth more than S$3 billion (RM10.55 billion). The police said on Jan 19 that they have issued prohibition of disposal orders on another 55 properties and 15 vehicles. An additional 189 luxury bags, 34 pieces of jewellery and five luxury watches were also seized. This now brings the assets confiscated by the authorities to 207 properties, 77 vehicles, more than S$1.45 billion in bank accounts, and more than S$76 million in cash of various currencies. Thousands of bottles of liquor and wine, cryptocurrency worth more than S$38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery have also been seized in total.
Read more »
ClickUp expands localised data hosting in APAC with Singapore data centerClickUp has announced its expansion in APAC with a new local data centre in Singapore.
Read more »
Taylor’s College Collaborates with SK Bingkor to Bolster Special EducationTaylor’s College has partnered with SK Bingkor to support the school’s ‘Integrated Sensory Therapy Room and Snoezelen Project’. The collaboration aims to advance equitable learning opportunities and create meaningful change in the education ecosystem.
Read more »
Taylor’s College Launches Special Education Project at SK BingkorTaylor’s College collaborates with SK Bingkor to launch the ‘Integrated Sensory Therapy Room and Snoezelen Project’ to improve special education and promote equitable learning opportunities.
Read more »
Maher Zain to Perform in Singapore, No Concert Date in MalaysiaMaher Zain, the Swedish-Lebanese R&B artist, is set to perform in Singapore in March, but no concert date has been announced for Malaysia. His concert will feature guest artist Harris J. Catch him live at Singapore Expo Hall 7 on 2 March at 8pm.
Read more »