Special Account: Used for old age and investments in financial products related to retirement. Retirement Account: Used for monthly retirement payouts of people aged 55 years old and above. It's the employer's obligation to pay the total CPF contributions – both the employer's share and the ...
** This is the maximum amount a member has in his Medisave Account, above which funds overflow to the CPF Special Account. MediShield, a voluntary catastrophic health insurance scheme, is also available to help meet the high medical cost of prolonged or serious illness. Premiums, up to an ...
SINGAPORE 1.0BACKGROUND The Central Provident Fund (CPF) was established in 1955 as a compulsory social security savings scheme to provide financial security for workers in their retirement or when they were no longer able to work. Over the years, it has evolved into a comprehensive social ...
The funds in a CPF member's Special Account and Medisave Account accrue up to 5% interest annually, but only if the joint balance is $60,000 or below (with $20,000 from the Ordinary Account). Beyond this, the Special Account and the Medisave Account grow at 4% annually. The funds...
increase in MA contribution rates.Table 1: Increase in CPF Contribution Rates for Older Workers* Above 50 to 55 +1 +0.5 +1.5 Above 55 to 65 +0.5 - +0.5*Excluding increase in Medisave Contribution RatesThe increase in employer contribution rates will be allocated to the Special Account. The...