Budget 2024: CPF changes for senior workers include Special Account closure, higher Enhanced Retirement Sum
Closure of Special Account for those aged 55 and above
Higher Enhanced Retirement Sum to four times Basic Retirement Sum
Rise in contribution rates of workers aged above 55 to 65
FROM 2025, the Central Provident Fund (CPF) Special Accounts (SAs) of those aged 55 and above will be closed, with the savings transferred to their Retirement Accounts (RAs), up to the Full Retirement Sum (FRS).
Any SA savings that remain will go to the Ordinary Account (OA). OA savings can be withdrawn, but interest is accrued at the lower, short-term interest rate.
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