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Singapore wins 2015 United Nations Public Service Award for WorkRight initiative2286news-categories-info/news-releases<p>For the first time ever, Singapore has won the first place in the 2015 United Nations Public Service Awards (UNPSA), in the category of “Promoting Whole-of-Government Approaches in the Information Age”, for the Asia-Pacific region. The award recognises the Ministry of Manpower (MOM) and the Central Provident Fund Board (CPFB)’s achievements in raising national awareness of and compliance with employment laws through the WorkRight initiative (“WorkRight”).</p><p>Launched in September 2012, WorkRight aims to ensure that workers, particularly the more economically vulnerable groups such as low-wage workers, enjoy their basic employment rights under the law. This is achieved through a two-pronged approach covering education and enforcement. </p><p> </p><p> <strong>Use of traditional outreach channels and creative engagement platforms</strong><span lang="EN-SG"><em>  </em></span></p><p>Public education efforts under WorkRight leveraged a mix of communication channels to raise awareness of the employment rights messages to the target audience. This includes traditional outreach channels, such as print, broadcast, social and digital media, and creative engagement platforms, such as flash mob performance of a live musical performance which weaved employment rights message into a colloquial song and dance. WorkRight also produced educational materials targeted at both employees and employers. For example, a comic book to educate security officers about their employment rights was co-produced with the Union of Security Employees. For employers, the "WorkRight Self-Help Toolkit" is a resource for employers to better identify and self-rectify areas of non-compliance with the employment laws. (More information about the UNPSA and WorkRight’s public education efforts can be found in <a href="#AnnexA">Annex A</a>)</p><p> MOM and CPFB also worked hand-in-hand with partners such as the Singapore National Employers Federation, National Trades Union Congress, Community Development Councils and self-help groups<sup>1</sup> in community engagement initiatives, such as job fairs and employer briefing sessions, to raise workers' and employers' understanding of their employment rights and obligations.</p><p> To complement public education efforts, proactive inspections under WorkRight increased ten-fold (from 500 to 5,000) a year. These inspections are aimed at ensuring employers comply with the employment laws, rather than penalising them.</p><p>    <span style="font-size:9pt;"><sup></sup></span></p><p> <span style="font-size:9pt;"><sup>1</sup> Examples of self-help groups that MOM and CPFB worked with include the Chinese Development Assistance Council (CDAC), Council for the Development of Singapore Malay/Muslim Community (MENDAKI), and Singapore Indian Development Association (SINDA). </span></p><p> </p><p> <em> </em> <strong>WorkRight benefitted more than 42,000 workers </strong><em>  </em></p><p> As of 1 Apr 2015, WorkRight has benefitted more than 42,000 Singaporeans; of which, more than half were low-wage workers. These workers now enjoy their statutory entitlements such as timely payment of salary, CPF contributions or payment of overtime allowance. WorkRight has also helped employers better understand their rights and obligations. 9 out of 10 employers from sectors where non-compliance tend to be higher<sup>2</sup> are now found to be complying with employment laws – up from 7 out of 10 in 2013.  </p><p> Mr Lim Swee Say, Minister for Manpower commented, "I am proud of the efforts put in by our officers, and the collaborative efforts of the tripartite partners in reaching out to our workers, especially the many lower wage workers who may not know their rights. We will continue to explore new and effective ways to serve our public better, from policy design, to service delivery and public engagement so as to achieve a better outcome for all."</p><p>MOM and CPFB will be receiving the award at the 2015 United Nations Public Service Forum, Day and Awards Ceremony in Colombia from 23-26 June 2015. The full list of winners is in <a href="/Assets/common/Documents/Annex%20B-%20UNPSA%202015%20Winners%20List.pdf" target="_blank"> Annex B.</a></p><p> <span style="font-size:9pt;">      <sup style="font-family:arial;"> </sup></span></p><p> <span style="font-size:9pt;"> <font style="font-family:arial;"> <sup>2</sup> </font>Non-compliance with the Employment Act and the CPF Act tend to be higher in sectors such as food & beverage, retail, security and cleaning.</span></p><p style="text-align:right;">  </p><p style="text-align:right;"> <a name="AnnexA"></a> <strong>Annex A<br></strong> </p><p style="text-align:left;"> <strong>A) About the United Nations Public Service Awards </strong></p><p style="text-align:justify;"> The <a href="http://www.unpan.org/DPADM/UNPSDayAwards/UNPublicServiceAwards/tabid/1522/language/en-US/Default.aspx">United Nations Public Service Awards (UNPSA)</a> is the most prestigious international recognition of excellence in public service. It rewards the creative achievements and contributions of public service institutions that lead to a more effective and responsive public administration in countries worldwide. Through an annual competition, the UNPSA promote the role, professionalism and visibility of public service. It encourages exemplary public service and recognizes that democracy and successful governance are built on a competent civil service.</p><p style="text-align:justify;"> The UNPSA aim at discovering innovations in governance; rewarding excellence in the public sector; motivating public servants to further promote innovation; enhancing professionalism in the public service; raising the image of public service; enhancing trust in government; and collecting and disseminating successful practices for possible replication. </p><p style="text-align:left;"> The UNPSA takes into consideration a geographical distribution of five regions. In order to level the playing field for nominations received from countries with varying levels of development and income, the following five regions have been established, including: Africa, Asia and the Pacific, Europe and North America, Latin America and the Caribbean, and Western Asia. </p><p style="text-align:left;">  </p><p style="text-align:left;"> <strong>B) About WorkRight's public education efforts</strong></p><table border="0" cellspacing="0" style="width:550px;"><tbody><tr><td style="width:50%;">​<img src="/Assets/common/PublishingImages/Flash%20Mob%20Social%20Media.jpg" alt="" style="margin:5px;" /></td><td style="width:50%;"><p style="text-align:left;"> ​<font face="Arial">1. <span style="text-decoration:underline;">Video of flashmob performance</span></font><font face="Arial" style="text-decoration:underline;">-</font><font face="Arial" style="text-decoration:underline;">"If Only"  </font></p><div> The full video can be viewed online at this link :</div><div> <font face="Arial"></font> </div><div> <span style="font-family:"segoe ui","segoe",tahoma,helvetica,arial,sans-serif;"><a href="https://www.youtube.com/watch?v=ak3fVFhpmeg"><u>https://www.youtube.com/watch?v=ak3fVFhpmeg</u></a> </span></div></td></tr></tbody></table><p> </p><p> </p><table border="0" cellspacing="0" style="width:550px;"><tbody><tr><td style="width:50%;">​<img src="/Assets/common/PublishingImages/Comic%20Book.jpg" alt="" style="margin:5px;" /></td><td style="width:50%;"><p>2. <span style="text-decoration:underline;">Comic book to educate security officers on their employment rights</span></p><p>The comic book can be found online at this link:</p><p> <br> <a href="http://www.ntuc.org.sg/wps/wcm/connect/80f33f0040baba30a54bef1e990aaadb/USE_Handbook_Low_resolution.pdf?MOD=AJPERES&CACHEID=80f33f0040baba30a54bef1e990aaadb">http://www.ntuc.org.sg/wps/wcm/connect/<br>80f33f0040baba30a54bef1e990aaadb/<br>USE_Handbook_Low_resolution.pdf?<br>MOD=AJPERES&<br>CACHEID=80f33f0040baba<br>30a54bef1e990aaadb</a></p><p> This USE-WorkRight comic book was distributed to more than 5,000 security officers. </p><p> </p></td></tr></tbody></table><p> </p><table border="0" cellspacing="0" style="width:550px;"><tbody><tr><td style="width:50%;">​<img src="/Assets/common/PublishingImages/Work%20Right%20Employer%20Toolkit.jpg" alt="" style="margin:5px;" /></td><td style="width:50%;"><p> 3. <span style="text-decoration:underline;">WorkRight Employer's Toolkit</span></p><p> The WorkRight Employer's Toolkit can be found online at this link:</p><p> <br> <a href="http://www.mom.gov.sg/~/media/mom/documents/employment-practices/workright/workright-do-it-right-toolkit.pdf?la=en">http://www.mom.gov.sg/~/<br>media/mom/documents/employment-practices/workright/workright-do-it-right-toolkit.pdf?la=en</a></p><p> The toolkit was distributed to more than 4,300 employers in sectors with higher non-compliance.  </p></td></tr></tbody></table><p> </p>Singapore wins 2015 United Nations Public Service Award for WorkRight initiative8/6/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2286
CPF interest rates from 1 July 2015 to 30 September 20152284news-categories-info/news-releases​​ <table border="0" cellspacing="0" cellpadding="0" style="width:570px;"><tbody><tr><td height="2" valign="top" style="width:570px;"><p><strong>• Up to 3.5% per annum* on the Ordinary Account <br>• Up to 5% per annum*on the Special and Medisave Accounts<br><br></strong></p></td></tr><tr><td height="2" valign="top" style="width:570px;"><p> <strong>HDB MORTGAGE RATE FROM 1 JULY 2015 TO 30 SEPTEMBER 2015<br>• Remains unchanged at 2.6% per annum </strong></p></td></tr><tr><td height="2" valign="top" style="width:570px;"> ​ <p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the third quarter of 2015. </p><p>The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.​<br><br></p></td></tr><tr><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></span></td></tr><tr><td valign="top" style="width:570px;height:102px;"><p> <br>​​The OA interest rate will be maintained at 2.5% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate.</p><p>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 July 2015 to 30 September 2015.</p></td></tr><tr><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p> ​​​​​ </td></tr><tr><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <strong>Interest Rate for Special and Medisave Accounts</strong></span></td></tr><tr><td valign="top" style="width:570px;height:102px;"><p> <br>​​​​​​​​​​​The SMA interest rate will be maintained at 4% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 3.27% is lower than the current floor interest rate.​​</p><p>Please refer to <a href="#AnnexB">Annex B</a> or the detailed computation of the SMA interest rate.​​</p></td></tr><tr><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><span class="blackhighlight"><strong>Interest Rate for Retirement Account</strong><br>​​<br></span></span></td></tr><tr><td height="2" valign="top" style="width:570px;"><p>The RA interest ​​rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015, as announced on 25 November 2014.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate.<br></p></td></tr><tr><td height="2" valign="top" style="width:570px;"><p> </p><div style="font-size:8pt;">*<em>This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</em> </div><div style="font-size:8pt;"> </div><div style="font-size:8pt;"> ​<br> </div></td></tr><tr><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Public Enquiries</strong><br></span></p></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">CPF members can visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188 for enquiries.</font><font face="Arial, Helvetica, sans-serif" size="2"></font></p></td></tr></tbody></table><p> </p><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A<br></strong></span></div><div align="right"> <span class="blackhighlight"><strong>​​<br></strong></span></div><p> <strong></strong> <span class="blackhighlight"> <strong>COMPUTATION OF CPF OA INTEREST RATE AND HDB MORTGAGE FOR 1 JULY 2015 TO 30 SEPTEMBER 2015</strong></span><br><br>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.</p><p> </p> <span class="blackhighlight"> <table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;height:230px;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;height:230px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;">                               <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​</p><div>Average Banks’ Interest Rate from February 2015 to April 2015 </div><div> <br> </div><div>CPF OA Interest Rate for July 2015 to September 2015 </div><div>                              <br> </div><div>Plus: Fee to cover Cost of Loan Administration </div><div> ​​<br><br> </div><div>HDB Mortgage Rate for July 2015 to September 2015</div></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:234px;height:230px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;">                               <span style="font-family:calibri, sans-serif;font-size:11pt;"></span>                                </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">0.21% (see note)<br><br></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <br> <br> <strong>2.50% per annum</strong> (legislated minimum rate)<br><br><br>0.1​​0%<br><br></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <br> <strong>​2.60% per annu​m​<br></strong> </p></td></tr></tbody></table> </span> </td></tr></tbody></table><p> ​</p><table width="570" border="1" cellspacing="1" cellpadding="4" style="height:228px;"><tbody><tr align="center" bgcolor="#ffffff"><td height="28" colspan="9"><div align="left"> <strong> </strong><span class="blackhighlight"><strong> </strong><u><span class="BlackHighLight"><strong>Note:​​​ </strong></span></u></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;height:43px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td colspan="3" style="width:179px;height:43px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td colspan="3" style="width:173px;height:43px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight"> <strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td style="width:111px;height:43px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>AVERAGE(%PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td style="width:60px;height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>DBS​ </strong><sup><strong>(4) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>​OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td style="width:111px;height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>Using 80FD:20SD formula</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">28-Feb-15</font></div></td><td style="width:60px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td style="width:111px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Mar-15</font></div></td><td style="width:60px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td style="width:111px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Apr-15</font></div></td><td style="width:60px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td style="width:111px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table>​ <br> <table width="98%" border="0"><tbody><tr></tr></tbody></table> <br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)<font size="2"><font face="Arial"> <br>(5) Balances ≤ $100,000 (EASI-SAVE Account)</font><br><font face="Arial">(6) Balances > $15,000 to $100,000 (UNIPLUS Account)</font></font> <table width="98%" border="0"><tbody><tr></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr></tbody></table><div align="right"> <a name="AnnexB"></a><span class="blackhighlight"><a name="AnnexB"></a><br><strong>Annex B</strong></span></div>   <table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 JULY 2015 TO 30 SEPTEMBER 2015</strong></span></td></tr><tr><td colspan="2"><p><br>The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</p><p> </p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from May 2014 to April 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i><span style="font-family:calibri, sans-serif;font-size:11pt;"><br>Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>Computed CPF SMA Interest Rate for July 2015 to September 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>CPF SMA Interest Rate for July 2015 to September 2015</span></p></td><td width="281" valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:210.95pt;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.27% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>3.27%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br>4.00% per annum</strong> (current floor rate)<br><b></b></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from May 2014 to April 2015</strong></span> </p><p align="center">​ <img src="/Assets/common/PublishingImages/10YRSGS_13May15.jpg" alt="" style="margin:5px;" /></p></td></tr><tr><td>  </td><td><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p></td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexC"></a><span class="blackhighlight"><a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p> <span class="blackhighlight"> <strong>COMPUTATION OF CPF RA INTEREST RATE FOR 1 JANUARY 2015 TO 31 DECEMBER 2015</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2015 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table><p>The average yield of the 10YSGS plus 1% from November 2013 to October 2014 is 3.40% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2015 will pay a fixed coupon of 4%. <br> <br> The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance. </p></td></tr></tbody></table> ​CPF interest rates from 1 July 2015 to 30 September 201512/5/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2284
Over $378 million in CPF arrears recovered by the CPF Board in 20142281news-categories-info/news-releases<p>The CPF Board (CPFB) has recovered about $378.2 million in CPF arrears, benefitting over 288,000 employees, from cases closed in 2014. The CPF arrears recovered were from underpayment, non-payment and late payment of CPF contributions by employers.<br></p><p>Of the $378.2 million, $14.0 million were for cases of underpayment or non-payment which the CPFB had recovered from close to 2,000 employers in industries such as security, cleaning and food & beverage. This benefitted more than 9,300 employees. </p><p>The remaining $364.2 million recovered came from an average of 4,300 employers who were late in making CPF contributions each month in 2014. The timely detection and follow-up enforcement actions assisted more than 279,000 workers. </p><p> <em>Table 1: Breakdown of CPF Arrears Recovered in 2014<br></em></p><table class="cpf-table cpf-form-table " style="width:687px;text-align:left;"><thead><tr><th></th><th> <strong>CPF contributions recovered</strong> </th><th colspan="1"> <strong>No. of employees who benefitted</strong>​</th><th colspan="1">​<strong>No. of employers from which CPF was recovered</strong></th></tr><tr><th> <strong>Underpay​m​​ent/ Non-payment*</strong>​</th><td>$14.0 million</td><td colspan="1">​More than 9,300</td><td colspan="1">​1,995</td></tr><tr><th> <strong>Late payment</strong><strong><sup>#</sup></strong></th><td>$364.2 million</td><td colspan="1">​More than 279,000</td><td colspan="1">​4,300 per month</td></tr></thead></table> <span style="font-size:9px;">​​​​​</span><span style="line-height:1.6;font-size:10px;">* Underpayment of CPF contributions refers to cases where employers make less CPF contributions for their employees than required. Non-payment refers to cases where employers omit paying CPF contributions for employees.</span> <p> <span style="font-size:10px;"><sup>#</sup> CPF contributions are due at the end of every month. Employers are given a grace period of up to the 14<sup>th</sup> of the next month (if the 14<sup>th</sup> falls on a Saturday, Sunday or Public Holiday, then the grace period will be up to the next working day) to make CPF contributions for their employees. Payments made after the grace period are considered late.</span></p><p>Mr Ng Hock Keong, CPFB Group Director of Employer Collections and Enforcement said, "Since the launch of the WorkRight campaign three years ago to raise awareness of workers' CPF rights, we are starting to see the fruits of our labour. There was a close to 50% reduction in the number of non-compliant employers who did not pay or underpaid their employees' CPF contributions from cases closed in 2014. Both employers and employees must recognise the importance of having CPF contributions as it helps employees meet their retirement, housing and healthcare needs." </p><p>One of the largest sums of CPF arrears recovered in 2014 arose from 11 complainants who were employees of a beauty services company. They had approached CPFB between 2012 and 2013 to report that their employer had underpaid on their monthly CPF contributions. Upon investigation, the Board detected underpayment of CPF contributions on commission, and the employer had also deducted the employer's share of CPF contributions on basic salary from its employees' commission. The recovery actions benefitted close to 100 employees in the company and over $770,000 in CPF arrears were recovered. In addition, the employer refunded over $50,000 to the employees for deducting the employer's share of CPF on basic salary from their commission. </p><p>Employers should take note that CPF is payable on commissions, and may be classified as Additional Wages or Ordinary Wages, depending on when the commissions are paid out to employees. More information can be found at <a href="http://www.cpf.gov.sg/" target="_blank">www.cpf.gov.sg</a>.   ​<br><br></p><h3> <strong>Convictions of Non-Compliance with CPF Act in 2014</strong></h3><p>From 1 January 2014, the general penalties for non-compliance with the CPF Act were raised. First-time offenders may be fined up to $5,000 and/or imprisoned for up to 6 months. Subsequent offenders may face fines of up to $10,000 and/or imprisonment of up to 12 months.</p><p>There were 46 convictions for non-payment and underpayment of CPF, and 223 convictions for late payment last year. All convicted employers were fined and ordered to pay the CPF arrears by the State Court. The list of convicted cases in 2014 can be found <a href="/Assets/members/Documents/List_of_Employers_Convicted_under_the_CPF_Act_Jan_Dec_2014.pdf" target="_blank">here</a>​​.​</p><p>Employers are reminded of their CPF obligations to their local employees. Workers should also check their CPF accounts via the CPF website regularly to ensure that their employers have made the correct CPF contributions. To report non-payment or underpayment of CPF contributions, or non-compliance with the Employment Act, members of the public can call 1800-221-9922 or email <a href="mailto:workright@mom.gov.sg" target="_blank">workright@mom.gov.sg</a>. All information provided will be kept strictly confidential.​<br><br></p><h3> <strong>Public Enquiries</strong></h3><p>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. ​</p>Over $378 million in CPF arrears recovered by the CPF Board in 201427/4/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2281
CPF interest rates from 1 April 2015 to 30 June 20152244news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody> <tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"><p> <span> </span></p></td></tr><tr><td height="2" valign="top"> <br></td><td height="2" valign="top" style="width:570px;"><p><strong>• Up to 3.5% per annum* on the Ordinary Account <br>• Up to 5% per annum*on the Special and Medisave Accounts<br><br></strong></p></td></tr><tr><td height="2" valign="top"> <br></td><td height="2" valign="top" style="width:570px;"><p> <strong>HDB MORTGAGE RATE FROM 1 APRIL 2015 TO 30 JUNE 2015<br>• Remains unchanged at 2.6% per annum </strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2015. </p><p>The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">The OA interest rate will be maintained at 2.5% per annum from 1 April 2015 to 30 June 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate. <br> <br>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 April 2015 to 30 June 2015.</td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p> <span class="blackhighlight"><strong>Interest Rate for Special and Medisave Accounts </strong></span><strong> </strong><span class="blackhighlight"> <br></span></p><p>The SMA interest rate will be maintained at 4% per annum from 1 April 2015 to 30 June 2015, as the computed rate of 3.33% is lower than the current floor interest rate. </p><p>Please refer to <a href="#AnnexB">Annex B</a> for the detailed computation of the SMA interest rate.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <br> <span class="blackhighlight"><strong>Interest Rate for Retirement Account</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>The RA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015, as announced on 25 November 2014.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><div style="font-size:8pt;">*<em>This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</em> </div><div style="font-size:8pt;"> </div></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Public Enquiries</strong></span></p></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">CPF members can visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188 for enquiries.</font><font face="Arial, Helvetica, sans-serif" size="2"></font></p><p><font face="Arial" size="2"></font> </p></td></tr></tbody></table><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a><strong>Annex A</strong></span></div><div align="right"><span class="blackhighlight"><strong></strong></span> </div><p><strong> </strong><span class="blackhighlight"><strong>COMPUTATION OF CPF OA INTEREST RATE AND HDB MORTGAGE FOR 1 APRIL 2015 TO 30 JUNE 2015</strong></span><br><br>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.</p> <span class="blackhighlight"> <table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;height:280px;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Banks’ Interest Rate from November 2014 to January 2015 </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span><font face="Calibri">CPF OA Interest Rate for April 2015 to June 2015 <i> </i></font></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><br> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;">Plus: Fee to cover Cost of Loan Administration </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;">HDB Mortgage Rate for April 2015 to June 2015 </span></p></td><td width="281" valign="top" style="border-width:1pt 1pt 1pt medium;border-style:solid solid solid none;border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:210.95pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">0.21% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><br> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><br> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong>2.50% per annum</strong> (legislated minimum rate)</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;">0.10%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><strong style="line-height:1.6;font-family:calibri, sans-serif;font-size:11pt;background-color:transparent;">2.60% per annum</strong></p></td></tr></tbody></table> <p> </p></span> </td></tr><tr><td height="15" valign="top"><p> </p><p> </p></td><td height="15" valign="top" bgcolor="#f4f6d1" style="width:570px;"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#ffffff"><td height="28" colspan="9"><div align="left"> <strong> </strong><span class="blackhighlight"><strong> </strong><u> <span class="BlackHighLight"><strong>Note: </strong></span></u></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>12-M</strong><strong>ONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>AVERAGE(%PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%" style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>MONTH / YEAR</strong></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>Using 80FD:20SD formula</strong><strong></strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Nov-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Dec-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jan-15</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr></tr></tbody></table><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)<font size="2"><font face="Arial"> <br>(5) Balances ≤ $100,000 (EASI-SAVE Account)</font><br><font face="Arial">(6) Balances > $15,000 to $100,000 (UNIPLUS Account)</font></font><table width="98%" border="0"><tbody><tr> </tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexB"></a> <span class="blackhighlight"> <a name="AnnexB"></a> <br><strong>Annex B</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 APRIL 2015 TO 30 JUNE 2015</strong></span></td></tr><tr><td colspan="2"><p>The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from February 2014 to January 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i> <span style="font-family:calibri, sans-serif;font-size:11pt;">Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i> </i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Computed CPF SMA Interest Rate for April 2015 to June 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">CPF SMA Interest Rate for April 2015 to June 2015</span></p></td><td width="281" valign="top" style="border-width:1pt 1pt 1pt medium;border-style:solid solid solid none;border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:210.95pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.33% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">3.33%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong>4.00% per annum</strong> (current floor rate)<br><b><br></b></span></p> <b></b> <p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from February 2014 to January 2015</strong></span><strong> </strong></p><p align="center"> <img src="/Assets/common/PublishingImages/10YRSGS_17Feb15.jpg" border="0" alt="" style="width:521px;height:289px;" /> </p></td></tr><tr><td>  </td><td><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p></td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexC"></a> <span class="blackhighlight"> <a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p><strong> </strong><span class="blackhighlight"><strong>COMPUTATION OF CPF RA INTEREST RATE FOR 1 JANUARY 2015 TO 31 DECEMBER 2015</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2015 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table><p>The average yield of the 10YSGS plus 1% from November 2013 to October 2014 is 3.40% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2015 will pay a fixed coupon of 4%. <br> <br>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance. </p></td></tr></tbody></table></td></tr></tbody></table>CPF interest rates from 1 April 2015 to 30 June 201516/2/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2244
