4.1m CPF members' balances hit record S$462.1 billion in 2020

THE balances of Central Provident Fund (CPF) members grew by 8.7 per cent year on year to a record S$462.1 billion in 2020 from S$425.1 billion the previous year, the 2020 annual report of CPF Board noted.

The CPF members, hence, earned S$16.8 billion in total interest in 2020, up from S$15.5 billion. The number of CPF members rose 1.8 per cent to 4.1 million last year.

CPF contributions credited amounted to S$40.9 billion while withdrawals totalling S$20.7 billion were made.

Despite the pandemic, the CPF Board reported that voluntary top-ups into the special account and retirement account also reached a new high at S$3 billion in 2020, having jumped 39 per cent year on year from S$2.15 billion. More than one-third of these members were topping up for the first time.

In its report, the board also noted the amount of CPF withdrawn from the ordinary account for housing continued to fall, to S$17.3 billion in 2020 from S$19.3 billion in 2018 and S$17.8 billion in 2019.

Members withdrew S$10.5 billion for purchasing Housing & Development Board flats while S$6.8 billion was used to pay for private properties and executive condominiums in 2020.

CPF members invested S$17 billion of their ordinary account savings and S$5.5 billion of special account savings last year, under the CPF Investment Scheme.

Of the 40,000 active CPF members who turned 55 in 2020, 63.6 per cent were able to set aside the Full Retirement Sum required of their cohort, or set aside at least the Basic Retirement Sum while owning at least one property.

Approved claims under MediShield Life rose to S$1.05 billion in 2020, up 1.94 per cent year on year from S$1.03 billion.