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.

82-year-old elderly spends a year living at HDB void deck bench; netizens offer assistance

An 82-year-old man in Singapore, Yip Woon Cheong, has been living on a bench in the void deck of an HDB flat for a year, after his separation from his wife and being left solely dependent on government financial assistance of around S$100 a month. Mr Yip, who had never begged anyone for money and had saved S$1,000 in his bank account, said he had worked until 60, after which he depended on his CPF when he ran out of funds. Despite his children not helping him, he has no regrets and is moving into a rental flat with the help of volunteers and individuals who donated necessities and appliances to him.

Singapore CPF Board to remind members to review beneficiaries upon divorce

Singapore’s CPF nominations are currently treated in the same way as wills revoked upon marriage, which are not revoked in the event of a divorce.

Straits Times showcases retiree who has $1.6m in CPF and advises refunding money taken from CPF for home loans

The Straits Times (ST) published an article today describing how a retiree…

WP MP Louis Chua encourages public to ensure their CPF nomination is in order, following recent encounter with a case which didn’t

While the minimum S$15 fee for administrative costs imposed in processing un-nominated…

400K Singaporeans between age 55 to 70 don’t have enough in CPF to meet Basic Retirement Sum

In an article published by the Straits Times on Sunday (‘8 money…

Increase in CPF contribution rates should not be delayed any further, says NTUC’s Heng Chee How

The planned increase in Central Provident Fund (CPF) contribution rates should not…

WP’s Kenneth Foo, Nicole Seah speak about CPF Medisave with senior citizen in Bedok

The Workers’ Party (WP) members Kenneth Foo and Nicole Seah spoke to…

WP’s Jamus Lim talks about CPF savings with three-generation family in Anchorvale

The Workers’ Party (WP) Member of Parliament (MP) for Sengkang GRC Jamus…