CPF savings cannot be used to purchase securities on SGX watch-list with effect from 1 March 20162253news-categories-info/news-releases<p>​Companies under Singapore Exchange's (SGX) existing rules are subject to delisting if they fail to exit the SGX watch-list. Therefore, CPF savings under the CPF Investment Scheme (CPFIS) will not be allowed to purchase securities on the SGX watch-list. This will take effect from 1 March 2016.</p><p>This restriction serves to safeguard members' CPF savings as securities placed on the SGX-watch list could potentially be delisted. </p><p>CPF members who have invested in securities prior to their being placed on the SGX watch-list can choose to hold or sell them or participate in corporate actions, subject to the prevailing CPFIS rules and limits for these securities. </p><p>The Board would like to remind members who wish to invest their CPF savings, to exercise prudence and consider the total costs of investment, their investment objective, risk appetite and investment horizon. Those who leave their CPF savings with the Board currently earn guaranteed interest rates of up to 3.5% and 5% per annum in their Ordinary and Special Accounts respectively<sup>1</sup>.</p><p>For more details, please click <a href="/Assets/members/Documents/FAQs_PR10Feb15.pdf" target="_blank">here</a>.</p><p><sup>1</sup>This includes the additional 1% interest paid on the first $60,000 of a member's combined balances, of which up to $20,000 comes from the Ordinary Account.</p><p><strong>Public Enquiries</strong></p><p>For more information, please visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188. ​</p>CPF savings cannot be used to purchase securities on SGX watch-list with effect from 1 March 20169/2/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2253
CPF interest rates from 1 January 2015 to 31 March 20152234news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody> <tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"></td></tr><tr><td height="2" valign="top"><br></td><td height="2" valign="top" style="width:570px;"><p><strong>• Up to 3.5% per annum* on the Ordinary Account <br>• Up to 5% per annum*on the Special and Medisave Accounts<br>• Up to 5% per annum* on the Retirement Account from 1 January 2015 to 31 December 2015</strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the first quarter of 2015. Retirement Account (RA) monies will earn up to 5% per annum in the year 2015. </p><p>The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA), which is part of the Government’s efforts to enhance the retirement savings of CPF members.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">The OA interest rate will be maintained at 2.5% per annum from 1 January 2015 to 31 March 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate. <br><br>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 January 2015 to 31 March 2015. </td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p> <span class="blackhighlight"><strong>Interest Rate </strong><strong>for Special and Medisave Accounts </strong></span><span class="blackhighlight"></span></p><p>The SMA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 March 2015, as the computed rate of 3.4% is lower than the current floor interest rate.</p><p>Please refer to <a href="#AnnexB">Annex B</a> for the detailed computation of the SMA interest rate.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <br> <span class="blackhighlight"><strong>Interest Rate for Retirement Account</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>The RA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div style="font-size:8pt;">*<em>This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</em> </div><div style="font-size:8pt;"> </div></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Public Enquiries</strong></span></p></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">CPF members can visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188 for enquiries.</font></p></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a><strong>Annex A</strong></span></div><p>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.<br><span class="blackhighlight"></span></p></td></tr><tr><td height="15" valign="top"><p> </p><p> </p></td><td height="15" valign="top" bgcolor="#f4f6d1" style="width:570px;"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9" style="width:570px;"><div align="center"> <strong> </strong><span class="blackhighlight"><strong> </strong><u> <span class="BlackHighLight"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>1 JANUARY 2015 TO 31 MARCH 2015</strong></span></u></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><br><strong>AVERAGE</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Aug-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Sep-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Oct-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table border="0" style="width:570px;"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months from August 2014 to October 2014 <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for January 2015 to March 2015 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for January 2015 to March 2015 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50% </strong></span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>Plus</strong></span><strong>: </strong>Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.10% </strong></span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for January 2015 to March 2015 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial"> <font size="2"> <span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font></font><font size="2"><font face="Arial"> <br>(5) Balances ≤ $100,000 (EASI-SAVE Account)</font><br><font face="Arial">(6) Balances > $15,000 to $100,000 (UNIPLUS Account)</font></font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of August 2014 to October 2014. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" style="width:570px;"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexB"></a> <span class="blackhighlight"> <a name="AnnexB"></a><strong>Annex B</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 JANUARY 2015 TO 31 MARCH 2015</strong></span></td></tr><tr><td colspan="2">The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</td></tr><tr><td><p> </p></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from November 2013 to October 2014</td><td width="25%">2.40% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1.00%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">CPF SMA Interest Rate for January 2015 to March 2015</td><td width="25%"> <u> <u>3.40%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">Note:</td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p align="center"> <span class="blackhighlight">10-Year SGS Yield from November 2013 to October 2014</span> </p><p align="center"> <img src="/Assets/members/PublishingImages/10YRSGS_25Nov14.jpg" border="0" alt="" style="width:521px;height:289px;" /> </p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexC"></a> <span class="blackhighlight"> <a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p><strong> </strong><span class="blackhighlight"><strong>COMPUTATION OF CPF RA INTEREST RATE FOR 1 JANUARY 2015 TO 31 DECEMBER 2015</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2015 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table><p>The average yield of the 10YSGS plus 1% from November 2013 to October 2014 is 3.40% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2015 will pay a fixed coupon of 4%.<br><br>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance.</p></td></tr></tbody></table>CPF interest rates from 1 January 2015 to 31 March 201524/11/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2234
CPF Board to reduce Total Expense Ratio for CPFIS funds to benefit members2235news-categories-info/news-releases<p> </p><table cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"><p>As part of the CPF Board’s continuous efforts to lower the cost of investing under the CPF Investment Scheme (CPFIS), the Board will be reducing the limits on the Total Expense Ratio (TER) for unit trusts and investment-linked insurance products under the CPFIS.</p><p>TER refers to the ongoing costs of operating a fund, expressed as a percentage of the fund's average net asset value. The costs may include investment management fees, trustee fees, and audit fees.</p><p>The new TER caps are listed in the table below:</p><table border="1" cellspacing="0" cellpadding="1"><tbody><tr><td width="20%" height="40" align="center" bgcolor="#ffffff"><p align="left"><span class="blackhighlight">Risk Categories<sup>1</sup> of Funds under CPFIS</span></p></td><td width="25%" height="40" align="center" bgcolor="#ffffff"><strong><span class="blackhighlight">New TER Caps (%)</span></strong></td><td width="25%" height="40" align="center" bgcolor="#ffffff"><strong>Existing TER Caps (%)</strong></td></tr><tr><td height="40" align="center"><p align="left">Higher Risk</p></td><td height="40" align="center">1.75</td><td height="40" align="center">1.95</td></tr><tr><td height="40" align="center"><p align="left">Medium to High Risk</p></td><td height="40" align="center">1.55</td><td height="40" align="center">1.75</td></tr><tr><td height="40" align="center"><p align="left">Low to Medium Risk</p></td><td height="40" align="center">0.95</td><td height="40" align="center">1.15</td></tr><tr><td height="40" align="center"><p align="left">Lower Risk</p></td><td height="40" align="center">0.35</td><td height="40" align="center">0.65</td></tr></tbody></table><p><span style="font-size:8pt;"><sup>1</sup> Risk categories are:<br>a. Higher risk - Funds that invest in equities.<br>b. Medium to high risk - Funds that invest in a mixture of equities and bonds.<br>c. Low to medium risk - Funds that invest substantially in fixed income products or bonds.<br>d. Lower risk - Funds that invest in money market products.</span></p><p>The new TER caps are based on the median TER of CPFIS List A funds in FY2012, and after taking in industry feedback. The new caps will take effect in two phases:</p><ul><li>Phase 1: TER caps are applicable to <strong>new funds</strong> included under CPFIS from <br><strong>1 October 2014<br><br></strong> </li><li>Phase 2: TER caps are applicable to <strong>existing funds</strong> under CPFIS from <br><strong>1 January 2016</strong></li></ul><p> </p><p>Funds that do not comply with the new TER caps will not be allowed to take in new CPF monies.</p><p>CPF members who have already invested in funds which do not meet the new TER caps, will not be required to redeem their investments. However, if they wish to switch from these funds to other CPFIS funds, they can do so free of charge within a stipulated time.</p><p>Members will be notified of their options by insurers and fund management companies, who will facilitate the switching.</p><p>The Board would like to remind members who wish to invest their CPF savings, to do so prudently and to consider the total costs of investment, their investment objective, risk appetite and investment horizon. Those who leave their CPF savings with the Board currently earn guaranteed interest rates of up to 3.5% and 5% per annum in their Ordinary and Special Accounts respectively.</p><p>A copy of the <a href="/Members/FAQ/schemes/optimising-my-cpf/cpf-investment-scheme#faq16765">FAQ</a> is attached.</p><p><span class="blackhighlight"><strong>Background: Past measures to improve quality of CPFIS funds and lower costs</strong></span></p><p>To help CPFIS investors achieve better returns, various measures have been taken since 2006 to improve the quality of funds under CPFIS, and lower the cost of investing. </p><table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="border:1pt solid windowtext;"><tbody><tr><td width="85" style="background:#dddddd;padding:2.25pt;border:1pt solid windowtext;width:63.8pt;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><b><span style="font-family:"verdana","sans-serif";font-size:10pt;">From</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td><td width="599" style="background:#dddddd;padding:2.25pt;border:1pt solid windowtext;width:449.5pt;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><b><span style="font-family:"verdana","sans-serif";font-size:10pt;">Criterion/Description</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Feb 2006</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Tightening of admission criteria. New funds must: <br>(i) meet the revised benchmark set at the top 25 percentile of funds in the global peer group;<br>(ii) have expense ratio that is lower than the median of existing CPFIS funds in its risk category; and<br>(iii) preferably have track record of good performance for at least 3 years.</span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jul    2007</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Sales charge for CPFIS-included funds must not exceed 3%.</span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jan 2008</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Expense ratios for CPFIS-included funds must not exceed the median of existing CPF funds in its risk category: <br><br></span><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p><div align="center"><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr style="height:12.7pt;"><td width="217" style="padding:0cm 5.4pt;border:1pt solid black;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><b><span style="font-family:"verdana","sans-serif";font-size:10pt;">Risk Categories</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td><td width="217" style="border-width:1pt 1pt 1pt medium;border-style:solid solid solid none;border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"><b><span style="font-family:"verdana","sans-serif";font-size:10pt;">Expense Ratios Criterion (%)</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td></tr><tr style="height:12.7pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Higher risk</span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1.95</span></p></td></tr><tr style="height:12.7pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Medium to High Risk </span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1.75</span></p></td></tr><tr style="height:12.7pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Low to Medium Risk</span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1.15</span></p></td></tr><tr style="height:13.65pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:13.65pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Lower Risk</span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:13.65pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">0.65</span></p></td></tr></tbody></table></div></td></tr><tr style="height:34.6pt;"><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;height:34.6pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jan 2011</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;height:34.6pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">All existing funds must meet the stricter admission criteria before accepting new CPF monies.</span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jul   2012</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"><span style="font-family:"verdana","sans-serif";font-size:10pt;">Wrap fees for CPFIS investments are capped at 1% per annum</span></p></td></tr></tbody></table><div align="center"> </div><p><span class="subtopicheader"><strong>PUBLIC ENQURIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p></td></tr></tbody></table>CPF Board to reduce Total Expense Ratio for CPFIS funds to benefit members24/9/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2235
Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 20152236news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"><p> <span class="blackhighlight"></span> </p><p> <span class="blackhighlight"><strong>CPF members will continue to earn at least 4% to 5% interest rate on all SMRA Monies in 2015</strong></span></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>In view of the continuing low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all Special, Medisave and Retirement Account (SMRA) monies for another year until 31 December 2015. SMRA monies within the first $60,000 of a member’s combined balances will therefore continue to earn at least 5% interest.   </p><p>Since 1 January 2008, savings in the SMRA have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. This is a market-based rate for instruments of comparable risk and duration, and will ensure that members receive fair and reasonable interest rates.</p><p>To help members cope with the transition, the Government had committed to providing a 4% floor rate for SMRA interest for two years up to December 2009. This was subsequently extended in light of global economic conditions and the fact that interest rates had been exceptionally low. The 4% floor rate is currently due to expire on 31 December 2014.</p></td></tr><tr><td height="20" valign="top"></td><td height="2" valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><strong>CPF Interest Rate for Ordinary, Special and Medisave Accounts from 1 October 2014 to 31 December 2014</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"><p>All CPF members will continue to earn risk-free interest rates of up to 3.5% per annum on their Ordinary Account (OA) savings, and up to 5% per annum on their Special and Medisave Accounts (SMA) from 1 October 2014 to 31 December 2014.</p><p> <strong>Interest Rate for OA and HDB’s Mortgage Rate</strong></p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><p>Savings in the OA earn either the legislated minimum 2.5% per annum or the 3-month average of major local banks’ interest rates, whichever is higher. </p><p>The computed interest rate derived from the major local banks’ interest rates from May 2014 to July 2014  works out to be 0.21% per annum. As this is below the legislated minimum of 2.5% per annum, the OA interest rate for 1 October 2014 to 31 December 2014 will be maintained at the floor of 2.5% per annum.</p><p>The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage points above the OA interest rate, will remain unchanged at 2.6% per annum from 1 October 2014 to 31 December 2014.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computations of the OA interest rate and HDB mortgage rate.</p><p> <strong>Interest Rate for SMA</strong></p><p>Savings in the SMA earn either 4% per annum<sup>1</sup>; or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher. The interest rate on SMA savings is adjusted quarterly, based on the interest rates on 10YSGS over a preceding 12-month period.</p><p>The average yield of the 10YSGS plus 1%, from August 2013 to July 2014, works out to be 3.41% per annum. As this is below the current floor of 4% per annum, the SMA interest rate for 1 October 2014 to 31 December 2014 will be maintained at the floor of 4% per annum.</p><p>Please refer to <a href="#AnnexB">Annex B</a> for the computation of the SMA interest rate. </p><div style="font-size:8pt;"> <sup>1 </sup>This is in line with the Government’s announcement made in September 2013 to maintain the 4% per annum floor rate for interest earned on all Special, Medisave and Retirement Account savings until 31 December 2014.</div><div style="font-size:8pt;"> </div><p> <strong>Additional Interest of 1% to help you grow your savings</strong></p><p>As part of the government’s efforts to enhance the retirement savings of CPF members, an additional 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from OA. This works out to be 3.5% per annum earned on the first $20,000 in a member’s OA, and 5% per annum earned on the first $40,000 (up to $60,000 if no OA savings) in a member’s Special, Medisave and Retirement Accounts. About two-thirds of all CPF members are earning up to 5% interest on all of their SMRA savings.</p><p>The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% per annum interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p> <span class="blackhighlight"> <strong>Background Information on CPF Interest Rates</strong></span></p><p> <span class="blackhighlight"> <strong>Interest Rate for Retirement Account (RA)</strong></span></p><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4% per annum, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 will be 4% per annum, as announced on 13 December 2013.</p></td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</font></p></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a> <strong>Annex A</strong></span></div><div align="right"> <span class="blackhighlight"> </span></div></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1" style="width:570px;"><table border="1" cellspacing="1" cellpadding="4" style="width:570px;"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <b> <span class="blackhighlight"> <u> <span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR <br>1 OCTOBER 2014 TO 31 DECEMBER 2014</span></u></span></b></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><br><strong>AVERAGE</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-May-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Jun-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jul-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (May 2014 to July 2014) <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2014 to Dec 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2014 to Dec 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Oct 2014 to Dec 2014 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 May 2014 to 31 July 2014. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" style="width:570px;"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexB"></a> <span class="blackhighlight"> <a name="AnnexB"></a> <strong>Annex B</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 OCTOBER 2014 TO 31 DECEMBER 2014</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from August 2013 to July 2014</td><td width="25%">2.41% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>3.41%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from August 2013 to July 2014</strong></span></p><p align="center"> <span class="blackhighlight"> <img src="/Assets/members/PublishingImages/10YRSGS_18Sep14.jpg" alt="" style="margin:5px;width:521px;height:277px;" /></span> </p></td></tr></tbody></table>Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 201517/9/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2236
CPF members earn 4% interest rates on Special and Medisave Accounts from 1 July 2014 to 30 September 20141993news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2">            </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to earn a risk-free interest rate of 4% per annum on their Special and Medisave Accounts (SMA) from 1 July 2014 to 30 September 2014.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2013 to maintain the 4% per annum floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2014.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from June 2013 to May 2014, works out to be 3.42%, which is lower than the current floor of 4% per annum. Accordingly, the SMA interest rate payable to CPF members from 1 July 2014 to 30 September 2014 will be maintained at the floor of 4% per annum.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <span class="blackhighlight"><strong>Additional Interest of 1%</strong></span></p><p>As part of the government’s efforts to enhance the retirement savings of CPF members, an additional 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). This works out to be 3.5% per annum earned on the first $20,000 in a member’s OA, and 5% per annum earned on the first $40,000 (up to $60,000 if no OA savings) in a member’s SMA and RA. Around 60% of members are effectively earning 5% interest on all of their Special, Medisave and Retirement Account savings.</p><p>The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% per annum interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4% per annum, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 will be 4% per annum, as announced on 13 December 2013.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"><strong>Public Enquiries</strong></span><strong> </strong> </td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</font></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from June 2013 to May 2014</td><td width="25%">2.42% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>3.42%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from June 2013 to May 2014</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_24Jun14.jpg" alt="" style="margin:5px;" /></span> </p></td></tr></tbody></table>CPF members earn 4% interest rates on Special and Medisave Accounts from 1 July 2014 to 30 September 201423/6/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1993
