“To ensure Singaporeans’ retirement savings can keep up with inflation, or at least reflect market interest rates, I do hope the Government can review the CPF OA formula in a timely manner,' he added
“To ensure Singaporeans’ retirement savings can keep up with inflation, or at least reflect market interest rates, I do hope the Government can review the CPF OA formula in a timely manner," he addedSpecial and Medisave accounts are going up from 4.00 per cent to 4.01 per cent, based on an announcement from the CPF Board on May 29.
And while Mr Chua acknowledged that the increase in Special and Medisave accounts is “not much to shout about”, it is at least “pegged to 10-Year Singapore Government bond yields with a floor rate to ensure a minimal level of interest returns for Singaporeans long term retirement savings needs.” Mr Chua further explained that “it’s quite clear that interest rates are significantly higher than the 0.66% which the CPF computed” when it comes to either fixed deposit rates or savings accounts across the three largest banks in Singapore, including the UOB One, OCBC 360 or DBS Multiplier accounts.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Temasek's staff pay cuts for FTX losses fail to satisfy Singaporeans - Singapore NewsSINGAPORE: Temasek’s announcement that it will cut the compensation of the team that recommended investing in FTX has failed to impress some Singaporeans, who have flooded social media with calls for further action. The Singapore sovereign wealth fund invested a whopping $275 million into the once highly valued start-up in the digital currency sector. FTX …
Read more »
Singaporeans welcome President Halimah's decision not to seek re-election - Singapore NewsNetizens on social media platforms have indicated a sense of relief that she will not be continuing in office, claiming that her tenure was unremarkable and lacked meaningful impact
Read more »
2.5M Singaporeans to get cost-of-living special payments in June 2023About 2.5 million adult Singaporeans will receive up to S$400 in a special payment to provide cost-of-living relief. Find out more.
Read more »
Spain’s government calls snap election after heavy local ballot lossesIt is highly unusual for a Spanish government to call a snap ballot after a poor performance in a regional vote. Read more at straitstimes.com.
Read more »
Election winner MFP sets up transition team to take over as new Thai governmentBANGKOK - Thailand’s election winner Move Forward Party (MFP) has set up a transition team to facilitate the handover from the previous government, even as negotiations over key Cabinet roles continue. Read more at straitstimes.com.
Read more »
Shanghai hopes JP Morgan will promote investment in city - governmentBEIJING : China's Shanghai Communist party secretary Chen Jining said on Tuesday the city hoped JP Morgan Chase & Co would continue to promote investment in the financial hub by international financial institutions, according to the city government.In a meeting with JP Morgan Chase's CEO Jamie Dimon in Sh
Read more »