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A plea from a post-55 member: Keep our CPF Special Account open till the last possible day

This is so that the funds in the SA will earn the full 4% interest for January

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Dennis Chan

Dennis Chan

Published Fri, Jan 17, 2025 · 08:18 PM
    • CPF interest is computed monthly and based on the lowest balance in the account for that month. Should the SA account be closed at any time before Jan 31, the interest that ought to have accrued since Jan 1 might be lost. 
    • CPF interest is computed monthly and based on the lowest balance in the account for that month. Should the SA account be closed at any time before Jan 31, the interest that ought to have accrued since Jan 1 might be lost.  PHOTO: BT FILE

    CHANGES to the Central Provident Fund (CPF) Act were passed in Parliament last October to legislate the closure of the CPF Special Account (SA) for members aged 55 and above in the second half of January 2025.

    We are already past the halfway mark into the month and the confirmed closure date has not been publicly announced yet. However, things are afoot following the publication of a notice in the government gazette on Thursday (Jan 16) that stated that “Part 1 of the Central Provident Fund (Amendment) Act 2024 comes into operation on 19 January 2025”.

    For those who are affected (including myself), the exact timing is important due to how the interest is calculated.

    CPFRetirement

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