Cpf Special Account Ceiling

But before you do make sure you can get the same or better returns than the maximum 5 interest on your sa account.

Cpf special account ceiling. Under the ordinary wages component which is typically our monthly salaries the cpf contribution ceiling is capped at 6 000 per month. View frequently asked questions faqs on cpf schemes. Cpf special account can be used to invest beyond the minimum balance of 40 000 savings in your cpf sa can be used to invest under the cpf investment scheme cpfis in any of the approved investment schemes below.

P when you reach 55 years old your special and or ordinary accounts savings will be transferred to your retirement account ra up to the full retirement sum frs p p you can choose to set aside a larger retirement sum up to the enhanced retirement sum by topping up your ra using cash or transferring your remaining cpf savings in the. Initially your oa s interest rate is 2 5 while the rest is at 4 i e special account and medisave account. The prevailing bhs is 60 000 and will be adjusted yearly.

The following table summarises the bhs for respective cohorts aged 65 and above in 2020. Love it or hate it there is simply no getting away. However there will be an additional one percent added to all of the accounts only for the first 60 000 cpf balances of which 20 000 limited to your oa.

Cpf and basic healthcare sum is a divisive topic. Cpf contribution for employees. For cpf members aged below 65 in 2020.

This means only the first 6 000 of our monthly salaries require cpf contributions from us and our employers. Cpf contribution for employees p your employer is required to pay your cpf contributions every month if you earn more than 50 per month. I subsequently transferred 40 000 from my cpf oa account into my mum s cpf ra account on the 8th january 2020 so that she would be able to withdraw 300 for life from cpf.

Your cpf savings account can earn a guaranteed interest rate each year. It is no secret that cpf is a highly divisive topic in singapore. For cpf members who turn 65 in 2020.