Budget 2024: CPF Special Account to close for people aged 55 and above

The CPF contribution rates for those aged 55 to 65 will increase by a further 1.5 percentage points in 2025, announced Deputy Prime Minister and Finance Minister Lawrence Wong in his #Budget2024 speech on Friday (Feb 16). He also announced an increase in the Enhanced Retirement Sum from next year. READ: cna.asia/49BPwy5
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[@janiceleong3602]

I still hope the Gov will reconsider letting SA stay but put a cap on the amount of money we can have in SA account (like Medisave).The excess to overflow into OA. At least the less financial literate seniors still have a safer place to park their emergency funds while earning some decent intetest.

[@pcpeng]

CPF is meant to be a safety net. Why would you need to raise the RA so high to get payout of 3.5k a month? It’s ok to plug the shielding loophole, but leave the SA balance interest to encourage savings after 55. First disappointment with this PM in waiting.

[@holypunk12]

True abt 4.5k would have been more reasonable considering the amount being locked for 10 years !

[@inspirasiplaylists9910]

Hope Workers Party can bring up this issue during upcoming elections. If they can promise to restore SA for Singaporeans, I will support !!

[@flowercolourful4718]

Not enough alt parties in Parliament, even if WP raise it up, nothing can be done as PAP pass all policies. Sad

[@officerzainudin1975]

As a singaporean i agree

[@teoboonwah4974]

Ha@ Ha@ I m 62 years old, when 40 years ago, our Snr.Lee promised us when we get 55 we get our CPF .And nowadays, the CPF - RA rising up to 400K , currently , we are older and paid at only 1k/ month . How to cope the RA ??? And why not the 4k of skills further directly top up in our RA for 55 and above ?

[@WWK186]

The 4+% earned in retirement account is not withdrawable when you pass on. CPF will only refund the remaining premium to your beneficiaries. Does not make sense to put so much money there. How is govt protecting seniors who are vulnerable to scams and may not be savy in investing. They are now forced to find alternatives due to this sudden policy change. Disappointment.

[@josephong2421]

Hope this would affect PAP votes.

[@MarcoJr666]

It will not because when people are dumb, they will continue to be dumb.

[@avatart183]

why policy keep changing, some of us cpf shielding transferring in and out already loss some cash. Expecting it to churn some profit back but not instead no more SA? Higher ERS means more $ lock up to the government! Where got take care of older generation?

[@jessiechew4192]

What is the use of paperless amt we can’t enjoyed some not even live to 65 to enjoy their cpf money 💰, hopeless proposal

[@cac1504]

For you to feel happy tangible for not.

[@goldenretrieverboy]

The fact they are increasing CPF contribution for elderly aged 55-65 goes to show how they expect people to work even after 55. At the same time, handicapping them in terms of disabling 4% SA and forcing them to either Top Up to RA, which is not liquid, or sucking up the 2.5% in OA….. I feel worried for the Aging population and retirement scenario in Singapore!

[@pandax5359]

The ageing population issue is just going to be growing and growing. Best way individually to combat it is to have more kids uh. Birth rates stagnating

[@jly5828]

Singapore elder will be ensured to live long long as their have to work until pass away.

[@avatart183]

No way this is taking care of senior, employer will look at the elder as being more expensive and therefore less employable. Our company once over retirement age was ask to take lower salary even though the job role increased. Many have being challenge of not achieving impossible goals as a result drop pay grade.....

[@markfish1113]

They trying to protect from the reserves accumulation speed slow down. Something is wrong and with so little welfare policy, they desire to increase GST so much till 10% in future.

[@cac1504]

McDonald's must happy to get cheap labour from those above 60.

[@chewaaron7682]

This measure is certainly targeting the retirees, whom is looking to SA as a passive income. With this closing of SA, we can expect these disgruntled retirees, to express their displeasure at the voting box. Certainly a bad move by PAP😮

[@alipromo53]

Nope im not stupid to transfer my OA to RA when im 55 just FRS will do

[@officerzainudin1975]

I am a singaporean age 48, i was thinking why would they stop the special account? I also workers party would bring up this matter in the next election

[@agnesteo4549]

It times for PAP changes this kind of stupud formula. Not everyones eho live in d 5 rooms are well off. We seniors with NO CHOICE because when we biught it our children are young n not working.

[@avatart183]

But the long term interest rate in RA will not belongs to individual cpf holder? They will be use to fund others in the insurance... smart move taking money from policy holder to fund others leaving no benefiys to the cpf holder....