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2014 to 30 September 20141997news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><p> <span class="blackhighlight"> <strong>Interest Rate For Ordinary Account (OA)</strong></span></p></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>All CPF members will continue to enjoy a risk-free interest rate of 2.5% per annum on their Ordinary Account savings from 1 July 2014 to 30 September 2014.</p><p>The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, February 2014 to April 2014, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for July 2014 to September 2014 will remain unchanged at 2.50% per annum.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><p> <span class="blackhighlight"> <span class="blackhighlight"> <strong>Extra Interest of 1%</strong></span></span></p></td></tr><tr><td height="65" valign="top"></td><td height="65" valign="top"><p>As part of our efforts to enhance the retirement savings of CPF members, an extra 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><p> <span class="blackhighlight"> <span class="blackhighlight"> <strong>HDB’s Mortgage Rate</strong></span></span></p></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2014 to 30 September 2014.</p><p>The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="/Employers/News/news-categories-info/news-releases/1993#Annx"><span style="text-decoration:underline;"><font color="#0066cc">Annex</font></span></a>.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td width="1" height="13" valign="top"></td><td width="550" height="13" valign="top"> <span class="subtopicheader"> <strong>P</strong><strong>UBLIC ENQUIRIES</strong></span></td></tr><tr><td width="1" height="32" valign="top"></td><td width="550" height="32" valign="top"><p>For more information, please visit <a href="http://www.cpf.gov.sg/"><span style="text-decoration:underline;"><font color="#0066cc">www.cpf.gov.sg</font></span></a> or call the CPF Call Centre at 1800-227 1188.</p></td></tr><tr><td height="32" valign="top"></td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top"> <span class="blackhighlight"> <a name="#Annx"> <span class="blackhighlight">ANNEX</span></a> :</span> </td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <strong><span class="blackhighlight"><span style="text-decoration:underline;"><span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR 1 JULY 2014 TO 30 SEPTEMBER 2014</span></span></span></strong></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> </div><div align="center"> </div><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></div></td><td width="93%" rowspan="2"><div align="center"> <span class="blackhighlight"><br><strong>AVERAGE</strong></span></div><div align="center"> <span class="blackhighlight"> <strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <span class="blackhighlight"><strong>MONTH / YEAR</strong></span></div></td><td><div align="center"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>UOB </strong><sup><strong><strong>(6)</strong></strong></sup></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">28-Feb-14</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.2100</div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">31-Mar-14</div></td><td><div align="center"><div align="center"><div align="center">0.2500</div></div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center"><div align="center">0.2100</div></div></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">30-Apr-14</div></td><td><div align="center"><div align="center">0.2500</div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center">0.2100</div></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top">(A) </td><td width="59%" align="left" valign="top"> <span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></td><td width="8%" align="center" valign="top"></td><td width="28%" align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">Average for 3 months (Feb 2014 to Apr 2014) <br>(Using the 80 FD:20 SD formula)<br></td><td align="center" valign="top"> <span class="blackhighlight"> <strong>0.21%</strong> </span></td><td align="left" valign="top">(computed interest rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Jul 2014 to Sep 2014 </td><td align="center" valign="top"> <span class="blackhighlight"><strong>2.50%</strong> </span></td><td align="left" valign="top">(legislated minimum rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top">(B) </td><td align="left" valign="top"> <span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Jul 2014 to Sep 2014 </td><td align="center" valign="top"> <span class="blackhighlight"><strong>2.50%</strong></span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration</td><td align="center" valign="top"> <span class="blackhighlight"> <strong>0.10%</strong> </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td> <span class="blackhighlight">------- </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">HDB Mortgage Rate for Jul 2014 to Sep 2014</td><td> <span class="blackhighlight"> <strong>2.60%</strong> </span></td><td></td></tr><tr><td></td><td></td><td> <span class="blackhighlight">------- </span></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td height="115" colspan="4"><p> <span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account) <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)<br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)<br></p></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 February 2014 to 30 April 2014.</td></tr></tbody></table></td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2014 to 30 September 201420/5/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1997
Changes to the CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 2014 for a more secure retirement1994news-categories-info/news-releases<p> </p><p> <span class="blackhighlight"><strong>CPF Minimum Sum to better meet Singaporeans’ expectations of basic standard of living in retirement</strong></span></p><p>1. To cater to Singaporeans’ rising expectations of what is considered a basic standard of living in retirement, the CPF Minimum Sum has been increasing for each group of members turning 55 yearly, to reach a target of $120,000 (in 2003 dollars) by 2015. In order to maintain its real value over time, the Minimum Sum increases to account for inflation.</p><p>2. In view of this, the Minimum Sum that will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015 is $155,000. This will be set aside in their Retirement Account using savings from their Special, and then Ordinary Accounts. The Minimum Sum for CPF members who turn 55 before 1 July 2014 remains unchanged.</p><p>3. The Minimum Sum provides CPF members with monthly payouts from the Draw-Down Age (DDA)<sup><font size="2">1</font></sup>. Setting aside more retirement savings means higher payouts when members retire. To illustrate, under the CPF LIFE Standard Plan, setting aside the full Minimum Sum of $155,000 at age 55 provides a lifelong payout of about $1,200/month, while $75,000 will provide about $620/month.</p><p> <span class="blackhighlight"><strong>Medisave Minimum Sum and Medisave Contribution Ceiling to better cater for Singaporeans’ long-term healthcare needs</strong></span></p><p>4. The Medisave Minimum Sum is the amount a CPF member needs to set aside in his Medisave Account for his own and his dependants’ healthcare expenses, as well as MediShield and ElderShield premiums during old age.</p><p>5. With Singaporeans living longer and the availability of better quality of medical treatment, Singaporeans will need to save more in their Medisave Accounts to help pay for their healthcare expenses. In addition, as Medisave is opened up to more uses, regular Medisave Minimum Sum adjustments are necessary to help Singaporeans better prepare for their long-term healthcare needs.</p><p>6. From 1 July 2014,</p><p> a) The Medisave Minimum Sum will be raised to $43,500 from $40,500. A member will need to have this amount in his Medisave Account and also meet the CPF Minimum Sum before excess funds can be withdrawn. b) The Medisave Contribution Ceiling will be increased correspondingly to $48,500, from $45,500. This is the maximum balance a member can have in his Medisave Account.</p><p>7. Any Medisave contribution in excess of the current Contribution Ceiling will be transferred to the member’s Special Account, if he is below age 55, or to his Retirement Account, if he is above age 55 and has a CPF Minimum Sum shortfall.</p><p> <span class="subtopicheader"><strong>PUBLIC ENQUIRIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/"> <span style="text-decoration:underline;"> <font color="#0066cc">www.cpf.gov.sg</font></span></a> or call the CPF Call Centre at 1800-227-1188.</p><p> <span style="font-size:8pt;"><sup>1</sup> The Draw-Down Age (DDA) is the age at which members will receive monthly payouts from their CPF savings. For members who turn 55 from 2013, their DDA will be 65 years old.</span></p><p> </p><table style="width:607px;"> </table> <span style="font-size:8pt;"> <p> <br> <img src="/Assets/members/PublishingImages/press8May2014_1.jpg" alt="" style="margin:5px;" /> <br> <img src="/Assets/members/PublishingImages/press8May2014_2.jpg" alt="" style="margin:5px;" /> <img src="/Assets/members/PublishingImages/press8May2014_3.jpg" alt="" style="margin:5px;" /> </p></span>Changes to the CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 2014 for a more secure retirement7/5/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1994
$420 million in CPF arrears recovered by CPF Board in 20131990news-categories-info/news-releases<p> </p><p>The CPF Board (CPFB) has recovered about $420 million in CPF arrears, benefitting more than 250,000 local workers, from cases closed in 2013. In comparison, CPFB recovered $293 million in 2012. The increase in CPF arrears recovered was due to the step up in enforcement efforts by CPFB, as well as an increased awareness of workers’ rights, generated by the WorkRight Initiative. </p><p>The CPF arrears recovered were from underpayment, non-payment and late payment of CPF contributions by employers. For cases of underpayment or non-payment, CPFB recovered $16.6 million from 3,900 errant employers in industries such as security, cleaning and food & beverage. This benefitted more than 19,000 employees. </p><p>The CPFB also found that an average of 3,600 employers made CPF contributions late each month. The timely detection and follow-up enforcement actions assisted more than 230,000 workers, totalling $406.6 million. </p><p><i>Table 1: Breakdown of CPF Arrears Recovered in 2013</i><br> </p><br><p><i>* Underpayment of CPF contributions refers to cases where employers make less CPF contributions for their employees than required. Non-payment refers to cases where employers omit paying CPF contributions for employees.</i><br> </p><p><i># CPF contributions are due at the end of every month. Employers are given a grace period of up to the 14th of the next month to make CPF contributions for their employees. Payments made after the 14th are considered late. </i> </p><p>Mdm Teng and Mdm Goh (not their real names) are two beneficiaries of CPFB’s enforcement efforts. They had worked part-time in a neighbourhood minimart, and reported that their employer had not been paying their CPF contributions since 2004 via the WorkRight hotline. CPFB investigated their complaints and helped them recover more than $20,000 in unpaid CPF contributions. Because of their feedback, CPFB also managed to recover about $80,000 in CPF contributions, which was owed to more than 20 employees of the minimart. “I am happy that CPF Board managed to help me recover my money. I also managed to get Workfare after this. It’s a bonus that my call helped my old colleagues at the minimart.” said Mdm Teng. </p><p>Mr Ng Hock Keong, Director of Enforcement Division at CPFB, said, “All employees, who are Singapore Citizens or Permanent Residents, are entitled to CPF contributions from their employers, even if they work on a part-time basis. The majority of employers are actually compliant and understand their CPF obligations to their employees. The WorkRight campaign has further raised awareness amongst employees of their CPF rights. This has enabled us take swifter action against errant employers as more workers are now coming forward to check their CPF entitlements.” </p><p><b>Convictions of Non-Compliance with CPF Act in 2013</b> </p><p>In 2013, there were 41 convictions for non-payment and underpayment of CPF, and 202 convictions for late payment. All convicted employers were fined and ordered to pay the CPF arrears by the State Courts (formerly known as Subordinate Courts). The list of convicted cases in 2013 can be found [hyperlink]here[hyperlink]. </p><p>To further protect vulnerable workers, CPFB has increased the general penalties for non-compliance with the CPF Act. With effect from 1 January 2014, first-time offenders may be fined up to $5,000 and/or imprisoned for up to 6 months. Subsequent offenders may face fines of up to $10,000 and/or imprisonment of up to 12 months. </p><p><b>PUBLIC ENQUIRIES</b> </p><p>For more information, please visit the [hyperlink]WorkRight website[hyperlink] or call the WorkRight hotline at 1800-221-9922. </p><p>[super]1[super]The WorkRight initiative was introduced in 2012 by the Ministry of Manpower and the CPF Board to raise national compliance with the Employment Act and CPF Act. The areas of focus include payment of CPF contributions, timely salary and overtime payment, provision of paid annual and sick leave, and adherence to requirements regarding working hours, amongst others. This is achieved through a two-prong initiative covering enforcement and education. </p><div style="clear:both;"> </div><span dir="ltr"><input id="BodyContent_857d1e75-352f-478d-b9d5-88613f74d494_$TextField_spSave" type="hidden" value="<p><b>News Release by:<br> <i>Central Provident Fund Board</i><br> 28 April 2014--<br></b> <p>The CPF Board (CPFB) has recovered about $420 million in CPF arrears, benefitting more than 250,000 local workers, from cases closed in 2013. In comparison, CPFB recovered $293 million in 2012. The increase in CPF arrears recovered was due to the step up in enforcement efforts by CPFB, as well as an increased awareness of workers’ rights, generated by the WorkRight Initiative. <p>The CPF arrears recovered were from underpayment, non-payment and late payment of CPF contributions by employers. For cases of underpayment or non-payment, CPFB recovered $16.6 million from 3,900 errant employers in industries such as security, cleaning and food &amp; beverage. This benefitted more than 19,000 employees. <p>The CPFB also found that an average of 3,600 employers made CPF contributions late each month. The timely detection and follow-up enforcement actions assisted more than 230,000 workers, totalling $406.6 million. <p><i>Table 1: Breakdown of CPF Arrears Recovered in 2013</i><br> </p><br><p><i>* Underpayment of CPF contributions refers to cases where employers make less CPF contributions for their employees than required. Non-payment refers to cases where employers omit paying CPF contributions for employees.</i><br> <p><i># CPF contributions are due at the end of every month. Employers are given a grace period of up to the 14th of the next month to make CPF contributions for their employees. Payments made after the 14th are considered late. </i> <p>Mdm Teng and Mdm Goh (not their real names) are two beneficiaries of CPFB’s enforcement efforts. They had worked part-time in a neighbourhood minimart, and reported that their employer had not been paying their CPF contributions since 2004 via the WorkRight hotline. CPFB investigated their complaints and helped them recover more than $20,000 in unpaid CPF contributions. Because of their feedback, CPFB also managed to recover about $80,000 in CPF contributions, which was owed to more than 20 employees of the minimart. “I am happy that CPF Board managed to help me recover my money. I also managed to get Workfare after this. It’s a bonus that my call helped my old colleagues at the minimart.” said Mdm Teng. <p>Mr Ng Hock Keong, Director of Enforcement Division at CPFB, said, “All employees, who are Singapore Citizens or Permanent Residents, are entitled to CPF contributions from their employers, even if they work on a part-time basis. The majority of employers are actually compliant and understand their CPF obligations to their employees. The WorkRight campaign has further raised awareness amongst employees of their CPF rights. This has enabled us take swifter action against errant employers as more workers are now coming forward to check their CPF entitlements.” <p><b>Convictions of Non-Compliance with CPF Act in 2013</b> <p>In 2013, there were 41 convictions for non-payment and underpayment of CPF, and 202 convictions for late payment. All convicted employers were fined and ordered to pay the CPF arrears by the State Courts (formerly known as Subordinate Courts). The list of convicted cases in 2013 can be found [hyperlink]here[hyperlink]. <p>To further protect vulnerable workers, CPFB has increased the general penalties for non-compliance with the CPF Act. With effect from 1 January 2014, first-time offenders may be fined up to $5,000 and/or imprisoned for up to 6 months. Subsequent offenders may face fines of up to $10,000 and/or imprisonment of up to 12 months. <p><b>PUBLIC ENQUIRIES</b> <p>For more information, please visit the [hyperlink]WorkRight website[hyperlink] or call the WorkRight hotline at 1800-221-9922. <p>[super]1[super]The WorkRight initiative was introduced in 2012 by the Ministry of Manpower and the CPF Board to raise national compliance with the Employment Act and CPF Act. The areas of focus include payment of CPF contributions, timely salary and overtime payment, provision of paid annual and sick leave, and adherence to requirements regarding working hours, amongst others. This is achieved through a two-prong initiative covering enforcement and education. <div style="clear: both;"></div><span dir="ltr"><input id="BodyContent_857d1e75-352f-478d-b9d5-88613f74d494_$TextField_spSave" type="hidden"><input id="ms-rtefocuselementid" type="hidden" value=""></span><table> </table>" /><input id="ms-rtefocuselementid" type="hidden" /></span><table> </table>$420 million in CPF arrears recovered by CPF Board in 201327/4/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1990
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2014 to 30 June 20141991news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 April 2014 to 30 June 2014.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2013 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2014.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from March 2013 to February 2014, works out to be 3.19%. Accordingly, the SMA interest rate payable to CPF members from 1 April 2014 to 30 June 2014 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <strong> </strong> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>As part of the government's efforts to enhance the retirement savings of CPF members, an additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA).  The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings.  If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong></strong><span class="blackhighlight"><strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 is 4%, as announced on 13 December 2013.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from March 2013 to February 2014</td><td width="25%">2.19% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>3.19%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from March 2013 to February 2014</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_17Mar14.jpg" alt="" style="margin:5px;width:540px;height:274px;" /></span> </p></td></tr></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2014 to 30 June 201416/3/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1991
MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers1992news-categories-info/news-releases<a href="http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx">http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx</a>MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers20/2/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1992
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2014 to 30 June 20141989news-categories-info/news-releases<p> </p><table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"></td><td valign="top"><span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>All CPF members will continue to enjoy a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 April 2014 to 30 June 2014.</p><p>The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, November 2013 to January 2014, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for 1 April 2014 to 30 June 2014 will remain unchanged at 2.50% per annum.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"></td><td height="65" valign="top"><p>As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 April 2014 to 30 June 2014.</p><p>The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="/Employers/News/news-categories-info/news-releases/1989#Annx"><span style="text-decoration:underline;"><font color="#0066cc">Annex</font></span></a>.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td width="1" height="13" valign="top"></td><td width="550" height="13" valign="top"><span class="subtopicheader">PUBLIC ENQUIRIES</span></td></tr><tr><td width="1" height="32" valign="top"></td><td width="550" height="32" valign="top"><p>For more information, please visit <a href="http://www.cpf.gov.sg/"><span style="text-decoration:underline;"><font color="#0066cc">www.cpf.gov.sg</font></span></a> or call the CPF Call Centre at 1800-227 1188.</p></td></tr><tr><td height="32" valign="top"></td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"><strong><span class="blackhighlight"><span style="text-decoration:underline;"><span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR 1 APRIL 2014 to 30 JUNE 2014</span></span></span></strong></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> </div><div align="center"> </div><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"><span class="blackhighlight"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></div></td><td width="93%" rowspan="2"><div align="center"><span class="blackhighlight"><br><strong>AVERAGE</strong></span></div><div align="center"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"><span class="blackhighlight"><strong>MONTH / YEAR</strong></span></div></td><td><div align="center"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">30-Nov-13</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.2100</div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">31-Dec-13</div></td><td><div align="center"><div align="center"><div align="center">0.2500</div></div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center"><div align="center">0.2100</div></div></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">31-Jan-14</div></td><td><div align="center"><div align="center">0.2500</div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center">0.2100</div></div></td></tr></tbody></table><br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top">(A) </td><td width="59%" align="left" valign="top"><span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></td><td width="8%" align="center" valign="top"></td><td width="28%" align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">Average for 3 months (Nov 2013 to Jan 2014) <br>(Using the 80 FD:20 SD formula)<br></td><td align="center" valign="top"><span class="blackhighlight"><strong>0.21%</strong> </span></td><td align="left" valign="top">(computed interest rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Apr 2014 to Jun 2014 </td><td align="center" valign="top"><span class="blackhighlight"><strong>2.50%</strong> </span></td><td align="left" valign="top">(legislated minimum rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top">(B) </td><td align="left" valign="top"><span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Apr 2014 to Jun 2014 </td><td align="center" valign="top"><span class="blackhighlight"><strong>2.50%</strong> </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </td><td align="center" valign="top"><span class="blackhighlight"><strong>0.10%</strong> </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td><span class="blackhighlight">------- </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">HDB Mortgage Rate for Apr 2014 to Jun 2014 </td><td><span class="blackhighlight"><strong>2.60%</strong> </span></td><td></td></tr><tr><td></td><td></td><td><span class="blackhighlight">------- </span></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td height="115" colspan="4"><p><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account) <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)<br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)<br></p></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of November 2013 to January 2014.</td></tr></tbody></table></td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2014 to 30 June 201418/2/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1989
CPF members to enjoy 4% interest rates on Special and Medisave Accounts from 1 January to 31 March 2014, and on Retirement Account from 1 January to 31 December 20141996news-categories-info/news-releases<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top">          <br> <i> <span class="blackhighlight"> <strong>In addition, the Medisave Required Amount will be adjusted to $40,500 from 1 January 2014 and surpluses from the Dependants’ Protection Scheme rebates will be distributed to eligible members on 15 December 2013</strong></span></i></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <br><br>CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 January to 31 March 2014, and on their Retirement Account (RA) from 1 January to 31 December 2014.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 December 2012 to 30 November 2013, works out to be 2.93%. Accordingly, the SMA interest rate payable to CPF members from 1 January 2014 to 31 March 2014 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in Special Singapore Government Securities (SSGS) which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 will be 4%.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>As part of our efforts to enhance the retirement savings of CPF members, an additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Medisave Minimum Sum</strong></span></p><p>The Medisave Minimum Sum (MMS) was introduced in 1984 to enable Singaporeans to set aside enough money to meet healthcare expenses in their older years, especially after retirement.</p><p>Members who turn 55 and are able to meet the CPF Minimum Sum are required to top up their Medisave Account (MA) to the current MMS when they make a CPF withdrawal. To minimise the impact on Singaporeans nearing the CPF withdrawal age, this top-up requirement was phased in over ten years from 2003 through the Medisave Required Amount (MRA).</p><p>From 1 January 2014, the MRA will be adjusted to $40,500 from the current $38,500 and converge with the current MMS. With the MRA fully phased-in, the MRA and the MMS will henceforth be merged and adjusted together, and will be referred to as the “Medisave Minimum Sum.”</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Dependants’ Protection Scheme Rebates</strong></span></p><p>The Central Provident Fund Board will distribute $29m of surplus from its Dependants’ Protection Scheme (DPS) to members who had active covers when DPS was privatised on 17 September 2005. This rebate will be credited to their CPF Ordinary Account on 15 December 2013.</p><p>CPF members who are eligible for the rebates can check the amount from my cpf Online Services > My Messages by logging in with their SingPass to the CPF website.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span><strong> </strong> </td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from December 2012 to November 2013</td><td width="25%">1.93% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.93%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from December 2012 to November 2013</strong></span></p><p align="center"> <span class="blackhighlight"> <img src="/Assets/members/PublishingImages/10YRSGS_13Dec13.jpg" alt="" style="margin:5px;" /></span> </p></td></tr></tbody></table>CPF members to enjoy 4% interest rates on Special and Medisave Accounts from 1 January to 31 March 2014, and on Retirement Account from 1 January to 31 December 201412/12/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1996
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2014 to 31 March 20141998news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"></td><td valign="top"> <span class="blackhighlight"> <strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to enjoy a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 January 2014 to 31 March 2014.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 August 2013 to 31 October 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for January 2014 to March 2014 will remain unchanged at 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</font></p> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 January 2014 to 31 March 2014.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="subtopicheader"> <strong>PUBLIC ENQUIRIES</strong></span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <a name="#Annx"> <span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <b> <span class="blackhighlight"> <u> <span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR JANUARY 2014 to MARCH 2014</span></u></span></b></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><b><strong>(6)</strong> </b></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Aug-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Sep-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Oct-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Aug 2013 to Oct 2013) <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2014 to Mar 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2014 to Mar 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Jan 2014 to Mar 2014 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 August 2013 to 31 October 2013.</font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2014 to 31 March 201417/11/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1998
MOM's news release: Speech by Mr Tan Chuan-Jin, Acting Minister for Manpower at the WorkRight Roadshow, 09 November 2013, 2:10 PM, Tampines Mall Level 4 Open Plaza1995news-categories-info/news-releases<a href="http://mom.gov.sg/newsroom/Pages/SpeechesDetail.aspx?listid=455">http://mom.gov.sg/newsroom/Pages/SpeechesDetail.aspx?listid=455</a>MOM's news release: Speech by Mr Tan Chuan-Jin, Acting Minister for Manpower at the WorkRight Roadshow, 09 November 2013, 2:10 PM, Tampines Mall Level 4 Open Plaza8/11/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1995
Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 20142000news-categories-info/news-releases<p> </p> <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>One–Year Extension of 4% Floor Rate for all SMRA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Since 1 January 2008, savings in the Special, Medisave and Retirement Account (SMRA) have been invested in Special Singapore Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. This is a market-based rate for instruments of comparable risk and duration, and will ensure that members receive fair and reasonable interest rates.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>To help members cope with the transition, the Government had committed to providing a 4% floor rate for SMRA interest for two years up to December 2009. This was subsequently extended in light of global economic conditions and the fact that interest rates had been exceptionally low. The 4% floor rate is currently due to expire on 31 December 2013.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>In view of the uncertainty in the global economy and low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all SMRA monies for another year until 31 December 2014. SMRA monies within the first $60,000 of a member’s combined balances will therefore continue to earn a 5% interest rate. </p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>From 1 January 2015, the SMRA rates will be pegged to the 12-month average yield of 10YSGS plus 1%, subject to the statutory floor rate of 2.5% per annum that applies to all CPF accounts.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>CPF Interest Rate for Special and Medisave Accounts from 1 October 2013 to 31 December 2013</strong><strong> </strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 October 2013 to 31 December 2013, as the 12-month average yield of 10YSGS plus 1% from 1 September 2012 to 31 August 2013 works out to be 2.68%, which is below the current floor of 4%.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2013.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest Rates for SMA and RA monies </strong></span></p><p> <strong></strong><span class="blackhighlight"><strong>Additional Interest of 1%</strong></span></p><p>As part of the Government’s efforts to enhance CPF members’ retirement savings, an additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE. </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for SMA monies </strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period. </p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for RA monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or the 4% floor, whichever is the higher. The fixed coupon rate is adjusted yearly in January.</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of SSGS, and adjusted yearly in January. As announced on 21 December 2012, the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 will be 4%.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"><u><strong>Public Enquiries</strong></u></span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table></td><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from 1 September 2012 to 31 August 2013</td><td width="25%">1.68% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>2.68%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from September 2012 to August 2013</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_27Sep13.jpg" alt="" style="margin:5px;" /></span> </p></td></tr></tbody></table>Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 201426/9/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2000
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 October 2013 to 31 December 20132001news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to enjoy a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 October 2013 to 31 December 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 May 2013 to 31 July 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for October 2013 to December 2013 will remain unchanged at 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</font></p> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 October 2013 to 31 December 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="subtopicheader">PUBLIC ENQUIRIES</span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <b><span class="blackhighlight"><u><span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR <br>OCTOBER 2013 TO DECEMBER 2013</span></u></span></b></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><b><strong>(6</strong>) </b></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-May-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Jun-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jul-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (May 2013 to July 2013) <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2013 to Dec 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2013 to Dec 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Oct 2013 to Dec 2013 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 May 2013 to 31 July 2013. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 October 2013 to 31 December 201314/8/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2001
MOM's news release: Appointment of Mr Chiang Chie Foo as Chairman, CPF Board1999news-categories-info/news-releases<a href="http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=512">http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=512</a>MOM's news release: Appointment of Mr Chiang Chie Foo as Chairman, CPF Board26/6/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1999
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 July 2013 to 30 September 20132002news-categories-info/news-releases<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 July 2013 to 30 September 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2013.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 June 2012 to 31 May 2013, works out to be 2.43%. Accordingly, the SMA interest rate payable to CPF members from 1 July 2013 to 30 September 2013 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA).  The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings.  If the member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in Special Singapore Government Securities (SSGS) which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 is 4%, as announced on 21 December 2012.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight">Public Enquiries</span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from June 2012 to May 2013</td><td width="25%">1.43% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.43%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from June 2012 to May 2013</strong></span></p><p align="center"> <span class="blackhighlight"> <img src="/Assets/members/PublishingImages/10YRSGS_14Jun13.jpg" alt="" style="margin:5px;" /></span> <strong> </strong></p></td></tr></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 July 2013 to 30 September 201313/6/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2002
CPFB Recovers $293 Million in Owed and Late CPF Contributions in 20122004news-categories-info/news-releases<p> </p><table cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"><p>More than 200,000 local workers have benefited from the increased enforcement efforts by the CPF Board in 2012, with a total of some $293 million of CPF arrears (including late payments) being recovered.</p><p>Of the $293 million, $9.4 million was recovered from 4,000 companies who underpaid or did not pay CPF. 66% of these companies were found to have underpaid CPF contributions while the rest did not pay CPF contributions. The CPF Board’s enforcement efforts on underpayment and non-payment of CPF in 2012 benefited more than 11,000 employees, a 10% increase from 2011.</p><p>The Board also detected an average of 3100 employers who were paying CPF contributions late each month, amounting to a total of $283.7 million of CPF arrears recovered in 2012. More than 190,000 workers benefited from CPFB’s recovery efforts, consistent with 2011’s figure.</p><p>Table 1 </p><table width="500" border="1" cellspacing="0" cellpadding="0"><tbody><tr><td> </td><td align="center"><strong>Contributions Recovered</strong></td><td align="center"><strong>Employees Benefitted</strong></td></tr><tr><td align="center"><strong>Underpayment/Non-Payment</strong></td><td align="center"><strong>$9.4 million</strong></td><td align="center"><strong>More than 11,000</strong></td></tr><tr><td align="center"><strong>Late Payment</strong></td><td align="center"><strong>$283.7 million</strong></td><td align="center"><strong>More than 190,000</strong></td></tr></tbody></table><p><br>One worker who benefited from CPFB’s enforcement efforts is Mdm Foo (not her real name), who worked as a part-time waitress in the cafeteria of a healthcare company. Mdm Foo lodged a complaint on 12 November 2012 through the WorkRight<sup>1</sup> Hotline against her employer for the omission of CPF contributions for herself and other part-time colleagues working in the company. Following the CPF Board’s investigations, about $82,000 of CPF contributions owed to 27 employees for the period January 2008 to February 2013 were recovered.</p><p>“I feel it is important that workers, especially those with low wages, get their rightful CPF as it enables them to get Workfare. I hope that my example will encourage other workers whose CPF contributions are compromised to stand up for their own rights,” said Mdm Foo. As a result of Mdm Foo’s complaint, some of her part-time colleagues not only started receiving CPF contributions from the employer, but will also be receiving Workfare of up to $700 for their work done in Q1 2013.</p><p>The audits and investigations carried out by the CPF Board were part of the Board’s ongoing efforts to ensure that workers are paid the CPF contributions that are due to them.</p><p>Mr Ng Hock Keong, Director of Enforcement Division at CPF Board said, “Since late last year, the CPF Board has stepped up the number of audits and on-site inspections to deter errant and recalcitrant employers from circumventing their CPF and EA obligations. Such enforcement activities complement our outreach efforts to raise awareness amongst employees and employers of their CPF rights and obligations. Hence, through enforcement and education, we hope to see greater compliance with the CPF Act and Employment Act.”</p><p><sup>1</sup> The WorkRight programme seeks to ensure that all workers, particularly more vulnerable groups such as low-wage workers, enjoy their basic employment rights under the law. Under the programme, the Ministry of Manpower and CPF Board are stepping up on enforcement and education efforts to bring about compliance with the CPF Act and Employment Act.</p><p><span class="blackhighlight">Employers must contribute to employees’ CPF</span></p><p>It is an offence under the CPF Act for employers to default on CPF contributions. Regular audits on employers, including on-site inspections, are conducted to ensure CPF contributions are paid promptly and correctly. Upon detection of CPF non-compliance, the CPF Board takes action to recover the arrears and late payment interest. Prosecution action may be taken against employers who do not comply. First-time offenders may be fined $2,500 for each offence. Repeat offenders may be fined $10,000 for each offence.</p><p>In 2012, there were a total of 39 convictions for non-payment and underpayment of CPF, and 180 convictions for late payment. All convicted employers were fined and ordered to pay the CPF arrears by the Subordinate Court. The list of convicted cases in 2012 can be found <a href="/Assets/common/Documents/NewsReleases/AnnexA_ListofConvictedEmployers_JanDec2012.pdf" target="_blank">here</a>.</p><p>Employers must be mindful of the CPF obligations to their local employees. Workers are encouraged to check their CPF accounts regularly by calling the CPF hotline 1800-221-9922 or via the CPF website to ensure that their employers have made the correct CPF payments. Workers and members of the public can call 1800-221-9922 or email <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a> to report non-payment or underpayment of CPF contributions, or any non-compliance of the Employment Act. Calls and emails will be kept strictly confidential.</p><p><span class="subtopicheader">PUBLIC ENQURIES</span><br>For more information, please visit <a href="http://www.mom.gov.sg/workright" target="_blank">www.mom.gov.sg/workright</a>.</p></td></tr><tr><td> </td></tr></tbody></table>CPFB Recovers $293 Million in Owed and Late CPF Contributions in 201222/5/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2004
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2013 to 30 September 20132005news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 July 2013 to 30 September 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 February 2013 to 30 April 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for July 2013 to September 2013 will remain unchanged at 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2013 to 30 September 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="subtopicheader">PUBLIC ENQUIRIES</span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="blackhighlight" style="color:#444444;"><font face="Arial, Helvetica, sans-serif" size="3"><u style="text-decoration:underline;"><font size="2" style="text-decoration:underline;"><span class="BlackHighLight" style="color:#444444;text-decoration:underline;"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>JULY 2013 TO SEPTEMBER 2013</strong></span></font></u></font></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><b><strong>(6)</strong> </b></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">28-Feb-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Mar-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Apr-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Feb 2013 to Apr 2013) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jul 2013 to Sep 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jul 2013 to Sep 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Jul 2013 to Sep 2013 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 February 2013 to 30 April 2013. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2013 to 30 September 201320/5/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2005
Changes in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 20132007news-categories-info/news-releases<p> </p><p>CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a Minimum Sum (MS) of $148,000 in their Retirement Account (RA). The MS for 2012 was $139,000.</p><p>The MS has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans’ rising expectations of their quality of life post-retirement. The MS is targeted to reach $120,000 (2003$) in 2015.</p><p><span class="blackhighlight"><strong>Medisave Minimum Sum and Medisave Contribution Ceiling</strong></span></p><p>The Medisave Minimum Sum (MMS) is the amount that a person turning 55 needs to set aside in his old age for his own or his dependants’ healthcare expenses and basic MediShield and ElderShield premiums. Regular MMS adjustments are necessary to help Singaporeans meet their long-term healthcare needs.</p><p>From 1 July 2013,</p><ul></ul><table><tbody><tr><td valign="top">a. </td><td>The Medisave Minimum Sum (MMS) will be raised to $40,500 from $38,500. Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.</td></tr><tr><td valign="top">b. </td><td><p>The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is set at $5,000 above MMS and this would be increased correspondingly to $45,500, from $43,500.</p></td></tr></tbody></table><p>Any Medisave contribution in excess of the current MCC will be transferred to the member’s Special Account if he is below age 55 or to his RA if he is above age 55 and has a MS shortfall.</p><p><span class="subtopicheader"><strong>PUBLIC ENQUIRIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p>Changes in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 20136/5/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2007
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2013 to 30 June 20132003news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2">            </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 April 2013 to 30 June 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2013.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 March 2012 to 28 February 2013, works out to be 2.44%. Accordingly, the SMA interest rate payable to CPF members from 1 April 2013 to 30 June 2013 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <span class="blackhighlight"><strong>Additional Interest of 1%</strong></span></p><p>An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If the member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 will be 4%, as announced on 21 December 2012.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"><strong>Public Enquiries</strong></span><strong> </strong> </td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from March 2012 to February 2013</td><td width="25%">1.44% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>2.44%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from March 2012 to February 2013</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_Mar12Feb13.jpg" alt="" style="margin:5px;" /></span><strong> </strong></p></td></tr></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2013 to 30 June 201317/3/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2003
MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers2006news-categories-info/news-releases<p><a href="http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx">http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx</a></p>MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers24/2/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2006
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2013 to 30 June 20132008news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td width="1" height="59"> </td><td width="550" height="59" valign="top"><p> <strong><em>Joint News Release by:</em></strong><br><strong><em>Central Provident Fund Board</em></strong><br><strong><em>Housing & Development Board</em></strong><br><strong>18 February 2013 --</strong></p></td></tr> <tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 April 2013 to 30 June 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 Nov 2012 to 31 Jan 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for April 2013 to June 2013 will remain unchanged at the legislated minimum of 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 April 2013 to 30 June 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="subtopicheader"><strong>PUBLIC ENQUIRIES</strong></span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">Members with enquiries may call the CPF Call Centre on 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="blackhighlight" style="color:#444444;"><font face="Arial, Helvetica, sans-serif" size="3"><u style="text-decoration:underline;"><font size="2" style="text-decoration:underline;"><span class="BlackHighLight" style="color:#444444;text-decoration:underline;"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>APRIL 2013 TO JUNE 2013</strong></span></font></u></font></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Nov-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Dec-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jan-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Nov 2012 to Jan 2013) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Apr 2013 to Jun 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Apr 2013 to Jun 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Apr 2013 to Jun 2013 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 Nov 2012 to 31 Jan 2013. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2013 to 30 June 201317/2/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2008
Silver Housing Bonus and Lease Buyback Scheme Made More Attractive for Elderly2009news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"></td></tr><tr><td height="48" valign="top"><p> </p></td><td height="48" valign="top"><p>Elderly Singaporeans need to top up less of their net sale proceeds and will get more in cash when they participate in the Silver Housing Bonus (SHB) and Enhanced Lease Buyback Scheme (LBS). The Government has enhanced both schemes in response to public feedback. The new schemes will be implemented from 1 February 2013. </p><p>Minister for National Development Mr Khaw Boon Wan said, “We need to strike a balance between improving retirement adequacy by requiring a meaningful top-up to the CPF, and keeping the schemes attractive by allowing adequate cash proceeds. We received several good suggestions from the public on how such a balance could be better achieved. We believe the enhancements will enable more Singaporeans to take advantage of the schemes.”  </p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>Silver Housing Bonus</strong></p></td></tr><tr><td height="65" valign="top"><p> </p></td><td height="65" valign="top"><p>The Government has made the SHB more attractive, by lowering the top-up requirement to $60,000 per household (subject to a $100,000 cap on cash proceeds for those who have not achieved the prevailing Minimum Sum (MS)). Furthermore, the $20,000 bonus will now be given fully in cash. </p><p>The SHB provides additional help to lower-income elderly households who right-size (for example, after their children have moved out to their own homes) from a larger flat to a smaller flat, and use their net sale proceeds1 to enhance their retirement income. <br> <br>When the SHB was first announced at Budget 2012, elderly households were required to use all net sale proceeds to top up their CPF Retirement Accounts (RA) up to the prevailing MS, which could amount to as much as $278,0002 on a household basis. The Government would give a $20,000 bonus to the household – $15,000 cash and $5,000 CPF top-up. </p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"></td></tr><tr><td height="48" valign="top"><p> </p></td><td height="48" valign="top"><p>With the changes, most elderly households who right-size to a smaller flat would now be able to top up their RA with $60,000 and receive the full $20,000 cash bonus. Those who right-size to a Studio Apartment should generally be able to retain $100,000 of proceeds in cash after the top-up. </p><p>An eligible elderly household can qualify for the SHB of $20,000 in cash if lessees use their net sale proceeds to top up their CPF RAs. The amount to top up will depend on the amount of net sale proceeds: <br> <br></p><table><tbody><tr><td valign="top">a)</td><td>If the net sale proceeds is between $60,000 and $160,000, it will need to use $60,000 to top up any lessee’s RA3. The household will be able to retain the remaining proceeds of up to $100,000 in cash.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top">b)</td><td>If the net sale proceeds is above $160,000, it will need to use $60,000 to top up any lessee’s RA. The household will be able to retain proceeds of $100,000 in cash. The remaining proceeds will be used to further help the lessee with the lowest RA balance meet the prevailing MS.</td></tr></tbody></table> <br><br>Households who are unable to top up the full $60,000 into their RA, because their net sale proceeds is below $60,000 or they would exceed the prevailing MS if they do so, will receive a $1 cash bonus for every $3 they could top up. <br> <br>Lessees in the SHB household will use their full RA savings to buy a CPF LIFE plan if they have at least $40,000 (if below age 65) or $60,000 (if aged 65 to 79) in their RA after the top-up.4<br><br>The eligibility criteria for the SHB scheme are summarised in <a href="/Assets/common/Documents/NewsReleases/SHBLBS_AnnexA.pdf" target="_blank">Annex A</a>. <p> </p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>Enhanced Lease Buyback Scheme</strong></p></td></tr><tr><td height="65" valign="top"><p> </p></td><td height="65" valign="top"><p>The Government will also be making further enhancements to the Lease Buyback Scheme. The LBS helps lower-income elderly living in 3-room or smaller HDB flats by allowing them to sell the tail-end lease of their flat to the Government to enhance their retirement income. The enhancements to the LBS are: </p><p> </p><table><tbody><tr><td valign="top">a)</td><td> <strong>Lower top-up requirement</strong>. Currently, all net proceeds, except for a maximum of $5,000 lump sum cash, are used to purchase an Immediate Annuity with CPF Board. All lessees will now use their net proceeds5 to top up their RAs to the specified top-up requirements shown in the table below. Households can keep up to $100,000 of net proceeds in cash. Net proceeds in excess of $100,000 will be used to help the lessee with the lowest RA balance meet the prevailing MS.</td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p style="text-align:center;"> <span style="text-decoration:underline;">Top-up Requirements under Enhanced LBS</span></p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr bgcolor="#d2d2d2"><td class="ms-rteTable-default" style="width:50%;"> <strong>Lessee's age </strong></td><td class="ms-rteTable-default" style="width:50%;"> <strong>To top up till RA has:</strong></td></tr><tr><td class="ms-rteTable-default">≤ 70</td><td class="ms-rteTable-default">Prevailing MS (currently $139,000)</td></tr><tr><td class="ms-rteTable-default">71 - 79</td><td class="ms-rteTable-default">Prevailing MS - $10,000 (currently $129,000)</td></tr><tr><td class="ms-rteTable-default">≥ 80</td><td class="ms-rteTable-default">Prevailing MS - $20,000 (currently $119,000)</td></tr></tbody></table><p> </p> <span style="font-size:13px;"></span><span style="font-size:13px;"></span> <table><tbody><tr><td valign="top"><p>b)</p></td><td><p> <strong>Relax the eligibility criteria to allow more elderly to qualify</strong>. Households who have enjoyed more than one housing subsidy and ex-private property owners will now be eligible. In addition, those with more than $5,000 in outstanding loan will no longer need to have a minimum amount of net proceeds to qualify.</p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p>c)</p></td><td><p> <strong>Increase the LBS bonus from $10,0007 to $20,000 for all households</strong>. The bonus will be given fully in cash.</p></td></tr></tbody></table></td></tr></tbody></table><p>    </p><table style="width:566px;height:128px;"><tbody><tr><td valign="top"><p> </p></td><td valign="top"><p>The eligibility criteria for the Enhanced LBS are summarised in <a href="/Assets/common/Documents/NewsReleases/SHBLBS_AnnexB.pdf" target="_blank">Annex B</a>.</p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>When and How to Apply</strong></p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p>Applications for the SHB and Enhanced LBS will be available from 1 February 2013.</p><p> <strong>Silver Housing Bonus</strong></p><p>To qualify for the SHB, eligible elderly households must either book a new HDB flat or Studio Apartment, or apply to buy a resale flat:</p><p>a) before selling their exisiting property; or</p><p>b) within 6 months of completing the sale of their existing property.</p><p>Eligible elderly whose <strong>first housing transaction took place on or after 17 February 2012 </strong>can apply for the SHB. Interested elderly may obtain and submit the application form at HDB and CPF Board from 1 February 2013.</p></td></tr></tbody></table> <span style="font-family:"segoe ui", "segoe", tahoma, helvetica, arial, sans-serif;"></span>  <table style="width:566px;height:128px;"><tbody><tr><td height="2" valign="top"> <strong></strong> <p> </p></td><td><p> <strong>Enhanced Lease Buyback Scheme</strong></p><p>Applicants can submit an online application for the Enhanced LBS via the HDB InfoWeb, using their SingPass, from 1 February 2013. Applicants who need help completing the application may approach any HDB Branch for assistance.<br><br>The LBS will continue to be available to interested applicants under existing terms until 31st January 2013. Eligible elderly households with pending LBS applications submitted on or after 17 February 2012 can opt for the Enhanced LBS by submitting a fresh application from 1 February 2013.</p></td></tr></tbody></table> <span style="font-family:arial;"></span> <table style="width:566px;height:128px;"><tbody><tr><td height="65" valign="top"><p> </p></td><td height="65" valign="top"><p>1When elderly households sell their larger HDB flat to buy a 3-room or smaller HDB flat or Studio Apartment, they will typically have some net sale proceeds. Net sale proceeds refer to monies that are left from the sale of the existing flat, after repaying outstanding housing loan, making mandatory CPF refunds, paying for the smaller flat and deducting expenses incurred for the housing transactions.<br><br>2Computed based on a household with two lessees and assuming both have zero RA savings before right-sizing and taking up the SHB. Each lessee would have been required to top up his RA up to the prevailing MS of $139,000 (applicable between 1 July 2012 and 30 June 2013), i.e. the household would need to top up two times $139,000, amounting to $278,000.<br><br>3Lessees can decide how to split the $60,000 top-up across their CPF RAs.<br><br>4Those aged 80 and above are not eligible to join CPF LIFE.<br><br>5Net LBS proceeds refer to proceeds unlocked from HDB’s purchase of the tail-end lease of the flat, less outstanding loan and deductibles incurred during the transaction.<br><br>6Those aged 80 and above are not eligible to join CPF LIFE.<br><br>7$5,000 if the household previously owned a 4-room or bigger flat.</p></td></tr></tbody></table> <span style="font-family:"segoe ui", "segoe", tahoma, helvetica, arial, sans-serif;"></span><span style="font-size:13px;"><span style="font-family:"segoe ui", "segoe", tahoma, helvetica, arial, sans-serif;"></span></span> <table style="width:566px;height:128px;"><tbody><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>Enquiries</strong><br><br>For further information and enquiries on the SHB and Enhanced LBS, the public can call the toll-free hotline 1800-555 6363 between 8.00am and 5.00pm from Mondays to Fridays.<br></p></td></tr></tbody></table></td></tr></tbody></table>Silver Housing Bonus and Lease Buyback Scheme Made More Attractive for Elderly26/12/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2009
