Ringgit hits record low against Singapore dollar, dropped to a seven-year low against the British pound

The ringgit hit a historic low versus the Singapore dollar on Wednesday (12 Jul), falling to 3.4783. It surpassed the previous record of 3.4717 on 22 June. Meanwhile, the ringgit gained against the US dollar the US dollar on Wednesday morning, trading at around 4.6470.

CPF raises Special and MediSave Account interest rate to 4.01% for Q3 2023, while Malaysia’s EPF declared dividend rate of 5.35% for 2022

The Central Provident Fund (CPF) and the Housing and Development Board (HDB) have announced that the interest rate for CPF’s Special and MediSave Account (SMA) will increase to 4.01% per annum for Q3 2023. However, some netizens criticized the increase, stating that it was only a 0.01% increment and barely noticeable in small CPF balances. In comparison, Malaysia’s Employees Provident Fund (EPF) declared higher dividend rates for conventional and syariah savings.

Automatic Closure of CPF Accounts held by members who are not Singaporeans or Permanent Residents from 2024

CPF accounts of non-Singaporeans or permanent residents will be automatically closed from 1 April 2024, according to the Central Provident Fund Board. This move is to ensure that the CPF system focuses on meeting the retirement, housing, and healthcare needs of Singapore Citizens and Permanent Residents. Non-SC/PR members are advised to transfer their savings to their bank accounts before the deadline.

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Tax collection falls 7.3% to S$49.6bil in FY2020/21 due to COVID-19 pandemic: IRAS

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