CPF Special Account closure: What is the impact?

A slew of changes to the Central Provident Fund (CPF) system announced at Budget 2024 including the closure of the Special Account (SA) for those aged 55 and above from 2025. READ MORE: str.sg/pqMJ
When the SA is closed, savings in that account will be transferred to the Retirement Account (RA), up to the Full Retirement Sum (FRS).
Any remaining SA funds will then be channelled to the Ordinary Account (OA).
Watch more videos from Budget 2024:
• Singapore Budget 2024
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#straitstimes #cpf #retirement #sgbudget2024

[@lookloke3553]

Simply, “ if you cannot convince, you confuse the people ! “.

[@peterlai6503]

If you are not confused will continue to convince 😅

[@lookloke3553]

Many still convinced

[@huggybear441]

For years (and even now) l still have no idea what the special account is for.

[@wumao6797]

Same here

[@mengtan9568]

Same here too😂

[@Hs5687]

Not Be Disheartened… Many still puzzled how did an Adult Indian suddenly Change into “ Malay “ and Win Scandalous PE17 Uncontested.. ie. Phenomenon , Engineered etc 🤔🤔🤔

[@Fiona20238]

it is a long term saving primarily for retirement.

[@jamesong8512]

For starting up business if you need

[@benlim2170]

you gonna need a PHD degree to fully comprehend the CPF system

[@melwu7954]

Wow sounds so confused cant they simply it to make it more easier to understand for older people to make it more clearly for working people

[@Fiona20238]

In a nutshell, the rich cannot hack CPF Special Account 4.08% p.a. interest anymore.

[@janiceleong3602]

I don't agree that SA will only benefit the rich. It also helps the lower income that has less power to top up their SA during their working life before age 55, a good chance to grow their emergency fund (after finally paying off their home loans).Now with SA closure, they are actually earning lesser intetest as CPF funds channel to OA if they continue to work.

[@LeeSkJohn-sv8wi]

The problem is do we continue to let them decide what to do with our money?

[@alijandroamin]

So mean if we reach 55yrs old and not meet the ERF we cannot withdraw $5000 is it. Please explain more details is it we can withdraw $5000 or no . Thank you.

[@yp8839]

5000dlr can be withdrawn regardless whether u meet the minimum to set aside 😊

[@alijandroamin]

@@yp8839 Thank you for the reply .🙏🙏🙏

[@alipromo53]

Do not top up RA money cannot be liquidate

[@sebastiantan2199]

Honestly, the government should grandfathered SA for those above 55 !

[@karthiv4977]

Not clear.. May be some slide would have been better.

[@WilliamLionCity]

Ah, no more SA shielding before people even know what's shielding.

[@pokemonyu]

This video is about the 101 ways to confuse and distant you from you money. Period.

[@martinmisty866]

Think of it as a system that is primed for the public and private real estate market and therefore primed to generate financial reserves for the government who ironically is still rather tight-fisted in redistributing the returns from the reserves back to citizens.

[@YMWong-cb6ke]

If they want do anything, let them. Don't be annoyed by such thing. Anyway, most people will not have much money in their SA. Most of their money are in their OA. However, because most people use their OA to pay for their property, therefore most of them do not have much in their OA as well. Also for those with high income, their SA is also limited by Law; for example, this year the SA max sum is $205,800. If they reach this limit, the rest of their CPF contribution will go to their OA. So, in practice, the number of people actually affected is very small.

[@kelvinpek1973]

Look at ABSD and COE, are these curbing the market from moving? NO, so who wins? The GOV

[@MarcoJr666]

If you have seen how Teh Tarik is prepared, you will understand how CPF works.

[@anziar3038]

Wow! Another great decision made by the PAP govt. It's so obvious that PAP is the only responsible and effective party in s'pore, taking every possible measure to ensure the rich do not benefit from the special account.❤❤

[@ocswoodlands]

4% - fair rate for non withdrawable balances 2.5% - fair rate for fully withdrawable balances What is the fair rate then for balances that can only be withdrawn for housing and education? Logically should be somewhere between 2.5 and 4%?

[@jamesong8512]

Just allow all these skill future to be used for university as there are a lot of smart people who cant afford for university even. All these skills future are a waste of time and money. Just allow people to have a choice to choose to use their skill future for their university or polytechnic or even jc and still be able to choose to use their skill future on other things if they still need.

[@martinmisty866]

Redistribution should be based on income not CPF balances. A member with higher CPF balance is not necessarily richer than one with a lower balance because the former may prefer a less costly home and a safer retirement.

[@martinmisty866]

having higher investable income to plow into property and businesses means outsized returns earned compared with those who have to make do mostly with lower returns from CPF.

[@aggieastronoy9486]

Why always make things difficult for our sg citizens as moreober our local own population are getting lesser .. Haizzzzzzz

[@jly5828]

Not just Singapore Citizen, all Singapore Residents (SC & SPR) CPF is affected, many Singapore PR are complaining also.

[@jly5828]

Another thing is Singapore Citizen population is growing year by year, is not getting lesser.

[@user-nt6fn9zw6f]

Majority people said they choose the pap party but only getting more and more sufferings and problems from the pap party always.

[@flashnimi]

Ha! You think you can spam bots without consequences, you are about to find out

[@user-nt6fn9zw6f]

The one spam bots is you @f

[@martinmisty866]

Taken as a whole, CPF is not at all redistributive. It is highly regressive because CPF contribution caps deliver disproportionately higher investable income to the rich. In an era of escalating property prices and low wages

[@martinmisty866]

Dividends from financial investments are also mostly untaxed so think of the outcome delivered by CPF as welfare for the rich.

[@polarspirit]

Close then close lah. I dont give a f

[@user-nt6fn9zw6f]

What's important singapore had changed to a multi-nation country (multi-nation-singapore) so even with the saf soldiers also no use, it's the pap party mistakes and there's no way to u-turn back.

[@jackt1400]

Let people decide how they want to manage their savings and retirement funds! Stop treating people as if they're dumbs!

[@tanpengjoo7205]

Closed all members account and return our whole-life hard-earned stressed n sweat c p f money, not thanks for retirement account and " high " interest rates, we can take care of ourselves,

[@user-nt6fn9zw6f]

As the saying goes: the people like to choose the pap party so let the people suffer.