[@user-xt5tx5yv9f]

U can choose the basic plan so tat 90% of the int in ra still belongs to u forever

[@flowercolourful4718]

DPM Lawrence Wong once mentioned about our HDB flats 99 year leasehold and it affected the value price immly - his mouth very suey. Now he decided Year 2025 those 55 and above will have their SA clozed. He just want people to transfer to RA to top up to ERS. Not everybody is aware once our money is transferred to RA at age 55, at that point the 4% interest earned goes into a common pool, and so if member pass on, the money in his RA gets disbursed to his nominated beneficiary but not the 4% interest earned in the RA. So not worth to top up to ERS, if can meet the FRS will do. So if at any mth the small payout is not enough, at least still can have some money a member can withdraw fm his OA. It is terrible to live on a tight string. Of course all our filthy rich Ministers don't know how it feels like.

[@scbchong6964]

Has the pap ministers ever steal your money? They also rise because of hard work and intelligence. All citizens can join pap political party, right? Are you a high performer in your job? Or you only know how to kpkb, blame gahmen and complain complain complain.

[@flowercolourful4718]

@@scbchong6964 - Who the hell are you ?

[@scbchong6964]

@@flowercolourful4718 Just an above-55 citizen giving an opinion about your misinformed opinion. You should speak more to those above 55 instead of blindly pointing finger, hating and blaming gahmen.

[@chewaaron7682]

I agree with flower colorful totally. I remember once DPM Wong once said ability to win votes is a criteria for him to be a PM. Quite disappointed on his latest move on closing SA, which runs counter to his previous opinion. Trust between citizens and ruling party will be affected by this measure.

[@scbchong6964]

@@chewaaron7682 If pap not gahmen, you think Opposition will better the sustainable welfare? btw SA is available from when you start work until age 55 lah. If after 30 years of working, you got zero savings, the problem is NOT pap, the problem is YOU. btw only 2% of above 55 are exploiting SA. Didn't all Opposition supporters say they detest such richies and elites? Are you above 55? How many above 55 have you spoken to about this issue?

[@friedrice7707]

Closing CPF SA was another dick move after his GST hikes. PAP was the one that gave us the 4% SA account in the first place. What's wrong with citizens making a decent living and accumulating wealth in SA when those monies are meant for our eventual retirement? How can we have faith in the new PM when he can just changed the goal post as and when he likes? It's like the bank introduced a annual 4% Special Saving Plan, I diligently put in the money all these years. But one day the bank said next year they will forcefully close my Special Saving Plan and transfer all the money to the normal Saving Account that's paying a much lower interest. What kind of bank does such unethical thing? From this episode, having PAP governing my CPF is a huge policy risk, I will never transfer more than the required BRS to RA. I am sure down the road PAP will change the goal post again on OA, Retirement Account or CPF Life. I rather withdraw all the excess money from CPF than to leave it to uncertainties.

[@torrhthc4103]

The bank fire employees so can keep your interest. The top US banks will rank and fire the btm few % of deadweight. The civil service under pap does not do that, since when u read news of any civil service firing like google and morgan stanley? They also don’t pay cut i guess and want to match salaries. As such, is either pay u less or tax u more. Until changes are made.

[@guruchoykokkee]

If you really want to help people especially this above 55 to retire with better financial, wouldn't it be better to have the SA as it has better interest than OA. It can be redrawn in full as when needed unlike RA.

[@suanthongyeo1162]

We have to support the opposition to one third of the parliament so that they cannot do as they like and a tri power sharing, a elected parliament, a elected president and a elected chief judge.

[@kitty2527]

I am 55 this year and my job load has increased and not lightened. Not all senior workers have their job scope reduced. Those that are seat warmers continue to be good for nothing.

[@markfish1113]

Bascially 45-65 cannot be sick or sacked? Most crucial period. CPF also wont help. Their definition is this age better sit high position.

[@whenitype]

sigh, no more shielding... thanks to who had made it public....

[@winstontan8390]

I hope just like LTA. Announcement made but later part withdrew back again. Hope this round would be the same if the public makes a lot of noise.

[@davidlim4602]

Something is very wrong when seniors over 55 years old still have to continue to work if they don't want to, where the nation has one of the Highest secret Reserves and the Most Expensive City on Earth. Adopting the Debt based economic system after the 1980s to fund growth eventually has to be paid once the ponzi system collapses.

[@mikegan9382]

Well because average death age is 80yo. If 55, you going to be non-productive for next 25 years and govt doesn't want leeches

[@cac1504]

Old folks should just retire to enjoy life after 60, no need to work in McDonald's. The government reserves should subsidize their twilight years living.

