Voluntary top-ups of Special and Retirement Accounts also climbed to a new high of $4.8 billion last year, up from $3 billion in 2020, said the report.
The top-ups were made by 294,000 CPF members, with about half topping up for the first time.
Read? CPF members' balances, interest earned hit new high in 2021; amount withdrawn for housing rises
Read? S$3 billion in CPF top-ups made last year, 40% more than 2019
Hong Lim Park got a little crowded Saturday evening at the Return Our CPF (Central Provident Fund) protest , which was held to protest the increase in the CPF Minimum Sum. (CW8888, Proven so wrong! CPF please keep on increasing CPF Minimum sum. LOL! 1M65 loving it!)
According to organiser Han Hui Hui, approximately 6,000 Singaporeans attended the protest, which called for greater transparency in the CPF system, an increase in CPF returns, as well as greater flexibility with the CPF system.
Read? Blogger Roy Ngerng’s ‘Return Our CPF’ rally draws large crowds
Posts
CW,
ReplyDeleteOf course the "laggards" - half topping for the first time - jump in just before interest rates rises globally ;)
Its not so bad.
Unless they also tapped their CPFIS for the first time in 2021 and invested in S&P500...
This one hurts more!
Uncle8888,
ReplyDeleteIf we're Americans, we'd be blogging about govt I-bonds whose interest rates are pegged dynamically to the CPI & are now paying 9.6% coupons.
CPF has been listening slowly.
From 2022 onwards, the "minimum sum" will be increased by 3.5% annually, up from 3% previously.
If we go back to the inflation of the 1970s & 1980s, "minimum sum" will need to increase by 6%-8% annually hoho.
Took a look at SGS yield curve ... 10yr bonds yield 2.84% (less than SSB!!).
Technically SRMA interest rate should be 2.84 + 1 = 3.84%.
If inflation persists, many current bloggers will see the base SRMA interest rate going above 4% for the first time since their kindergarten or primary school days!
And all everybody will be blogging or tik-toking will be CPF. Aiyoyo!
Wah! 9.6% return for fixed income. Shiok
ReplyDeleteRaise CPF interest rate temporary to address cost of living? Helping who? Retirees or more top up to CPF in 2022 ? Hmm.. thinking how
ReplyDelete