CPF Interest Rate for SMA for 1st Quarter 2013 and RA for Year 20132010news-categories-info/news-releases <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"></td><td height="2" valign="top"> <br>CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 January 2013 to 31 March 2013, and on their Retirement Account (RA) from 1 January 2013 to 31 December 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and RA monies until 31 December 2013.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"></span> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"><p> <span class="blackhighlight"> </span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 December 2011 to 30 November 2012, works out to be 2.49%. Accordingly, the SMA interest rate payable to CPF members from 1 January 2013 to 31 March 2013 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 will be 4%.</p><p> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If the member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Medisave Required Amount</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>From 1 January 2013, the Medisave Required Amount (MRA) will be raised from the current $32,000 to $38,500.</p><p>Since 1 January 2004, CPF members who turn 55 and are able to meet the CPF Minimum Sum are required to set aside the MRA in their Medisave Account when they make a CPF withdrawal. If such members have less than the MRA in their Medisave Accounts, their Ordinary and/or Special Account balances in excess of the Minimum Sum will be used to top up the MRA.</p><p>The requirement for members to set aside the MRA in their Medisave Account is to enable them to have enough savings to meet their healthcare needs during old age.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" style="font-size:13px;"> <span style="font-family:body;">For more information, please visit </span><a href="http://www.cpf.gov.sg/"><span style="font-family:body;">www.cpf.gov.sg</span></a><span style="font-family:body;"> or call the CPF Call Centre at 1800-227-1188.</span> </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from December 2011 to November 2012</td><td width="25%">1.49% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.49%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from December 2011 to November 2012</strong></span><strong> </strong></p><p align="left" style="text-align:center;"> <img src="/Assets/members/PublishingImages/10YRSGS_Dec11Nov12.jpg" alt="" style="margin:5px;" /></p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td valign="top"> </td></tr></tbody></table>CPF Interest Rate for SMA for 1st Quarter 2013 and RA for Year 201320/12/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2010
MOM’s Press Release: CPF Members Entering Workforce Today Will Have Adequate Savings in Retirement2011news-categories-info/news-releases<a href="http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=460">http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=460</a>MOM’s Press Release: CPF Members Entering Workforce Today Will Have Adequate Savings in Retirement14/11/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2011
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2013 to 31 March 2013 2012news-categories-info/news-releases<span style="color:#444444;"></span> <table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 January 2013 to 31 March 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 August 2012 to 31 October 2012, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for January 2013 to March 2013 will remain unchanged at the legislated minimum of 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 January 2013 to 31 March 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><span style="color:#444444;"><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="subtopicheader" style="color:#444444;"><strong>PUBLIC ENQUIRIES</strong></span></font></td></span></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">Members with enquiries may call the CPF Call Centre on 1800-227-1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight"><strong>ANNEX</strong></span></a><span style="color:#444444;"><strong> :</strong></span></span><strong> </strong></font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"> <span style="color:#444444;"></span> <span style="color:#444444;"></span> <span style="color:#444444;"></span> <table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><font face="Arial, Helvetica, sans-serif" size="3"><u style="text-decoration:underline;"><font size="2" style="text-decoration:underline;"><span class="BlackHighLight" style="color:#444444;text-decoration:underline;"><span style="text-decoration:underline;"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong></span><br><span style="text-decoration:underline;"><strong>JANUARY 2013 TO MARCH 2013</strong></span></span></font></u></font></span></font></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div></td><td width="96%" colspan="3"><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></span></div></td><td width="8" rowspan="5"> <span style="color:#444444;"> <div align="center"> </div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div></span></td><td width="96%" colspan="3"><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font></span></div></td><td width="93%" rowspan="2"> <span style="color:#444444;"> <div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong> </strong><br><strong>AVERAGE</strong></span></font></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></span></div></span></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>MONTH / YEAR</strong></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>UOB </strong><sup><strong>(6)</strong> </sup></span></font></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Aug-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Sep-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Oct-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Aug 2012 to Oct 2012) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2013 to Mar 2013</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2013 to Mar 2013</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Jan 2013 to Mar 2013</font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 August 2012 to 31 October 2012. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2013 to 31 March 2013 13/11/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2012
Ten-Fold Increase in Number of Joint MOM & CPF Board Inspections from November 2013news-categories-info/news-releases<p> </p><p>The Ministry of Manpower (MOM) and Central Provident Fund (CPF) Board are stepping up our efforts to bring about compliance with the CPF Act and Employment Act (EA), so that employees, particularly more vulnerable groups like low-wage workers, enjoy their basic employment rights under the law. Areas of focus include payment of CPF contributions, on-time payment of salary, provision of paid annual and medical leave, and adherence to working-hour requirements, amongst others.</p><p>We will do this through a two-prong WorkRight initiative covering enforcement and education.</p><p><span class="blackhighlight"><strong>Enforcement</strong></span></p><p><strong>From November 2012, MOM and CPF Board will intensify inspections</strong>, with greater attention placed on industries such as food & beverage (F&B), retail, and security and cleaning where non-compliance with the CPF Act and the EA tend to be higher. As announced earlier, the <em>number of enforcement inspections will be increased from around 500 to 5,000 each year – a significant ten-fold increase</em>.</p><p><span class="blackhighlight"><strong>Education</strong></span></p><p>These enhanced enforcement efforts will complement a new <strong>“I Know My Employment Rights, I Do It Right.”</strong> campaign which aims to educate workers on their employment rights under the CPF Act and EA, as well as to educate employers about their legal obligations. The campaign will start on 29 Sep 2012 and leverage channels such as print, TV and radio. The public can also find out more about their employment rights at <a href="http://www.mom.gov.sg/workright" target="_blank">www.mom.gov.sg/workright</a>.</p><p><span class="blackhighlight" style="color:#444444;"><strong>Why the 2 “E” approach?</strong></span></p><p>It is important that we educate workers about their employment rights under the two Acts, so that they know what their employers’ obligations are. Some workers may not be aware of the significant amounts they stand to lose<sup>1</sup> and prefer that their employers do not contribute CPF, so that they themselves need not contribute CPF on their part and can have higher take-home pay.</p><p>We also need to educate employers on their responsibilities. Our belief is that most employers and bosses are responsible. This education campaign will help them be more familiar with their obligations under the law, so that they do a better job of looking after the rights and welfare of their workers.</p><p>The enhanced enforcement efforts on the part of MOM and CPF Board will serve as a strong deterrent to errant and recalcitrant employers trying to avoid their EA and CPF obligations.</p><p>The <strong>“I Know My Employment Rights, I Do It Right.”</strong> outreach campaign (see <a href="#AnnexA">Annex</a> for details) will tackle non-compliance at its root for employers who are not familiar with their employment obligations as well as educate workers who may not be aware of their employment rights.</p><p>To tap on the power of the community and multiply the impact of the WorkRight initiative, the <strong>“I Know My Employment Rights, I Do It Right.”</strong> advertisements will also promote a <strong>hotline</strong> (1800-221-9922) which workers and members of the public can call to report EA or CPF Act non-compliance. They can also opt to email <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a>. The identity of the informant will be kept strictly confidential.</p><p><sup>1</sup>In the form of Workfare Income Supplement, Workfare Special Payment, Workfare Special Bonus and top-ups to the CPF Medisave account.</p><p><span class="subtopicheader"><strong>PUBLIC ENQURIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p>    <p><a name="Workright"></a> </p><div align="right"><a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A</strong></span></div><p> </p><p style="text-align:center;"><img src="/Assets/members/PublishingImages/WorkRight_Campaign27Sep12.jpg" alt="" style="margin:5px;" /> </p> Ten-Fold Increase in Number of Joint MOM & CPF Board Inspections from November 26/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2013
Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 20132014news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>One–Year Extension of 4% Floor Rate for all SMRA Monies</strong></span></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <br>Since 1 January 2008, savings in the Special, Medisave and Retirement Account (SMRA) have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. This is a market-based rate for instruments of comparable risk and duration, and will ensure that members receive fair and reasonable interest rates.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">To help members cope with the transition, the Government had committed to providing a 4% floor rate for SMRA interest for two years up to December 2009. This was subsequently extended in light of global economic conditions and the fact that interest rates had been exceptionally low. The 4% floor rate is currently due to expire on 31 December 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">In view of the continuing uncertainty in the global economy and low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all SMRA monies for another year until 31 December 2013. SMRA monies which form the first $60,000 of a member’s combined balances will therefore continue to earn a 5% interest rate.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">From 1 January 2014, the SMRA rates will be pegged to the 12-month average yield of 10YSGS plus 1%, subject to the statutory floor rate of 2.5% per annum that applies to all CPF accounts.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"></span> </p></td></tr><tr><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>CPF Interest Rate for Special and Medisave Accounts from 1 October 2012 to 31 December 2012</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 October 2012 to 31 December 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">The average yield of the 10YSGS plus 1%, from 1 September 2011 to 31 August 2012, works out to be 2.55%. Accordingly, the SMA interest rate payable to CPF members from 1 October 2012 to 31 December 2012 will be maintained at the current floor of 4%.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2011 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong>Additional Interest of 1%</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings. If the member is above 55 years old and participates in the LIFE scheme, the additional 1% interest will also be payable on his annuity premium, less annuity payouts already made. The additional interest earned on the member’s LIFE annuity monies will be paid into his RA.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong>Interest Rate for RA Monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</td></tr><tr><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2012 to 31 December 2012 will be 4%, as announced on 19 December 2011.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. <table width="100%" border="0"><tbody></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from September 2011 to August 2012</td><td width="25%">1.55% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>2.55%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from September 2011 to August 2012</strong></span><strong> </strong></p><p style="text-align:center;"> <img src="/Assets/members/PublishingImages/10YRSGS_26Sep12.jpg" alt="" style="margin:5px;" /> </p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td valign="top"> </td></tr></tbody></table><table width="97%" border="1" cellspacing="0" cellpadding="0"><tbody></tbody></table>Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 201325/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2014
The CPF (Amendment) Bill 2012 Second Reading Speech by Acting Minister for Manpower Tan Chuan-Jin 2015news-categories-info/news-releases<table><tbody><tr><td><p>Mr Speaker, Sir, I beg to move, “That the Bill be now read a Second time.”<br></p></td></tr><tr><td><p> <br>Sir, this Bill will amend the CPF Act to effect changes to the Minimum Sum Topping-Up (MSTU) Scheme, refine the CPF housing refund policy, introduce a minimum age to make CPF nominations, as well as streamline the administration of CPF matters. These changes have been made in response to feedback or in response to the operational experience of the CPF Board. They will keep the CPF system efficient and relevant to the needs of Singaporeans.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>MINIMUM SUM TOPPING-UP SCHEME</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Let me begin with the changes to the Minimum Sum Topping-Up Scheme. This is a scheme that was introduced to help Singaporeans contribute to the retirement savings of their loved ones by topping up their CPF Special Account (SA) or Retirement Account (RA). Singaporeans who wish to save more for their own retirement can also make voluntary contributions to these accounts under the MSTU Scheme. Tax relief is given to those who make cash top-ups to their own CPF accounts or that of eligible recipients.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>To encourage more support within families, we widened the group of eligible recipients over the years. The MSTU Scheme now covers parents, grandparents, spouse and siblings. With a wider reach, the number of MSTU top-ups has increased from about 8,800 in 2007 to more than 38,000 in 2011. The total top-up amounts have also increased from $69m to $216m over the same period.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Expand the MSTU Scheme to cover parents-in-law and grandparents-in-law</p></td></tr><tr><td><p>Many members have found this scheme useful in boosting their retirement savings or those of their loved ones, and we have received suggestions to extend it so that they can also provide for their parents-in-law and grandparents-in-law. </p></td></tr><p><tr><td><p> </p></td></tr><tr><td><p>We have taken on board this request. In April this year, I announced that we would expand the MSTU Scheme to include parents-in-law and grandparents-in-law.  We will make a provision in Section 2 of the CPF Act so that the Minister may specify through regulations who are eligible to receive top-ups from CPF accounts under the MSTU Scheme. We will then amend the CPF regulations later this year to specify that parents-in-law and grandparents-in-law will be amongst this list of eligible recipients to receive CPF top-ups.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>The Income Tax Act will also be amended later this year to extend tax relief to members who make cash top-ups to the SA or RA of their parents-in-law and grandparents-in-law. Members who make cash top-ups to eligible family members will qualify for tax relief of up to $7,000. Members who make cash top-ups to their own SA or RA as well will qualify for an additional tax relief of $7,000.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>With these changes, Singaporeans will be able to make cash or CPF top-ups to their own SA and RA, to those of their spouses, siblings, parents, grandparents, and now parents-in-law and grandparents-in-law as well. This change will take effect on 1 January 2013.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Merge Other Top-up Schemes under the MSTU Scheme </p></td></tr><tr><td><p>Another enhancement we are making to the MSTU Scheme is to simplify the channels for making top-ups to a member’s own SA and RA. Currently, a member may top up his RA under the MSTU scheme. He may also top up his RA by making what is classified as a Voluntary Contribution, or VC for short. For top-up to the SA, a member can do so using his Ordinary Account (OA) savings under the OA-to-SA Transfer Scheme, or he could make a top-up using cash through the MSTU Scheme. (Note: All top-ups to family members, whether made via cash or CPF, are made under the MSTU Scheme.)</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Members have found the multiple channels confusing as they essentially achieve the same purpose. What makes things even more complicated is that the various schemes have differing top-up limits for recipients and varying terms and conditions for the use of the top-ups.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>To simplify the processes for members making voluntary contributions to their own SA and RA, we will merge the following channels, namely the VC to the RA, and the OA-to-SA Transfer Scheme, into the MSTU Scheme.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>The merger of the schemes, in itself, will not require an amendment to the Act. However, we will amend the Act and the regulations to align the top-up limits and terms and conditions of the various schemes.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Specifically, changes will be made to Section 18A of the Act to provide for the top-up limits for top-ups to the RA to be specified in the regulations instead of in the Act. We will then amend the regulations later this year to align the top-up limits and terms and conditions for all top-ups to the RA. The same will be done for all top-ups to the SA.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>With these changes, all top-ups to the SA or RA, whether it is made to oneself or to one’s family members, and whether it is made via cash or CPF, will now be made under the MSTU Scheme. This will simplify the topping-up process for members.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>For members above 55, they may receive top-ups to their RA up to the difference between the prevailing Minimum Sum and the amount they have in their RA, excluding amounts such as the interest earned and any government grants received, and excluding amounts that they have withdrawn. For younger members receiving top-ups into their SA, they will be able to receive top-ups up to the difference between the prevailing Minimum Sum, and the sum of their current SA cash balance and any SA investments they have under the CPF Investment Scheme.</p><p>Sir, with these enhancements, the MSTU Scheme becomes an even broader and more accessible avenue for Singaporeans to boost their retirement savings. We certainly hope more Singaporeans will take advantage of this scheme.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>REFINEMENTS TO THE CPF HOUSING REFUND POLICY</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, I will now move on to the next amendment that will give effect to refinements that we are making to the CPF housing refund policy. CPF members may use savings in their CPF Ordinary Account (OA) to purchase a property. When members sell off their property, we require them to refund the CPF savings that they have used for their property.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Current housing refund policy</p></td></tr><tr><td><p>Members who sell their property before age 55 are required to refund into their CPF account the principal amount that they had withdrawn for the property, including the prevailing OA interest that would have accrued on this amount, or P+I in short. This refund aims to restore the member to the position as if he had not withdrawn his CPF savings for the property. Members may still use the refunded amounts towards the purchase of their next property. </p></td></tr><tr><td><p> </p></td></tr><tr><td><p>The current housing refund requirements change when a member is past age 55. At age 55, a member is required to set aside the Minimum Sum (MS) from his existing CPF balances, and he may withdraw his CPF savings in excess of the MS after having also set aside the required amount in his Medisave Account for his healthcare needs. So when a member sells his property after age 55, only the amount needed to bring the member up to his MS must be refunded, since amounts above the MS can be withdrawn anyway. In other words, for a member who sells his property after age 55, he will refund his MS shortfall or his P+I, whichever is lower. Remaining proceeds from the sale of his property is received in cash.</p><p>While the current refund rules for members over 55 avoid collection of housing refunds in excess of MS, there may be certain scenarios involving more than one co-owner, where the refunds required of the co-owners may not match the amount of CPF each co-owner used to pay for that property. When this arises, co-owners can decide to distribute the cash proceeds among themselves such that the total of the cash proceeds and CPF refunds for each co-owner matches the amount that each co-owner had contributed towards payment of the property.</p><p>However, where the co-owners are no longer on good terms, the distribution of cash proceeds becomes more contentious and the co-owners may not always be willing to consider the amount that the other party has contributed towards the property. In cases where the property is sold at a loss, there may not be any cash proceeds for distribution. This is when the current housing refund requirements may create some unhappiness among members. Some of the Members of this House would have received appeals of such nature.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>New housing refund policy</p></td></tr><tr><td><p>We are therefore refining the housing refund policy to address this issue. We will now require members aged 55 and above to refund their P+I. This means the same refund rule will apply to all members regardless of their age. This refinement will ensure co-owners receive CPF refunds that are commensurate with their usage of CPF savings for the property. Sections 21, 21A and 21B of the Act will be amended to give effect to the new housing refund policy.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Where the P+I refund exceeds the MS shortfall for members aged 55 and above, they need not worry that the new refund rule makes them retain in their CPF a higher amount than what is necessary. The refunded amount will first be used to set aside their cohort Minimum Sum in their RA and the required Medisave amount in their MA, and the excess can be withdrawn. This is no different from the existing requirement that applies to all members past age 55 who wish to withdraw their OA and SA savings in excess of the MS.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Under the new housing refund rule, for members aged 55 and above, any remaining housing refunds after setting aside the required amounts (in the RA and MA) will be automatically disbursed to the member in cash, unless he chooses to retain it in his CPF accounts. Changes will be made to section 15 of the Act to give effect to this policy. The majority of members can expect to receive the disbursed funds within one to two weeks of the crediting of the housing refunds into their CPF accounts.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, the new housing refund policy will ensure that the distribution of proceeds from the sale of property reflects the CPF usage among the co-owners, while at the same time not require older members to retain in their CPF more refunds than are necessary. The new housing refund policy will take effect on 1 January 2013.</p><p> </p><table><tbody><tr><td><p>MINIMUM AGE FOR MAKING CPF NOMINATIONS</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Let me move on to the next amendment relating to the introduction of a minimum age for making CPF nominations.</p><p>CPF members may make nominations to have their CPF savings disbursed to their nominees upon their demise. CPF savings belonging to members who pass away without having made a nomination will be distributed to their next-of-kin in accordance with intestacy laws.</p><p>CPF Board has, in the past, allowed CPF members of any age to make nominations. The absence of an age restriction meant that even very young CPF members could make a nomination. This is not common, since young CPF members would not have started work and would generally not have any CPF savings. But there were young CPF members who had CPF savings as a result of top-ups made by their parents, and thereafter made nominations.</p><p>CPF members should be of sufficient maturity when they make decisions with regard to their CPF savings. We have therefore decided to set a minimum age of 16 years for making CPF nominations. This is in line with the minimum age to work under the Employment Act. Section 25(1) of the Act will be amended to give effect to this change. </p><p>The amendment will take effect in the later part of this year. As for members who had previously made nominations when they were still minors, a related amendment will be made to ensure that their nominations remain valid, such that they need not come forward to make a new nomination. Nevertheless, should they wish to do so, they may approach CPF Board to make a new nomination anytime as all of them are already above the age of 16.</p></td></tr></tbody></table></td></tr><tr><td></td></tr><tr><td><p>Conclusion</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, the amendments in this Bill will encourage members to make voluntary top-ups into the CPF for themselves and their loved ones, refine our CPF housing refund policy to ensure that CPF housing refunds are consistent with the amounts contributed by each co-owner to the property, and introduce a minimum age for making CPF nominations. Several other changes intended to clarify and streamline the administration of the CPF Act will also be made. Altogether, these represent our effort to ensure that the CPF system continues to be relevant in meeting the needs of Singaporeans.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, I beg to move.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p> <a href="/Employers/News/news-categories-info/news-releases/2016">Media Factsheet: Simplifying CPF Top-Ups</a><br><br><a href="/Employers/News/news-categories-info/news-releases/2017">Media Factsheet: Revised Housing Refund Policy</a></p></td></tr></p></tbody></table>The CPF (Amendment) Bill 2012 Second Reading Speech by Acting Minister for Manpower Tan Chuan-Jin 9/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2015
