CPF changes to boost savings and returns

Singapore

THE government will roll out substantial changes to the Central Provident Fund (CPF) scheme that will help working Singaporeans, especially the lower and middle-income groups, save more for their retirement and earn more returns, to help them meet their basic needs in later years.

From Jan 1 next year, the CPF salary ceiling will rise to S$6,000 from S$5,000 to help the middle-income save more in their working years. The higher ceiling, which was last raised in 2011 from S$4,500, is expected to affect at least 544,000 CPF members.