[@flowercolourful4718]

​​​@@cac1504- the trouble is some cannot work even in McDonald bec of health problems, not that they do not want to continue working, and so they will not rec any workfare benefits at all.

[@kcchiew4247]

My cpf special account's interest...😭

[@eddietan9821]

Why close the special account

[@evildaddyz]

they finally do math SA 4.08% haha its the highest interest rate .... they figure out they cant payout people when they WITHDRAW

[@tuapuikia]

If you have extra money, consider saving it in USD FD for a higher interest rate.

[@lllengl.9660]

Buy BTC instead.

[@freddie792]

I’m not planning to work after 55

[@NinJa-qr1sp]

In that case, govt should allow topping up SA to ERS via cash (with income tax relief) OR OA transfer before 55.

[@lucasyeah7033]

The youtubers have been making too much noise about cpf sa shielding. Now they block this shielding permanently, then all cannot game on the shielding.

[@holypunk12]

Still can do by those below 55 !!

[@edwardlumsianming3430]

Age does not equal amount of work. This is the type of world we live in

[@neal3354]

What is the fully retirement age fully payout? Still holding contributions money’s?

[@RealEvangelizer]

i just want the cash not see paper money move around

[@boxstersjm69u]

Alot of mumbo jumbo and doesnt look good in general.

[@quad6752]

I still do not understand why our government still use the old 5 room formula / method to disqualify for cash out payment . During covid19 pandemic, oil crises and falls of the oil & gas industries , whether you are staying in 3 rooms , 4 rooms or 5 rooms will either loose your jobs or retrenched ! So to stay staying in 5 rooms or buying a 5 rooms has this disadvantage !

[@janiceleong3602]

Agree, both my 80+ elderly parents are disqualified from Silver Support Scheme just because I registered them as co-owner of 5 room flat. I have tried to appeal to CPF, giving evidence that I am the one who solely paid for the flat but was rejected, they replied that people living in bigger unit are more resourceful.. why do they think that people live in bigger flat are richer? Unlike some 3 or 4 room owners, we hardly spent on renovations and do not own any cars.. What about those who sold their private property and downgrade to a smaller flat? They are cash rich and yet Gov gave them much more support. My mum is very upset that as a pioneer citizen who work hard but do not earn much in her younger days, are treated so unfairly.

[@quad6752]

Exactly

[@kitty2527]

I got a 5 room because my parents are staying with me when I got married, we need the space cos we have children and I have to support my parents. Being the sandwich generation, I wish the govt then would provide more aid then. Because policies need to be formulated on a timely basis, alot of our social economic issues are the result when govt failed to provide support or policies change and it is only ppl make alot of noise or election results like the one we had in 2011, then govt then started listening actively.

[@janiceleong3602]

​​​​@@kitty2527Yes, there are many reasons why people opt for a larger flat unit. It is not because they are more resourceful. I only can afford to send my 88 yo dad to Eldercare center 2x per week as he get much lesser subsidy from Gov. Don't know why my family got penalised for living in a larger unit.

[@kitty2527]

@@janiceleong3602 First, the Govt stressed the importance of family ties and the need to look after elderly parents, i agree wholeheartedly we should cos that what we do as decent human beings. I was a nurse and Eldercare centres means alot to senior citizens, the interaction and getting them out of the house. doing light exercises, play mahjong, talking about old times again and again. Watching TV together..... my Japanese adopted mom in Japan get to send her dementia husband to Elder centre 5 times a week, to give her some respite cos she is also in her eighties. Govt aids needs to be holistic if not elderly suicides will increase cos elderly do not wish to burden their children and will chose the most extreme way especially when families fallen into hard times.

[@sipsfacts9639]

DYM shall use the term " we" rather than "I", as he is making thia statement on behalf of the government...not himself.

[@haramo60]

Hahaa yoy do realise I I I In future become PM Mine Mine Mine he taught everything belongs to him

[@neal3354]

To increase employer percentage contribution instead employee

[@pugazhselvam123]

Fm Singapore /TAMILNADU veppur.we will watching

[@BaySean]

Retirement some for those born before 1969? Three cheers to our soon-to-be PM Lawrence Wong

[@aqustix]

The purchasing power today will not be the same in 10 years time. Please convert my RA to gold please. Thank you.

[@TheOpenCriticalmind]

Your money is their money.😂😂😂😂😅😅😅

[@thngthng5592]

Why is there a need to close SA account? To earn higher interest?

[@markfish1113]

Maybe elites play investments using SA and draw out.