Simplifying CPF Top-Ups2016news-categories-info/news-releases<table bordercolor="#d3d3d3" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"><p> <em><span class="subtopicheader"><br>- Merger of Top-up schemes under Minimum Sum Topping Up Scheme </span></em></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <em><span class="subtopicheader">- Aligning Top-Up Limit and Terms and Conditions</span></em></p> <em><span class="subtopicheader"></span></em></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <br>As part of an ongoing review to simplify processes and make it easier for members to boost their CPF savings through top-ups, two CPF top-up channels will be merged into the existing Minimum Sum Topping Up (MSTU) Scheme. The two channels are:<br>  a) Voluntary Contributions (VC) to a member’s Retirement Account (RA); and<br>  b) Top-ups made under the Ordinary Account-to-Special Account (OA-to-SA) Transfer scheme.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>This simplification will align the top-up limit and terms and conditions of the various top-up channels. The changes will take effect by the end of the year. </p><p> <strong>The New Aligned Top-Up Limits</strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">For top-ups into the SA, members will be able to receive top-ups up to the prevailing Minimum Sum, minus the sum of their SA cash balance and SA savings which they have used for investment.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>For top-ups into the RA, members will receive top-ups up to the prevailing Minimum Sum, minus their RA cash balance. The RA cash balance excludes amounts such as interest earned, government grants received and amounts that members have withdrawn.</p><p> </p><table bordercolor="#d3d3d3" border="1" cellspacing="2" cellpadding="1" style="width:594px;"><tbody><tr bgcolor="#dddddd"><td> <strong>Recipient’s age</strong></td><td> <strong>Existing MSTU top-up limit</strong></td><td> <strong>New MSTU top-up limit</strong></td></tr><tr><td> <strong>Below 55 years old (top up to SA)</strong></td><td style="text-align:left;"><p> <strong>Prevailing Minimum Sum less:<br>   • Ordinary Account (OA) savings<br>   • Special Account (SA) savings<br>   • OA savings withdrawn for CPFIS    </strong> <strong>(OA for CPFIS)<br>  </strong><strong> • SA savings withdrawn for CPFIS      (SA for CPFIS)</strong></p></td><td valign="top"> <strong>Prevailing Minimum Sum less:<br>   • SA savings<br>   • SA for CPFIS</strong></td></tr><tr><td> <strong>55 years old and above (top up to RA)</strong></td><td> <strong>Prevailing Minimum Sum less:<br>   • OA savings<br>   • SA savings<br>   • Retirement Account (RA)* balances<br>   • OA for CPFIS<br>   • SA for CPFIS</strong></td><td valign="top"> <strong>Prevailing Minimum Sum less:<br>   • RA* balances</strong></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><p>*Refers to the cash set aside in the RA, excluding amounts such as interest earned since 55, any government grants received, and amounts withdrawn.</p><p>Example:</p><p> </p><table bordercolor="#d3d3d3" border="1" cellspacing="2" cellpadding="1"><tbody><tr bgcolor="#dddddd"><td> <strong>Recipient </strong>    </td><td> <strong>Existing top-up limit</strong>                               </td><td> <strong>New top-up limit</strong></td></tr><tr><td valign="top"> <strong>Mr Tan, 50 years old</strong>                </td><td valign="top"><p> <strong>Prevailing Minimum Sum:</strong> $139,000</p><p> <strong>OA</strong> = $60,000<br><strong>SA</strong> = $40,000<br><strong>OA invested under CPFIS</strong>= $20,000<br><strong>SA invested under CPFIS</strong> = $10,000</p><p> <strong>Amount he can receive as top-ups in SA</strong> = $9,000</p></td><td valign="top"><p> <strong>Prevailing Minimum Sum</strong>: $139,000</p><p> <strong>SA</strong> = $40,000<br><strong>SA invested under CPFIS</strong> = $10,000</p><p> <strong>Amount he can receive as top-ups in SA</strong> = $89,000</p></td></tr><tr><td valign="top"> <strong>Mdm Lim, 60 years old</strong></td><td valign="top"><p> <strong>Prevailing Minimum Sum:</strong> $139,000</p><p> <strong>OA</strong> = $20,000<br><strong>SA</strong> = $5,000<br><strong>SA invested</strong> = $10,000<br><strong>OA invested</strong> = $20,000<br><strong>RA Balance*</strong> = $80,000</p><p> <strong>Amount she can receive as top-ups in RA</strong> = $4,000</p></td><td valign="top"><p> <strong>Prevailing Minimum Sum</strong>: $139,000</p><p> <strong>RA*</strong> = $80,000</p><p> <strong>Amount she can receive as top-ups in RA</strong> = $59,000<br></p></td></tr></tbody></table><p> </p><p>*Refers to the cash set aside in the RA, excluding amounts such as interest earned since 55, any government grants received, and amounts withdrawn.</p><p>These changes simplify the topping-up process for members. The increase in top-up limits also means that members can receive more top-ups under the MSTU scheme to enhance their retirement income.</p><p> <strong>About the Minimum Sum Topping Up (MSTU) Scheme</strong></p><p>The MSTU scheme was introduced in 1987 to encourage members to make cash top-ups or transfers from their CPF accounts to SA and RA of their loved ones to help them set aside more for retirement. Members who wish to save more for their own retirement may also make cash top-ups to their accounts under the MSTU scheme. Top-ups made will be reserved for members’ retirement. Members can draw down the top-up monies in the form of monthly payouts under the Minimum Sum Scheme or CPF LIFE, when they reach their draw down age.</p><p>Anyone who makes a cash top-up to his own CPF account and/or receives a cash top-up from his employer will receive up to $7,000 of tax relief, and up to another $7,000 for cash top-ups to eligible family members in a calendar year. Eligible family members currently refer to parents, grandparents, spouses and siblings. This will be extended to parents-in-law and grandparents-in-law from 1 January 2013. For members who make top-ups to their spouse or siblings, they are eligible for the tax relief if their spouse or siblings have an annual income below $4,000 or are handicapped.</p><p>In 2011, there were about 38,200 MSTU transactions, with top-ups amounting to $215.6 million. </p><p> <strong>About Voluntary Contributions (VC) to the RA</strong></p><p>Since 1995, members were allowed to make a Voluntary Contribution (VC) to their own RA using their Ordinary and Special Account savings or cash. It was a complement to the MSTU scheme, as it allowed for higher top-up limits but without tax relief.</p><p>In 2011, 5,000 top-ups amounting to $60.7million were made to the RA through the VC channel. This is in addition to the top-ups made to the RA under the MSTU scheme.   </p><p> <strong>About OA-to-SA Transfer scheme </strong></p><p>Members below 55 years old can transfer their OA savings to their SA to build up their retirement savings and enjoy the higher SA interest rate. In 2011, 16,800 transfers amounting to $150.8 million were made.</p><p> <strong>Public Enquiries </strong></p><p>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </p></td></tr><tr><td> </td></tr><tr><td> </td></tr></tbody></table>Simplifying CPF Top-Ups9/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2016
Revised Housing Refund Policy2017news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"></td><td height="2" valign="top"> <br>CPF members who use their CPF monies to purchase their property are required to make refunds into their CPF accounts when they sell their property.  </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Under the current housing refund policy, CPF members who are below age 55 are required to refund the principal amount withdrawn for the property with accrued interest when they sell their property. This is known as the P+I. For members aged 55 and above who sell their property, they are required to refund the lower of P+I or their Minimum Sum Deficiency (MSD), which is the amount required for them to fully meet their Minimum Sum (MS). As CPF members aged 55 and above are only required to set aside their MS for retirement, this refund rule ensures that such members refund only what is required to bring them up to their MS.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Over the past few years, the CPF Board has received feedback that the current housing refund policy has resulted in refunds required of the co-owners that do not match the amount of CPF savings they had used to pay for the property.</p><p> <strong>New Housing Refund Policy</strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">To ensure that the distribution of proceeds from the sale of property reflects the amount of CPF savings used by each co-owner, refinements will be made to the current housing refund policy for transactions where the legal completion is on or after 1 January 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Specifically, we will require all members to refund the P+I into their CPF when they sell their property, regardless of their age. This means that for members below age 55, there is no change in the housing refund policy. However, for members aged 55 and above, the full P+I refund will now also be made (instead of just the MSD), with the refund used to set aside the Minimum Sum that is applicable to them in their RA and the required amount in their Medisave Account (MA). Any remaining housing refunds will be automatically disbursed to the member in cash. This is consistent with the existing requirement that applies to all members past age 55 when they apply to withdraw their OA and SA savings in excess of the MS.</p><p>This refinement will ensure that housing proceeds received from the sale of the property are distributed in a manner that is proportional to or reflects the amount that each co-owner had contributed towards the property, while at the same time not require older members to retain in their CPF more refunds than are necessary.</p><p>The example below illustrates the difference between the current policy and the revised policy that will take effect on 1 Jan 2013.</p><p> <strong>Example:<br></strong>Mr and Mrs Tan are co-owners of a 3-room HDB flat and they have contributed equal amounts of CPF savings to pay for the flat. They are selling their HDB flat for $300,000 and have an outstanding housing loan of $120,000.</p><table bordercolor="#d3d3d3" border="1" cellspacing="0" cellpadding="0"><tbody><tr bgcolor="#dddddd"><td>                                    </td><td valign="top"> <strong>Mr Tan, 56 years old<br>P+I = $80,000<br>MSD = $20,000</strong></td><td valign="top"> <strong>Mrs Tan, 54 years old<br>P+I = $80,000<br></strong></td></tr><tr><td><p> <strong>Existing housing refund rule</strong></p><p> <strong>Required refund for:<br>1) members > 55: MSD or <br>    P+I, whichever is lower<br>2) members < 55: P+I<br></strong></p></td><td valign="top">Required CPF Refund = $20,000</td><td valign="top">Required CPF Refund = $80,000</td></tr><tr><td> </td><td colspan="2"><p>Computation of cash proceeds:<br>Selling price: $300,000<br>Less outstanding housing loan: $120,000<br>Less total CPF refund: $100,000<br>Cash proceeds left: $80,000</p><p>Assuming Mr and Mrs Tan split the remainder cash proceeds in a way that ensures each of them receives a total amount (in CPF and cash) that is commensurate with what they had contributed, Mr Tan and Mrs Tan will receive $70,000 and $10,000 in cash respectively. They will each receive a total amount of $90,000 (in CPF and cash).</p><p>Mr Tan: $20,000 (CPF) + $70,000 (cash) = $90,000<br>Mrs Tan: $80,000 (CPF) + $10,000 (cash) = $90,000</p><p>However, assuming Mr and Mrs Tan be unable to agree on the above outcome, and they end up splitting the cash proceeds equally among themselves, each member will receive $40,000.  The total CPF and cash received by each will be unequal.  </p><p>Mr Tan: $20,000 (CPF) + $40,000 (cash) = $60,000<br>Mrs Tan: $80,000 (CPF) + $40,000 (cash) = $120,000<br></p></td><td></td></tr><tr><td><p> <strong>New housing refund rule</strong></p><p> <strong>Required refund for members, regardless of age: P+I</strong></p></td><td valign="top">Required CPF Refund = $80,000<br></td><td valign="top">Required CPF Refund = $80,000</td></tr><tr><td> </td><td colspan="2"><p>Computation of cash proceeds:<br>Selling price: $300,000<br>Less outstanding housing loan: $120,000<br>Less total CPF refund: $160,000<br>Cash proceeds left: $20,000</p><p>Assuming Mr Tan and Mrs Tan split the cash proceeds equally among themselves, each member will receive $10,000.</p><p>Mr Tan: $80,000 (CPF) + $10,000 (cash) = $90,000<br>Mrs Tan: $80,000 (CPF) + $10,000 (cash) = $90,000</p><p>For Mr Tan, the CPF refund of $80,000 will be credited into his CPF account and used to make up his MSD and Medisave Required Amount. Thereafter, the excess housing refunds will be automatically disbursed to him.</p></td><td></td></tr></tbody></table><p> <strong>Public Enquiries</strong></p><p>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </p><p> <br> </p></td></tr><tr><td> </td></tr></tbody></table>Revised Housing Refund Policy9/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2017
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 October 2012 to 31 December 2012 2018news-categories-info/news-releases<p> </p> <table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 October 2012 to 31 December 2012.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 May 2012 to 31 July 2012, worked out to be 0.16% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for October to December 2012 will remain unchanged at the legislated minimum of 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 October 2012 to 31 December 2012.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><span style="color:#444444;"><td height="2" valign="top"> </td><td height="2" valign="top"> </td></span></tr><tr><span style="color:#444444;"><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"><span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="subtopicheader" style="color:#444444;"><strong>PUBLIC ENQUIRIES</strong></span></font></span></td></span></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">Members with enquiries may call the CPF Call Centre on 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <a name="#Annx"> <span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <font color="#ffffff" face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <font face="Arial, Helvetica, sans-serif" size="3"> <u> <font size="2"> <span class="BlackHighLight"> <strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>OCTOBER 2012 TO DECEMENBER 2012</strong></span></font></u></font></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(6)</strong> </sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-May-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0750</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Jun-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0750</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Jul-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0750</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (May 2012 to Jul 2012) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.16%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2012 to Dec 2012</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2012 to Dec 2012</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Oct 2012 to Dec 2012</font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 May 2012 to 20 July 2012. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 October 2012 to 31 December 2012 15/8/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2018
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 July 2012 to 30 September 20122019news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <br>CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 July 2012 to 30 September 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2011 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2012.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"></span> </p></td></tr><tr><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"><p> <span class="blackhighlight"> </span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 June 2011 to 31 May 2012, works out to be 2.72%. Accordingly, the SMA interest rate payable to CPF members from 1 July 2012 to 30 September 2012 will be maintained at the current floor of 4%.</p><p>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <strong>Additional Interest of 1%</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If the member is above 55 years old and participates in the LIFE scheme, the additional 1% interest will also be payable on his annuity premium, less annuity payouts already made. The additional interest earned on the member’s LIFE annuity monies will be paid into his RA.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <strong>Interest Rate for RA Monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</td></tr><tr><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2012 to 31 December 2012 will be 4%, as announced on 19 December 2011.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span><strong> </strong> </td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a> <strong>Annex A</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from June 2011 to May 2012</td><td width="25%">1.72% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.72%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from June 2011 to May 2012</strong></span><strong> </strong></p><p style="text-align:center;"> <img src="/Assets/members/PublishingImages/10YRSGS_15Jun12.jpg" alt="" style="margin:5px;" /> </p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td valign="top"> </td></tr></tbody></table><table width="97%" border="1" cellspacing="0" cellpadding="0"><tbody></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 July 2012 to 30 September 201214/6/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2019
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2012 to 30 June 20122026news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <br>CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 April 2012 to 30 June 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2011 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2012.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"></span> </p></td></tr><tr><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest Rate for SMA Monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"><p> <span class="blackhighlight"> </span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 March 2011 to 29 February 2012, works out to be 2.93%. Accordingly, the SMA interest rate payable to CPF members from 1 April 2012 to 30 June 2012 will be maintained at the current floor of 4%.</p><p>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <strong>Additional Interest of 1%</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA).  The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings.  If the member is above 55 years old and participates in the LIFE scheme, the additional 1% interest will also be payable on his annuity premium, less annuity payouts already made.  The additional interest earned on the member’s LIFE annuity monies will be paid into his RA.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <strong>Interest Rate for RA Monies</strong></span></td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"><p> <span class="blackhighlight"> </span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January.  The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2012 to 31 December 2012 will be 4%, as announced on 19 December 2011.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span><strong> </strong></td></tr><tr><td valign="top"> <font style="font-family:"segoe ui", "segoe", tahoma, helvetica, arial, sans-serif;font-size:13px;">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10-Year SGS from March 2011 to February 2012</td><td width="25%">1.93% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.93%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from March 2011 to February 2012</strong></span><strong> </strong></p><p style="text-align:center;"> <img src="/Assets/members/PublishingImages/10YRSGS_15Mar12.jpg" border="0" alt="" /> </p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td valign="top"> </td></tr></tbody></table><table width="97%" border="1" cellspacing="0" cellpadding="0"><tbody></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2012 to 30 June 201214/6/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2026
Changes in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 20122020news-categories-info/news-releases<p> </p><p>CPF members who turn 55 between 1 July 2012 and 30 June 2013 will need to set aside a Minimum Sum (MS) of $139,000. The MS for 2011 was $131,000.</p><p>The MS has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans’ rising expectations of their quality of life post-retirement. Since 2004, the MS has been increased by $4,000 (in 2003 dollars<sup>1</sup>) each year to reach $120,000 (2003$<sup>2</sup>) in 2013, as recommended by the Economic Review Committee in 2003. The actual increases in MS are also adjusted for inflation each year.</p><p>Based on 2011 inflation and incorporating the annual $4,000 (in 2003 dollars) adjustment, the increase in MS due this year would have been $12,000, which is relatively large compared to previous years. In response to concerns over large increases in MS in any given year, we will spread out the remaining MS increases needed to reach the $120,000 (2003$) target over a longer period of four years. This means we will reach the target in 2015, instead of 2013.</p><p>With this change, the 2012 MS will be $139,000, a 6% increase ($8,000) over 2011. Without the change, the 2012 MS would have been $143,000 or a 9% increase over 2011.</p><p> </p><p><span class="blackhighlight"><strong>Medisave Minimum Sum and Medisave Contribution Ceiling</strong></span></p><p>The Medisave Minimum Sum (MMS) is the amount that a person turning 55 needs to set aside for his hospitalisation expenses in subsidised Class B2 and C wards, subsidised outpatient treatment for selected chronic conditions and basic MediShield and ElderShield premiums in his old age. Regular MMS adjustments are necessary to help Singaporeans plan for their long-term healthcare needs.</p><p>From <strong>1 July 2012</strong>,</p><ul></ul><ul></ul><ul></ul><ul></ul><table><tbody><tr><td valign="top">a. </td><td>The Medisave Minimum Sum (MMS) will be raised to $38,500 from $36,000, a 7% increase. Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.</td></tr><tr><td valign="top">b. </td><td>The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is set at $5,000 above MMS and this would be increased correspondingly to $43,500, from $41,000.</td></tr></tbody></table><p> </p><p>As announced previously, any Medisave contribution in excess of the prevailing MCC will be transferred to the member’s Special Account if he is below age 55 or to his Retirement Account if he is above age 55 and has a MS shortfall.</p><p><span class="BlackHighlight"><strong>CPF Board organises free talks for members reaching 55</strong></span><br><br>As part of CPF Board’s ongoing efforts to help members reaching 55 understand the MS and make informed choices about their CPF savings, the CPF Board will be organising three talks opened for members’ registration from June to August. More information on the talks, please refer to <a href="http://www.cpf.gov.sg/events">www.cpf.gov.sg/events</a>.</p><p> </p><p><sup>1</sup> The actual increase each year will have to be more than $4000 since the increase must account for inflation between 2003 and the time the increase is made. This is what is meant by a $4000 increase in 2003 dollars.</p><p><sup>2</sup> The $120,000 target in 2003 dollars is effectively $120,000, adjusted for inflation between 2003 and the time the target is met. Doing so preserves the real value of the target.</p><p> </p><p><span class="subtopicheader" style="color:#222222;"><strong>PUBLIC ENQUIRIES</strong></span><br style="color:orange;">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p><p> </p>Changes in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 201229/5/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2020
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2012 to 30 September 20122023news-categories-info/news-releases<p> </p> <table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"></td><td valign="top"> <span class="blackhighlight"> <strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 July 2012 to 30 September 2012.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 February 2012 to 30 April 2012, worked out to be 0.16% per annum.  However, members will receive the higher rate of 2.50% as legislated by the CPF Act. </font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA.  The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2012 to 30 September 2012.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2" style="color:orange;"><strong> </strong><span class="subtopicheader" style="color:#222222;"><strong> PUBLIC ENQUIRIES</strong></span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">Members with enquiries may call the CPF Call Centre on 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <a name="#Annx"> <span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <font color="#ffffff" face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <font face="Arial, Helvetica, sans-serif" size="3"> <u> <font size="2"> <span class="BlackHighLight"> <strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>JULY 2012 TO SEPTEMBER 2012</strong></span></font></u></font></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><br><strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6)</strong> </sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">29-Feb-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0750</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Mar-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0750</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Apr-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0750</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Feb 2012 to Apr 2012) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.16%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jul 2012 to Sep 2012</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jul 2012 to Sep 2012</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Jul 2012 to Sep 2012</font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 Feb 2012 to 20 Apr 2012. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2012 to 30 September 201215/5/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2023
$9.5 Million of CPF Arrears Recovered for 10,000 Employees in 20112021news-categories-info/news-releases<p> </p><table cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"><p>As part of the CPF Board’s ongoing efforts to ensure workers are paid their rightful CPF contributions, the CPF Board completed a series of audits and investigations in 2011<sup>1</sup> and successfully recovered a total of $9.5 million of CPF arrears for about 10,000 employees employed by some 3,700 companies. About 70% of these companies were found to have underpaid CPF contributions for their local employees, while the rest did not pay CPF contributions. This is consistent with CPF Board’s recovery efforts in 2010 where about $9.5 million of CPF arrears was recovered for about 6,000 workers employed by about 2,600 companies.</p><p><span class="blackhighlight"><strong>Contract and Casual Workers are Entitled to CPF</strong></span></p><p>One such case last year was that of Madam Fong’s. Her daughter filed a complaint to CPF Board in December 2010, highlighting that Madam Fong was not receiving CPF contributions from her employer, a cleaning company.</p><p>Upon investigation, CPF Board determined that Madam Fong was indeed entitled to CPF contributions from the company as she was working as an employee, and was not sub-contracted as previously claimed by the company. All local employees, including part-time, contract and casual workers, are entitled to CPF contributions if they earn more than $50 per month. The CPF Board then ordered the company to pay up the CPF arrears of more than $11,600 to Madam Fong, for her employment period from August 1997 to November 2010.</p><p><span class="blackhighlight"><strong>Employers must contribute to employees’ CPF</strong></span></p><p>It is an offence under the CPF Act for employers to default on CPF contributions. Regular audits on employers are conducted to ensure CPF contributions are paid promptly and correctly. Upon detection of CPF non-compliance, the CPF Board takes action to recover the arrears and late payment interest. Prosecution action may be taken against employers who do not comply. First time offenders may be fined $2,500 for each offence. Repeat offenders may be fined $10,000 for each offence.</p><p>In 2011, there were 50 convictions in court for non-payment and underpayment of CPF. All 50 employers were fined and ordered to pay the CPF arrears by the Subordinate Court. See <a href="/Assets/common/Documents/NewsReleases/N_17Apr2012_AnnexA.pdf" target="_blank">Annex A</a> for list of convicted cases in 2011.</p><p>Mr Ng Hock Keong, Director of Enforcement Division at CPF Board said, “CPF Board takes a serious view of employers who default on CPF contributions. We will step up enforcement, especially in sectors known for higher non-compliance, such as F&B, cleaning and security, and take action against errant employers. Workers are also encouraged to inform CPF Board if they have not received the correct CPF due to them.”</p><p>As announced by Senior Parliamentary Secretary for Education and Manpower, Mr Hawazi Daipi at the Committee of Supply debate in March 2012, the Ministry of Manpower and CPF Board will be stepping up on efforts to bring about greater compliance with the CPF Act and the Employment Act. This will include increasing education for both employers and employees on their obligations and rights, through media campaigns and intensifying outreach in collaboration with NTUC, the Singapore National Employers Federation and other partners.</p><p>Employers are reminded to pay CPF contributions correctly for their local employees. Workers should also check their CPF accounts regularly via the CPF website to ensure correct CPF payment by their employers. Employees and members of the public can report the non-payment or underpayment of CPF contributions to the CPF Board via <a href="mailto:employer@cpf.gov.sg">employer@cpf.gov.sg</a> or the CPF hotline at 1800-227-1188. All information will be kept strictly confidential.</p><p><a href="/Assets/common/Documents/NewsReleases/N_17Apr2012_AnnexA.pdf" target="_blank">Annex A: List of companies convicted for CPF non-compliance in 2011</a></p><p><sup>1</sup> Figures comprise total number of cases completed in 2011, and does not include ongoing audits and investigations.</p><p><span class="subtopicheader" style="color:#444444;"><strong>PUBLIC ENQURIES</strong></span><br style="color:orange;">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p></td></tr><tr><td> </td></tr></tbody></table>$9.5 Million of CPF Arrears Recovered for 10,000 Employees in 201116/4/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2021
Speech by Minister of State (Manpower and National Development) Mr Tan Chuan-Jin, “Improving Retirement Security in Singapore”, at the Retirement Conference2022news-categories-info/news-releases<table><tbody><tr><td><p>Mr Tan Hak-Leh, President, Life Insurance Association Singapore Mr Richard Holloway, Vice President, Singapore Actuarial Society <br>Ladies and Gentlemen,<br><br></p></td></tr><tr><td><p>Good morning. Being in this industry, I take it all of you have adequately prepared for retirement. It is an area of concern, because all of us will eventually age and retire. The question is: do we have enough? Lately, there has been a fair amount of discussion in the media on whether Singaporeans have enough for their retirement. So this Conference focusing on retirement is timely.</p><p>A fundamental question is: “how much” should you save for retirement? However, in order to answer this question, we need to consider what kind of lifestyle you expect and more importantly, “how long” you expect to live, and how you need these savings to last. This is an issue that not just faces us in Singapore but many people around the world, especially in developed countries.</p><p>Let us take a look at history. When CPF was introduced in 1955, Singaporeans, by and large, retired at the age of 55. In 1955 when you retire at about 55, which was also the point where you take out the CPF, you will live till about 62. The Minimum Sum Scheme (MSS) was introduced some time ago in 1987, and the life 2 expectancy at that stage was about 75. So as you can see, this is increasing.</p></td></tr><tr><td> </td></tr><tr><td><p><span style="color:orange;"><span class="subtopicheader" style="color:orange;"><strong>How Long Must Savings Last?</strong></span><br></span></p></td></tr><tr><td> </td></tr><tr><td><strong><em>The Reality of Increasing Longevity</em></strong></td></tr><tr><td><p>With improvements in nutrition and access to quality healthcare, Singaporeans are living longer. When the Minimum Sum Scheme was introduced 25 years ago, not many people were expected to live past 85.<sup>1</sup> However, life expectancy figures from the Department of Statistics (DOS) show that about 1 in 2 Singaporean residents aged 55 in 2010 (taking females and males together) will live to at least 85 years old, while 1 in 3 will live to 90 years or more. That is sobering, and we need to think about our retirement needs in a much more serious fashion.</p></td></tr><tr><td> </td></tr><tr><td><p>Singapore, in particular, has experienced significant improvements in mortality. Several decades ago, we lagged behind many developed countries in terms of life expectancies.<sup>2</sup> Today, we have one of the longest life expectancies in the world, ahead of many other developed countries such as the UK, US, Germany, Taiwan and South Korea, to name a few. We are also fast catching up with Japan which is traditionally seen as the world’s leader in longevity.</p></td></tr><tr><td> </td></tr><tr><td><p>However, those life expectancy figures from the Department of Statistics I mentioned earlier do not tell the full picture. They are based on current mortality rates assuming no improvements over time. As the actuarial experts in this room would know, such life expectancy figures generally tend to under-estimate how long each of us can expect to live. With increasing advances in technology and healthcare, mortality rates improve over time as younger cohorts are healthier and will live longer.</p></td></tr><tr><td> </td></tr><tr><td><p>Mortality improvements can add a substantial number of years to our lives. Take the UK for example, which publishes life expectancy data with mortality improvements built in. Taking into account mortality improvements, males in the UK aged 55 in 2013 can expect to live until 86 years old, while females in the same cohort can expect to live until 89 years old!<sup>3</sup> Since we know that the life expectancies are longer in Singapore, we can expect that Singaporeans will live even longer.</p></td></tr><tr><td> </td></tr><tr><td><p>Some of you may find this hard to believe, but these are serious projections done by government statisticians in the world. In fact, it is well-known that people tend to underestimate their life expectancy – I had spoken about this last year at the Ee Peng Liang Memorial Fund Forum.  We form a view of how long we will live based on our observations, for example by thinking about our own parents and grandparents or flipping through obituaries in the newspapers. Academics call this availability bias – our perceptions tend to be influenced by information that we can easily recall.</p></td></tr><tr><td> </td></tr><tr><td><p>What we may not realize is that we belong to a younger cohort that enjoys better health and nutrition, and therefore would live longer than the previous generations. We would thus underestimate how long our savings need to last, and how much we should save for retirement.</p></td></tr><tr><td> </td></tr><tr><td><strong><em>CPF LIFE as an Improvement over MSS</em></strong></td></tr><tr><td><p>The increasing life expectancies mean that we need to change how we draw down on our savings in retirement.</p></td></tr><tr><td> </td></tr><tr><td><p>Today, most CPF members draw down on their savings via the Minimum Sum Scheme (MSS), which provides monthly payouts for about 20 years. While this has enabled many older CPF members to enjoy payouts for a good part of their retirement years, mortality improvements mean that a substantial proportion of members today and in the future are likely to outlive their CPF savings if they remain on the Minimum Sum Scheme. This is the reason why we introduced CPF LIFE – to ensure that members get a monthly income in their retirement years for as long as they live.</p></td></tr><tr><td> </td></tr><tr><td><p>From 2013 onwards, all CPF members turning 55 with more than $40,000 in their Retirement Account will participate in CPF LIFE. As announced in Parliament by DPM Tharman last month, we are making it simpler for members to choose the LIFE plans that best meet their needs.</p></td></tr><tr><td> </td></tr><tr><td><p>Members will essentially get to choose between  two plans, Standard and Basic. The Standard Plan is the default and will meet the needs of most members. It provides members with higher monthly payouts while preserving flexibility to use their Retirement Account (RA) monies for housing until 65 years old, and allowing 5 members leave a bequest for their loved ones. The Basic Plan, on the other hand, is retained for members who prefer a higher bequest and lower monthly payouts. This plan also provides flexibility for members who wish to use their RA savings for housing even after 65 years old. So the CPF LIFE scheme is now simpler, yet members still have a meaningful choice of plans.</p></td></tr><tr><td> </td></tr><tr><td><p>Some members have voiced concerns that they will lose out under CPF LIFE as their payouts may be below what they would have received under the MSS. However, when comparing CPF LIFE payouts with MSS payouts, it is important to compare the total payout a member receives over his or her lifetime, not just the monthly payout. This is because CPF LIFE is an annuity, paying out for life, unlike MSS which will run out at some point.</p></td></tr><tr><td> </td></tr><tr><td><p>We expect a significant number of members to benefit from CPF LIFE in view of rising longevity. For instance, a female member with a balance of $90,000 at 55 and who outlives two-thirds of her group, will receive at least 30 per cent more in total under the Standard Plan, compared to what she would receive the MSS. A female member who just outlives one-third of her group would receive about 7 per cent less under the Standard Plan, compared to what she would receive under the MSS.</p></td></tr><tr><td> </td></tr><tr><td><p>In contrast, a member who is under the MSS may well have to end up saving a portion of his monthly payouts, in case he lives beyond the point his CPF payouts run out. But with CPF LIFE, he can have peace of mind, as he will receive a payout for as long as he lives.</p></td></tr><tr><td> </td></tr><tr><td><p><span class="subtopicheader" style="color:orange;"><strong>How Much Should One Set Aside for Retirement?</strong></span><br></p></td></tr><tr><td> </td></tr><tr><td><p>So how much should one set aside for retirement? A lot depends on our own lifestyles, our own expectations. This is another issue we need to think about.</p></td></tr><tr><td> </td></tr><tr><td><strong><em>CPF provides for a basic standard of living in retirement</em></strong></td></tr><tr><td><p>The CPF provides for a basic retirement standard of living in retirement. What is this basic standard of living that we talk about? For a male member turning 55 this year who has set aside the full Minimum Sum, he can get about $1100 a month for as long as he lives if he joins CPF LIFE. This is sufficient to meet the typical expenditure needs of retiree households in the 20th to 40th percentile. </p></td></tr><tr><td> </td></tr><tr><td><p>In other words, the CPF system is designed to cater fully for the retirement needs of those who are below middle-income, while at the same time, cater significantly for the retirement needs of the middle income group.</p></td></tr><tr><td> </td></tr><tr><td><strong><em>Will Singaporeans have enough for retirement?</em></strong></td></tr><tr><td><p>Some people have expressed concern at the low Minimum Sum attainment rates of our current generation of older Singaporeans – for instance, only 45% of active CPF members turning 55 in 2011 met the Minimum Sum.</p></td></tr><tr><td> </td></tr><tr><td><p>This is because of a number of factors. First, this group of older Singaporeans  had experienced relatively low wages in the early years of Singapore’s development, which means their CPF contributions were also quite significantly lower due to lower wages. In the case of women, it was also not uncommon for them 7 to leave the workforce to concentrate their efforts on the home and their children; for them, there will be even less in their CPF to rely on for their retirement needs. Second, CPF rules which applied to them allowed them to withdraw more in cash when they reached age 55. Third, they were allowed to withdraw more to pay for housing, to help them own their homes.</p></td></tr><tr><td> </td></tr><tr><td><p>Many of our older Singaporeans fortunately also have other sources of income, such as allowances from family members. But for those that do not, the Government is quite aware of the challenges that will face them, and we have taken steps to provide them with options to boost their retirement savings.</p></td></tr><tr><td> </td></tr><tr><td><p>As mentioned earlier, many older Singaporeans had used their CPF savings to purchase a home.  As a result, many older members have substantial assets in the form of their homes. At this point I think, it is quite important to highlight that the availability to use CPF to own your own home, we believe, is an important part to provide for part of your retirement needs. You have the option to own a home instead of rent, and should you need, you can look at the home as an asset in the home as well. Part of this wealth can be unlocked to supplement their retirement income if necessary. For example, older Singaporeans can sublet a room to supplement their income, or rent out the  entire flat if they have alternative accommodation or move to a smaller flat.</p></td></tr><tr><td> </td></tr><tr><td><p>We recently announced the Silver Housing Bonus and the Enhanced Lease Buyback Scheme, to give Singaporeans even more options. The SHB gives abonus to those moving to a 8 smaller flat, to help them defray the costs associated with moving to a new home. Parents whose kids have grown up, may choose to decide that it makes more sense to move to a studio apartment. The Enhanced LBS provides options to those who find moving to a smaller flat not practical, by enabling them to sell off the tail end of the leases of their homes.</p></td></tr><tr><td> </td></tr><tr><td><p>For older Singaporeans who are still working, other recent changes will also help them save up more for retirement. One is the recent increase in CPF contribution rates for workers aged 50 and above, which was announced in this year’s Budget. We adjusted the CPF contribution rates for older workers a number of years back - this was largely to shape the behaviour in the market and to encourage employers to hire older workers. We have seen a pick up in the age at which Singaporeans can continue to work and that has allowed us the space to increase the CPF contribution rates somewhat. At the same time we have complemented this with the Special Employment Credit, which will help our workers stay employed even as they get older.</p></td></tr><tr><td> </td></tr><tr><td><p>How about our younger members? Many people are concerned that they may not be able to rely on family support in their retirement due to shrinking family sizes. Some are also concerned that the escalating property prices would reduce the amount that younger members can set aside for retirement.</p></td></tr><tr><td> </td></tr><tr><td><p>Fortunately, the higher educational profiles and higher expected lifetime incomes of our younger members mean that many of them are likely to have more savings for retirement. In 9 fact, we expect the proportion of members who are able to meet the Minimum Sum to keep increasing, with some 70% to 80% of those working today meeting the inflation-adjusted Minimum Sum by the time they retire. And this is after paying for their homes.</p></td></tr><tr><td> </td></tr><tr><td><p>Moreover, efforts have been taken by the Government to make public housing affordable to all Singaporeans through generous housing grants and housing loans at reasonable interest rates will continue. We look at incomes closely to make sure that public housing is priced accordingly. At each income level, we will make sure there are affordable flats. By offering a wide range of public housing of different types and in different locations, the Government also helps younger Singaporeans to own a home that they can afford.</p></td></tr><tr><td> </td></tr><tr><td><p>Of course, members should be financially prudent and do their sums when they buy their homes. So long as we purchase within our means, owning a property actually forms an important part of our retirement savings as it represents a good hedge for inflation.</p></td></tr><tr><td> </td></tr><tr><td><p><span class="subtopicheader" style="color:orange;"><strong>Collaboration between the Government and the Private Sector</strong></span><br></p></td></tr><tr><td> </td></tr><tr><td><p>As longevity increases, it is important for Singaporeans to really think very hard about retirement. Singaporeans as individuals must also think about this, and this is where the private sector plays an important part in providing products to enhance retirement. There is room to do more to help Singaporeans plan early for their retirement. The Government and the financial industry can work closely on this.</p></td></tr><tr><td> </td></tr><tr><td><p>For instance, the advantage of buying an annuity may not be fully appreciated by many people. Financial advisors therefore play valuable roles in helping their clients appreciate how long they are likely to live, and in helping them appreciate the value of annuities, and the role that plays in their retirement plan. Some financial advisors have expressed that they will incorporate CPF LIFE as part of their financial advice to clients. CPF LIFE will be part of that landscape, but there is space for other products to be developed so more  options are available for other Singaporeans. This is something we hope to see more of. </p></td></tr><tr><td> </td></tr><tr><td><p>The financial industry also has an important role to play in helping Singaporeans save outside of the CPF. We should not be just depending on CPF alone. As I mentioned, CPF savings should meet the retirement needs of the group below middle-income, and be an important part of retirement savings for the middle-income group. Individuals could look further at how they can supplement their retirement needs. Higher-income Singaporeans who expect higher expenditure in retirement may wish to save more. This group in particular would turn to the financial industry.</p></td></tr><tr><td> </td></tr><tr><td><p>The industry can support them by developing a wider range of retirement savings products to help Singaporean accumulate their private savings for retirement. Of course, it is important to pair such products with sound financial advice – financial advisors should help their clients purchase products that match their financial needs and risk appetite, and ensure that they are fully aware of the risks behind their investments.</p></td></tr><tr><td> </td></tr><tr><td><p>In this regard, I am encouraged that one of the key topics of this conference is the development of an active annuity market in Singapore.</p></td></tr><tr><td> </td></tr><tr><td><p>On its part, the Government will continue to help Singaporeans prepare for retirement through schemes such as the Special Employment Credit, CPF LIFE, the Silver Housing Bonus, and so on. The Government also continues to encourage family support, especially for Singaporeans in our older generations who are less prepared for retirement.</p></td></tr><tr><td> </td></tr><tr><td><p>The Minimum Sum Topping-Up (MSTU) Scheme, which provides tax relief for voluntary contributions to the CPF savings of our family members, was introduced precisely to help us contribute to the CPF savings of our loved ones, and especially to our parents and grandparents, who may not have saved enough for retirement. Members who wish to save more for their own retirement may also top up their own accounts to qualify for tax relief. Such top-ups, if made in cash, will qualify for tax relief of up to $7,000 for top-ups to family members, and tax relief of up to $14,000 if we sum up the top-ups to family members and to your own CPF account.</p></td></tr><tr><td> </td></tr><tr><td><p>In this regard, I am pleased to announce a further expansion of the Minimum Sum Topping-Up (MSTU) Scheme. Members can today top up the accounts of their parents, grandparents, spouse and siblings under MSTU. In response to public requests, we will 12 extend top-ups under MSTU to parents-in-law and grandparents-in law as well.</p></td></tr><tr><td> </td></tr><tr><td><p>We would need to amend the CPF Act and Income Tax Act later this year to effect this change, and should thereafter be able to effect this from 1 Jan 2013. With this enhancement, the MSTU becomes an even broader avenue to help CPF members boost retirement savings for themselves and their loved ones, and I hope Singaporeans will continue to take advantage of it.</p></td></tr><tr><td> </td></tr><tr><td><p><span class="subtopicheader" style="color:orange;"><strong>Conclusion</strong></span><br></p></td></tr><tr><td> </td></tr><tr><td><p>We have come a long way in our efforts to enhance retirement adequacy. In 1955, it was expected we would live till 62. Now we can expect to live to 85 and beyond. With that increased longevity, it behooves all of us individuals, government and the private sector, to consider how best to provide for retirement needs. As we continue to grow healthier and live longer, we will need to enhance retirement adequacy further still in the future. The Government welcomes the important role that the financial industry can play in this regard. I would like to invite the industry and private market players to continue its good work in helping Singaporeans save for retirement, and to endeavour to raise its game even further.</p></td></tr><tr><td> </td></tr><tr><td><p>This conference is an excellent platform to discuss this, and I wish you fruitful deliberations. Thank you.</p></td></tr><tr><td> </td></tr><tr><td><p><sup>1</sup> Life expectancy at birth in 1987 was 75 years.<br><sup>2</sup> For example, in 1960, life expectancy at birth was 66 years for Singapore, but 71 for UK and 70 for US. (Source: World Bank Indicators)<br><sup>3</sup> Office of National Statistics, UK<br></p></td></tr><tr><td> </td></tr><tr><td><p><a href="/Members/News/news-categories-info/news-releases/2024">Speech by CPF Board Chief Executive Officer Mr Yee Ping Yi, “Enhancing Retirement Adequacy through Investment and Insurance”, at the Retirement Conference</a><br><br><a href="/Members/News/news-categories-info/news-releases/2025">Media Factsheet: Further Extension of CPF Minimum Sum Topping Up Scheme</a></p></td></tr><tr><td> </td></tr></tbody></table>Speech by Minister of State (Manpower and National Development) Mr Tan Chuan-Jin, “Improving Retirement Security in Singapore”, at the Retirement Conference11/4/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2022
Speech by CPF Board Chief Executive Officer Mr Yee Ping Yi, “Enhancing Retirement Adequacy through Investment and Insurance”, at the Retirement Conference2024news-categories-info/news-releases<table><tbody><tr><td>Good afternoon, ladies and gentlemen.<br><br></td></tr><tr><td><p>Let me begin by expressing my thanks to the Life Insurance Association and the Singapore Actuarial Society for giving the CPF Board an opportunity to share our views at this Retirement Conference. The LIA and SAS play important roles in fostering partnerships between the life insurance and actuarial industries and the public sector in the area of retirement planning. Today’s conference is a useful and relevant platform for us to consider possible public and private collaboration, towards the goal of ensuring retirement adequacy for Singaporeans.</p><p>At this morning’s Opening Address, Minister of State (MOS) for Manpower and National Development, Mr Tan shared with us the Government’s perspective on retirement adequacy and the role it plays. Allow me to make a few supplementary comments on this theme.</p></td></tr><tr><td> </td></tr><tr><td><p><span class="subtopicheader" style="color:orange;"><strong>Three Aspects to Retirement Adequacy</strong></span></p></td></tr><tr><td><p>From the CPF Board’s perspective, there are three parts to a secure retirement; indeed these are clearly articulated in our organisation’s mission statement. The first component is <strong>lifelong income</strong>. With increasing longevity in populations around the world including Singapore, it is important that we ensure CPF members do not outlive their savings, but instead continue to receive a steady stream of income during their retirement that would give them the peace of mind to enjoy their silver years.</p><p>Second, <strong>healthcare financing</strong>. This is a key focus area where the CPF Board actively collaborates with the Ministry of Health (MOH), healthcare providers, and healthcare financing providers to address the medical needs that grow with demographic changes in our population.</p><p>The third component is <strong>home financing</strong>. Over the years, we have facilitated the ownership of homes by CPF members, which gives an added assurance of stability and certainty during retirement. </p><p>As we embark on the journey of planning for retirement, there would inevitably be challenges along the way. While we all hope for good outcomes including good health, it would be prudent to guard against unforeseen circumstances and unanticipated needs to some extent. Unforeseen events could easily deplete one’s retirement savings over a short period of time, or result in one’s savings not achieving the desired rate of return. This is where retirement planning can benefit from the inclusion of insurance and investment.</p><p> </p><p><span style="color:orange;"><span class="subtopicheader" style="color:orange;"><strong>Role of Insurance</strong></span></span></p><p>First, insurance. As we all know, careful consumption of insurance can effectively protect an individual in unlikely events, for example large medical or long-term care expenses. This is especially important in retirement, where the impact of unexpected costs can be significant, as people are less likely to have the time or resources to recover from or adjust to such shocks.</p><p>To mitigate the impact of some of such unexpected costs, the CPF Board started offering basic insurance to CPF members from the 1980s when few had proper insurance coverage. We began providing mortgage-reducing insurance through Home Protection Scheme in 1981, and term life insurance through Dependents’ Protection Scheme in 1989. The Dependents’ Protection Scheme has since been privatised, in 2005, to two market providers.</p><p>In 1990, the CPF Board, together with MOH, started offering basic catastrophic hospitalisation insurance through MediShield. We have since also developed a partnership with private providers through the Private Integrated Shield Plans. A few years later in 2002, the CPF Board, again with MOH and private insurers through a tender process, created disability insurance through ElderShield.</p><p>For CPF LIFE, with the experience of a “soft launch” opt-in phase over the last few years, Singaporeans reaching the age of 55 from 2013 would participate in this national annuity scheme from the CPF Board, to assure them of a stable lifelong income stream.</p></td></tr></tbody></table><p><strong>Active Partnerships with Industry Providers</strong></p><p>As these examples show, there is active partnership between the government provider (CPF Board in this case) and private providers for the benefit of CPF members. Where appropriate, we have been open to the private sector providing the insurance scheme, for example DPS and ElderShield. Where there is a natural role for the government provider to offer broad-based and low-cost basic insurance, we have also partnered private providers to offer additional choices and options to those who prefer a higher level of coverage. </p><p>One example of this second model is MediShield. In 2005, we reformed MediShield to ensure that CPF members continue to have appropriate basic insurance to meet their hospitalisation needs. The reform also resulted in a joint insurance arrangement with private insurers, for the benefit of CPF members. The CPFB Board, guided by MOH, provides basic health insurance through the MediShield plan, and private providers offer enhanced coverage through their respective Private Integrated Shield Plans. The joint insurance arrangement avoided the fragmentation of the risk pool, eliminated cherry-picking, and formed a national risk pool while still allowing choice for CPF members through competition.</p><p>MediShield will need to be updated from time to time to ensure that the scheme is sustainable and relevant for Singaporeans’ needs, including updating scheme benefits. As announced by the Minister for Health during his recent Committee of Supply speech, we will be enhancing MediShield, including an increase in coverage age up to 90 years old, and increases in policy year and lifetime claim limits. In line with this, premiums too need to be updated to support the costs of claims in the coming years. To cushion the impact of premium adjustments, the government is providing one-off Medisave top-ups to all policyholders, as well as long-term Medisave top-ups to most older policyholders.  </p><p>The Ministry of Health is also considering extending coverage to congenital illnesses and inpatient psychiatric treatments and will begin the public engagement exercise on this soon. We look forward to positive support from the private insurance industry on these proposed enhancements, and to the continuing strengthening of our joint insurance relationship. </p><p>Beyond basic provision of insurance, we can expect greater preference for choice and customisation, as Singaporeans become more sophisticated and diverse in their individual needs. We encourage insurers to innovate to meet the needs of Singaporeans, especially in newer markets such as in the area of long-term care. We also encourage insurers to seek greater efficiency gains and economies as well as give policy-holders more dollars of coverage for the premiums paid. Of course, innovations would have to be carefully designed in order not to incentivise undesired behaviour such as overconsumption or lead to increased moral hazard and so on.</p><p><span style="color:orange;"><span class="subtopicheader" style="color:orange;"><strong>Role of Investment</strong></span><strong> </strong>  </span></p><p>I have spoken on how insurance can play a role in retirement planning. The second retirement planning “tool”, if you like, is the enhancement of assets through investment.   </p><p>Improving the returns on savings would of course make it easier to achieve one’s retirement goals. But naturally, higher returns come with higher risks. An individual investor has to find a balance between his desired rate of return and his appetite for risk.</p><p>The CPF Board currently offers a virtually risk-free interest rate for CPF savings as the default option, for the benefit of CPF members who may not be willing to risk their retirement savings. Members who are willing to take on more risk for a possibility for better returns can choose to invest their savings through the CPF Investment Scheme (CPFIS).</p><p>As published on our website, as at December last year, there were about 900,000 CPF members who invested a total of $24 billion of their Ordinary Account funds, and about 500,000 members who invested a total of $7 billion of their Special Account funds. As you can see, there is still some room for participation under the CPF Investment Scheme.</p><p>That said, it is very important for our members understand that investments in higher risk products may not result in actual higher returns. As the trustee of CPF members’ funds, the CPF Board is required to safeguard our members’ savings for retirement. While members can choose from a broad range of investment options under CPFIS, we have a continuing duty to help members attain reasonable and sustainable rates of return over the long term.</p><p><strong>Quality Funds for CPFIS</strong></p><p>Hence, our CPFIS fund admission criteria seeks to recognise quality products with affordable cost. To protect the interests of CPF members, the CPF Board has been implementing measures over the last few years to improve investment product quality and keep investment costs low. CPF members, and the public in general, expect us as the government regulator to be the gatekeeper for products offered to them as retail investors under CPFIS.</p><p>To continue to improve the quality of CPFIS funds, we have been tightening quantitative and qualitative factors in our fund evaluation process since 2006. The aim is to offer to our members’ choices of only well-diversified funds with low investment costs, good performance records and robust processes to sustain future performance.</p><p>At present, CPF members have many quality choices, as there are a total of 230 funds<sup>1</sup> able to receive new CPF monies. Having a good quality bar has led to positive results for our CPF members. At the end of 2011, over 60% of funds accepting new monies have performed better than the average fund in their peer group, based on their performance in the last three years.</p><p>We look forward to private providers continuing to develop quality products which can become options under CPFIS, as this would further widen the investment choices to our CPF members. </p><p>On the other hand, we do discourage investments in products with very high investment costs which would erode investment returns significantly over the longer term. This is why we have had to regulate sales charges and Total Expense Ratios of products. As you may already be aware through our earlier announcement, the cap on wrap fees charged for CPFIS investments will be reduced from 1.5% per annum to 1% per annum from 1 July 2012 onwards. </p><p>We will continue to adopt a calibrated approach to ensure CPF members can attain reasonable and sustainable rates of return over the long term. We encourage the industry to work with us to develop CPF investment products which would benefit CPF member investors. In this spirit, we also support MAS’s effort for customers to have access to affordable life insurance and investments to meet their financial planning and retirement needs, through MAS’s Financial Advisory Industry Review.</p><p><span class="subtopicheader" style="color:orange;"><strong>Member Education and Financial Literacy</strong></span></p><p>More importantly, we need to continue to educate CPF members through various channels and platforms to equip them with the necessary financial knowledge to make better informed decisions. We cannot overemphasise the importance of equipping investors with the necessary financial knowledge to make appropriate investment decisions. It is in the interest of industry providers too, to design easy-to-understand products and to increase financial awareness and literacy, since financially astute Singaporeans are more likely to utilise relevant financial services and retirement planning products. This remains a key challenge for both public and private sector providers.</p><p>As part of our continuing outreach efforts to educate the public on financial literacy and retirement planning, the CPF Board launched our ‘Are You Ready?’ initiative last October. We wanted to encourage Singaporeans to jump-start their financial and retirement planning through a variety of tools, talks and games.</p><p>As illustrated here, a set of checklists for each of the four themes we identified – Cash Flow, Healthcare, Housing and Retirement – are available at <a href="http://www.areyouready.sg/">www.areyouready.sg</a>. These are developed in consultation with our partners: MoneySENSE, the Association of Financial Advisers, the Financial Planning Association of Singapore, the Life Insurance Association and the Insurance and Financial Practitioners Association of Singapore.</p><p>The Are You Ready checklists will help CPF members and Singaporeans in the different stages of life assess their basic financial understanding and readiness for these key financial decisions. Customised tips and resources will help users further improve their financial literacy and understanding towards the importance of building a secure retirement. The checklists are available island-wide in hardcopy at the five CPF Service Centres, community centres, and public libraries, and of course at talks we organise.</p><p>To maximise our outreach, the CPF Board has lined up a series of talks in English and Mandarin based on the four themes. More than 100 talks will be organised, aimed at reaching out to 30,000 Singaporeans a year.</p><p>For CPF members who wish to keep up with personal finance news, CPF has numerous articles and videos at its IM$avvy website, and we also provide daily news updates via our IM$avvy Facebook page.</p><p><span class="subtopicheader" style="color:orange;"><strong>Collaborations between CPF Board and Industry</strong></span></p><p>I thought I should conclude my remarks by touching on retirement planning by financial specialists and advisors themselves - after all, most are CPF members too!</p><p>As an example, LIA and insurance companies currently collaborate with the CPF Board, in monitoring and improving the Medisave contribution compliance of insurance advisers as self-employed persons. This effort has improved the compliance rate of the industry significantly, from 80% in 2008, to the high 90s% today, and it ensures a longer-term outcome of improving the healthcare financing adequacy of insurance advisers. Continuing with this example, we hope to explore additional ways of engaging the insurance industry to help advisers grow their retirement savings. Possibilities include a co-contribution scheme for insurance advisors, or other arrangements that make it appealing and convenient for insurance advisers to make contributions towards meeting their Medisave obligations.</p><p>Unlike salaried employees, self-employed persons may not have access to company benefits. It is therefore important for financial specialists who are self-employed to continue to accumulate Medisave savings to meet medical expenses especially in anticipation of old age needs. We also strongly encourage self-employed persons to make voluntary top-ups into their other CPF Accounts besides Medisave, in order to grow their CPF savings to meet their future healthcare and retirement needs.</p><p>As an incentive to companies who work with self-employed persons, we already have in place a framework for companies who make voluntary contributions to these self-employed to enjoy tax deductions of up to $1,500 per self-employed. We look forward to exploring such collaborative measures with industry players.</p><p>Regardless of whether it is CPF Board, or private providers, we have a common goal to help our Singaporeans prepare for retirement. Compared to the past track record, we are today in a better position than before to help Singaporeans achieve their retirement dreams, even as the challenges remain. Networking and exchange platforms like this Retirement Conference are a good way for us to continue talking to each other, and exchange ideas. I look forward to the useful insights and potential innovations to be discussed during these two days. Thank you.  </p><p><sup>1</sup>140 Investment-Linked Products and 90 Unit Trusts</p>Speech by CPF Board Chief Executive Officer Mr Yee Ping Yi, “Enhancing Retirement Adequacy through Investment and Insurance”, at the Retirement Conference11/4/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2024
Further Extension of CPF Minimum Sum Topping Up Scheme2025news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"> <em style="color:orange;"> <span class="subtopicheader" style="color:orange;"> <br> <strong style="color:#444444;">- Members Enjoy Tax Relief for Cash Top-Ups to Parents-and-Grandparents-in-laws</strong></span></em></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"> <br>Minister of State of Manpower and National Development, Tan Chuan-Jin announced the extension of top-ups under CPF Board’s Minimum Sum Topping-Up (MSTU) Scheme to parents-in-law and grandparents-in-law at the Retirement Conference “Improving Retirement Security in Singapore” today.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Come January 2013, cash top-ups to parents-in-law and grandparents-in-laws’ Special or Retirement Accounts<sup>1</sup> will also enjoy tax relief. With this, CPF member may enjoy up to $7,000 tax relief for cash top-ups to family members, including to one’s spouse, siblings<sup>2</sup>, parents, parents-in-law, grandparents and grandparents-in-law. Together with cash top-ups into one’s own CPF account, members can enjoy up to $14,000 tax relief.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Members will also be able to make a top-up from their Ordinary Account to their parents-in-law and grandparents-in-laws’ Special or Retirement Accounts, if the net balances in members’ Ordinary and Special Accounts, including the amount withdrawn for investments, are more than the prevailing Minimum Sum. Currently, CPF top-ups can be made to spouses, siblings, parents, grandparents.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Started in 1987, the MSTU Scheme aims to help members enhance their retirement savings, by encouraging them to top up to their own, or family members’ Special or Retirement Accounts using their Ordinary Account savings or cash. Recipients can currently enjoy up to 5% interest per annum on their CPF savings<sup>3</sup>, thus building up their retirement nest egg faster.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">In 2011, there were over 38,200 MSTU transactions amounting to $215.6 million. Top-ups for parents’ were the most popular, with 58% of all top-ups made in 2011 going into parent’s accounts. Top-ups into one’s own account constituted 23% of all top-ups in 2011, while top-ups to spouses made up 16%.</td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td colspan="2"><p> <sup>1</sup> Top ups will be to Special Account for recipients below age 55, and Retirement Account if recipient is 55 and above.<br><sup>2</sup> To qualify for tax relief for cash top-ups for spouse/siblings, spouse/siblings must not have annual income exceeding $4,000 in the year preceding the top-up (e.g. salary or tax exempt income such as bank interest, dividends and pension) or is handicapped.<br><sup>3</sup> Special and Retirement Account monies currently enjoy a floor rate of 4% interest per annum until the end of 2011. An additional 1% interest per annum is paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <strong> <a href="#AnnexA">Annex:</a></strong><a href="#AnnexA"> Key Changes to MSTU Scheme over the years to enhance retirement savings of members and their loved ones.</a></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"></span> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <strong>Annex<span class="blackhighlight"><a name="AnnexA"></a></span></strong></div></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <strong>Key Changes to MSTU Scheme Over The Years</strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td><table width="550" bordercolor="#d3d3d3" border="1" cellspacing="2" cellpadding="1"><tbody><tr><td width="90"> <span class="blackhighlight">Year</span></td><td width="340"> <span class="blackhighlight">Key MSTU announcements</span></td></tr><tr><td valign="top"> <strong>Apr 1987</strong></td><td>Start of MSTU<br>Cash top-ups to self and cash/CPF top-ups to parents<br>Tax relief cap at $6,000 for cash top-up per calendar year</td></tr><tr><td valign="top"> <strong>Jul 1995</strong></td><td>MSTU extended to spouse (cash and CPF top-ups) without tax relief</td></tr><tr><td valign="top"> <strong>Dec 2000</strong></td><td>MSTU extended to grandparents (cash top-ups only) with tax relief</td></tr><tr><td valign="top"> <strong>Jan 2005</strong></td><td>Tax relief cap raised to $7,000 per year for cash top-ups to self, parents and grandparents as well as non-working spouse with annual income of $2,000 or less.</td></tr><tr><td valign="top"> <strong>Oct 2007</strong></td><td>MSTU extended to siblings (cash and CPF top-ups) and CPF top-ups to grandparents.<br><br>Tax relief extended to cash top-ups for siblings with annual income of $2,000 or less.</td></tr><tr><td valign="top"> <strong>Nov 2008</strong></td><td>Tax relief cap of $7,000 per year for cash top-up to own account by self or employer<br><br>Additional tax relief of $7,000 per year for cash top-up to parent, spouse, grandparent, sibling.</td></tr><tr><td valign="top"> <strong>Apr 2009</strong></td><td>CPF top-up requirement lowered to the prevailing Minimum Sum, down from 1.5 times.</td></tr><tr><td valign="top"> <strong>Jan 2010</strong></td><td>Annual income criterion for tax relief for cash top-up to non-working spouse and sibling change to $4,000 or less.<br>Income criterion for tax relief removed for disabled spouse and siblings.</td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td valign="top"> </td></tr></tbody></table>Further Extension of CPF Minimum Sum Topping Up Scheme11/4/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2025
Joint Press Release with MOM: A Simpler CPF LIFE2027news-categories-info/news-releases<p><font face="Arial, Helvetica, sans-serif" size="2"><strong></strong></font> </p><p><font face="Arial, Helvetica, sans-serif" size="2"><strong>Members to enjoy simple yet significant improvements from 2013, with monthly payouts for as long as they live</strong></font></p><p><font face="Arial, Helvetica, sans-serif" size="2">In his Committee of Supply (Manpower) speech today, Deputy Prime Minister, Minister for Finance and Manpower Tharman Shanmugaratnam announced refinements to CPF LIFE.</font></p><p><font face="Arial, Helvetica, sans-serif" size="2">Singapore has one of the highest life expectancies in the world. For Singaporeans who are aged 65 today, about half of them are expected to live beyond 85, and a third are expected to live beyond 90. Future retirees, including those who will be turning 65 in the next few years are expected to live even longer. A growing proportion of retirees would therefore outlive their CPF savings if they were on the Minimum Sum Scheme<sup>1</sup>. CPF LIFE is therefore a timely and significant enhancement to our retirement adequacy system. It will provide members with an income for life.</font></p><p><strong>Members’ Feedback During the Opt-in Phase</strong></p><p><font face="Arial, Helvetica, sans-serif" size="2">Currently, older members may opt into CPF LIFE, and choose from among four plans offering different levels of payouts and bequests. Since CPF LIFE was made available in September 2009, about 73,000 members have opted to join CPF LIFE. The majority of these members who opted-in chose the Plus and Balanced plans (90%), indicating that they preferred the features of these two plans that include relatively high monthly payouts with a bequest.</font></p><p><font face="Arial, Helvetica, sans-serif" size="2">Members who opted into CPF LIFE gave feedback that it took significant effort to understand and choose among the four plans. A simpler choice was preferred.</font></p><p><strong>Features of Simplified CPF LIFE Scheme</strong></p><p><font face="Arial, Helvetica, sans-serif" size="2">Taking in members’ feedback since CPF LIFE was launched in 2009, the CPF LIFE scheme will be simplified from the current <strong>four plans to two:</strong></font></p><ul><p> </p><li>The <strong>new Standard Plan</strong> combines the best features of the two most popular plans (Balanced and Plus Plans), and will be the default CPF LIFE plan. The Standard Plan provides members with higher monthly payouts while preserving flexibility to use their Retirement Account (RA) monies for housing until 65 years old. Members also leave a bequest for their beneficiaries under the Standard Plan. <p> </p></li><li>There will be no change to the <strong>Basic Plan.</strong> It will be retained for members who prefer a higher bequest and lower monthly payouts. This plan also provides flexibility for members who wish to use their RA savings for housing even after 65 years old. <p> </p></li><li>The <strong>Income Plan</strong>, the least popular plan (only 3% of members who opted into CPF LIFE selected this option) which does not leave a bequest for beneficiaries, will be dropped. <p> </p></li></ul><p>With these changes, CPF LIFE will comprise the new Standard Plan and the current Basic Plan. These two plans provide a simple yet meaningful choice for members. The Standard Plan, with higher monthly payouts and a bequest, should meet the needs of most members and will serve as the default plan. The Basic Plan will continue to cater to members who prefer a higher bequest and are willing to accept lower monthly payouts. <em>(The payout illustration of the Standard and Basic Plans can be found in the <a href="#Annex">Annex</a>.)</em></p><p>To help increase CPF LIFE payouts for all members as they work longer, members turning 55 from 2013 will see an automatic transfer of their accumulated post-55 contributions from the Ordinary and Special Accounts savings into their Retirement Account when they reach the draw down age (DDA, or 65 years), if they have not met the Minimum Sum. This will increase the amount of savings used to join CPF LIFE, hence translating to higher monthly payouts for members. The amount of CPF savings a member can withdraw in cash remains the same, as under existing withdrawal conditions.</p><p><strong>Simpler CPF LIFE scheme from 1 Jan 2013</strong></p><p>The simpler CPF LIFE scheme will be effective from 1 January 2013. The majority of members who turn 55 in 2013 will receive their CPF payouts after they reach 65 via CPF LIFE. More information on the new Standard Plan will be released in the third quarter of 2012. Members who turn 55 from 1 January 2013 will receive their customised CPF LIFE packages before they turn 55, and will have sufficient time (six months after their 55<sup>th</sup> birthday) to choose their preferred CPF LIFE plan, before the default Standard Plan applies.</p><p>Existing CPF LIFE policyholders on any of the current 4 Plans can continue to remain on their existing plans – no further action is required from them. However, if an existing policyholder decides that the new Standard Plan can now better meet his or her retirement needs, he or she will have up to 31 December 2013 to switch to the new Standard Plan. Existing LIFE policyholders will receive customised information packages from the third quarter of 2012, to help them better understand the differences between their existing plans and the new Standard plan.</p><p><sup>1</sup> Minimum Sum Scheme payouts last for about 20 years.</p><p><span class="subtopicheader" style="color:#444444;"><font face="Arial" size="2"><strong>PUBLIC ENQUIRIES</strong></font></span></p><p><font face="Arial" size="2">For more information, please visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188.</font></p><p><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><a name="#Annex"></a><strong>ANNEX</strong></span><strong>:</strong> </font></p><p><img src="/Assets/members/PublishingImages/COS_SpeechAnnexLIFEPlans05Mar12.jpg" alt="" style="margin:5px;" /> </p><p><span class="subtopicheader2" style="color:#444444;"><strong>Monthly Payout Illustration</strong></span></p><table bordercolor="#d3d3d3" border="1" cellspacing="2" cellpadding="1"><tbody><tr><td>CPF LIFE Plans </td><td>LIFE Standard Plan monthly payout<br><em>(For life)</em></td><td>LIFE Basic Plan monthly payout<br><em>(For life)</em></td></tr><tr><td>For a male member<br>with $40,000 at age 55</td><td>$380</td><td>$350</td></tr><tr><td>For a male member with $90,000* at age 55</td><td>$780</td><td>$700</td></tr><tr><td>For a male member with $130,000 at age 55</td><td>$1,090</td><td>$980</td></tr></tbody></table><p><sup>*</sup> Projected median balance for active members reaching 55 in 2013</p><p> </p>Joint Press Release with MOM: A Simpler CPF LIFE4/3/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2027
MOM’s Press Release: Increase in CPF Contribution Rates for Older Workers from September 20122028news-categories-info/news-releases<p><a href="http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=408">http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=408</a></p>MOM’s Press Release: Increase in CPF Contribution Rates for Older Workers from September 201216/2/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2028
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2012 to 30 June 20122029news-categories-info/news-releases<p> </p> <table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 April 2012 to 30 June 2012.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 November 2011 to 31 January 2012, worked out to be 0.16% per annum.  However, members will receive the higher rate of 2.50% as legislated by the CPF Act. </font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA.  The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 April 2012 to 30 June 2012.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"><span style="color:#444444;"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="subtopicheader" style="color:#444444;"> <strong>PUBLIC ENQUIRIES</strong></span></font></span></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">Members with enquiries may call the CPF Call Centre on 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <a name="#Annx"> <span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"> <span style="color:#444444;"></span> <span style="color:#444444;"></span> <span style="color:#444444;"></span> <table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"> <span class="blackhighlight" style="color:#444444;"> <font face="Arial, Helvetica, sans-serif" size="3"> <u style="text-decoration:underline;"> <font size="2" style="text-decoration:underline;"> <span class="BlackHighLight" style="color:#444444;text-decoration:underline;"> <strong style="text-decoration:underline;">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong> <br> <strong style="text-decoration:underline;">APRIL 2012 TO JUNE 2012</strong></span></font></u></font></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></span></div></td><td width="96%" colspan="3"><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight" style="color:#444444;"> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></span></div></td><td width="8" rowspan="5"> <span style="color:#444444;"> <div align="center"> </div> <div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></span></div></span></td><td width="96%" colspan="3"><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight" style="color:#444444;"> <strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"></font></span></div></td><td width="93%" rowspan="2"> <span style="color:#444444;"> <div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight" style="color:#444444;"> <strong> </strong> <br> <strong>AVERAGE</strong></span></font></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight" style="color:#444444;"> <strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></span></div></span></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight" style="color:#444444;"> <strong>MONTH / YEAR</strong></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight" style="color:#444444;"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight" style="color:#444444;"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight" style="color:#444444;"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight" style="color:#444444;"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight" style="color:#444444;"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight" style="color:#444444;"> <strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Nov-11</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.7500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Dec-11</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.7500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jan-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0750</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.1633</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Nov 2011 to Jan 2012) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.16%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Apr 2012 to Jun 2012</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Apr 2012 to Jun 2012</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Apr 2012 to Jun 2012</font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 Nov 2011 to 31 Jan 2012. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2012 to 30 June 201214/2/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2029
Morningstar appointed as CPF Board’s Investment Consultant under CPF Investment Scheme2030news-categories-info/news-releases<p> </p><table cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"><p>CPF Board has re-appointed Morningstar Research Pte. Limited (“Morningstar”) as its investment consultant under the CPF Investment Scheme (CPFIS), starting from 7th March 2012. The re-appointment came about from an open tender called last November, which is part of a routine process to review the consultancy service contract.</p><p>The CPFIS provides an avenue for members, who wish to seek potentially higher returns, to invest their CPF savings through a variety of market instruments. As CPF savings are meant for members’ retirement, the CPF Board works with a qualified consultancy company to create an optimal choice of quality funds under the CPFIS that is expected to yield consistent and sustainable returns over time. </p><p>Morningstar was re-appointed based on its qualifications, expertise and track record, the amount of in-house resources that the consultancy personnel can tap on, and price of service. </p><p>With the re-appointment, Morningstar will continue to assume the role of evaluating product providers such as fund management companies and insurers, as well as their products such as unit trusts, investment-linked insurance products, exchange traded funds, seeking to be included under the CPFIS. </p><p>The new contract will be for a period of three years from the commencement of the consultancy services. </p><p> <span class="subtopicheader" style="color:#444444;"><strong>PUBLIC ENQUIRIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p><p>Click <a href="/Assets/members/Documents/FAQs-OpenTender_2012.pdf" target="_blank">here</a> for FAQs on Open Tender for CPF Board’s Investment Consultant.</p></td></tr><tr><td height="2" valign="top"></td></tr></tbody></table>Morningstar appointed as CPF Board’s Investment Consultant under CPF Investment Scheme6/2/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2030