[@Jaka12390]

I used to draw extra money monthly from SA and OA but not anymore now because of this changes.Im not happy and I'm sure many are like me too😢😢

[@alexongpanghai]

Money all stuck into ra a/c...

[@two02ful]

They are very desperate, why? Need to buy more arms

[@cheenangng4050]

They will pay more interest if u committ to a fd for 10 years…..nice.

[@edwardlumsianming3430]

In this fallen world, there is high price to pay for high interest. Just like the BANKS😢😢😢😢😢😢

[@davidngo6526]

SA earns 4% interest n this accounts closed n money transfer to OA which earn 2.5%. Then some ppl will withdraw n put into fixed deposits as long it is higher than 2.5%. They knee retirement account gives 4 % but the money are ‘freeze’ for ten years n many things can happen 😊

[@smonyboy]

You need to brush up on your english

[@jessiechew4192]

Correct you may Report home 🏠 earlier , stupid move

[@lucasyeah7033]

Should have allowed SA to be able to fill up to ERS amount too and not wait till 55 than make us to transfer from OA to RA till ERS.

[@vincentsaabwong877]

For hospitalise fees so not to those going "away" or enjoyed before go away

[@halimahsaad]

Kalau boleh Kasi lah CPF Kita Yang kerja keras Dari muda sampai 55 $10000 pun tak boleh Kasi lagi nak simpan sampai 65 Kita pun tak tahu apa akan jadi 55 tahu pun dah Rasa badan penat 🙏lah amaik CPF Kita macam ini boleh simpan tapi jangan sampai Kita 65 tahu Kita pun tak tahu apa terjadi pada Kita 😢

[@Kola833]

The education allowance subsidy should have done before the foreign talent influx and should cover degree studies too.Instead G allows foreign influx from unknown universities to take up jobs in SG or giving scholarship to foreigners but demand much from Sporeans!

[@edwardlumsianming3430]

RIP CPF SHIELDING. DO NOT CHALLENGE THE STATE 😢😢😢😢😢😢😢

[@Hs5687]

Only After Caught Red Handed, Now Trying to Play Santa Claus 👏👏👏

[@telolet6782]

On the verge of recession...

[@josephong2421]

Suck in more money of course get higher payout, is this what world class PAP can contribute. Why pension funds from other countries can give higher interest but PAP can't.

[@scbchong6964]

Those pension funds actually close down and stop payments totally, hor. Do you know any foreigner friends who enjoy such pensions till their death?

[@porchua2428]

55岁拿了最基本的$5000，下次到65岁才能RA户口中每月领取，开玩笑？，那$5000可得分十年省省喔！怎没有提醒那些只能领$5000的同胞，这笔錢每个月只能按100元耒用，十年刚刚好！明白嗎？别老想退休啦！带老婆一生人一次去出国啦！很多不知道要这样分配才够用！继续努力的工作，顶到65岁！

[@unholydanger]

BANZAI !!!

[@byebyefiat]

GG to SA shielding lol

[@lucasyeah7033]

The youtubers have been making too much noise about cpf sa shielding. Now they block this shielding permanently, then all cannot game on the shielding.

[@user-nr2tv6rc2u]

No different u close S A CPF ACC AMYWAY WE GET FROM CPF THIS IS NEW WAY TO ROB POOR MAN LIKE ME

[@user-nr2tv6rc2u]

Even lee hsien LOONG grand son become the prime minister we can't recover the lost so don't bother the SA OR RA OR MEDISAVE EVEN COFFIN WE CAN'T BUY

[@MasterLeong888]

CPF can easily be changed, one day they will have to raise the retirement age then people will wake up their idea gg

[@cac1504]

After 60, withdraw your CPF to buy a condo in Forest City Johor. This is how Tan Kim Lian did it

[@RedMoonAxe]

Gov increasing ERS cap to 4x . Encouraging citizens who earn more to lock more savings into SA, for higher payout from 65yrs.. lol. Im 34 now, let see what è BRS requirement will be in year 2045

[@torrhthc4103]

Lets see who is in government by then, will hope the general population hv great foresight to chose the correct party

[@MasterLeong888]

2045 not same garmen riao

[@vicktorteck4902]

In time to come ERS x5 …

[@mohdyusuffsharif944]

Speaking London dewan rakyat.i am English teacher but I object for dewan rakyat not debating in national language.look arrogant and silly for speaking London in dewan rakyat.

[@jeremyxu8155]

Where will the money inside the CPF SA Account now go to after its closure?

[@user-xt5tx5yv9f]

Go to OA (2.5%)by default and can also go to RA (4%) up to 4 times brs if u instruct cpf