Government extends 4% interest rate floor on Special, MediSave and Retirement Account monies until 31 December 2024

One-year extension of minimum 4% interest rate floor on Special, MediSave and Retirement Account monies from 1 January 2024 to 31 December 2024

CPF Interest Rates from 1 October 2023 to 31 December 2023

CPF members below 55 years old

• Members earn an extra 1% interest on the first $60,000 of their combined CPF balances

CPF members aged 55 and above

• Members earn an extra 2% interest on the first $30,000 of their combined CPF balances, and an extra 1% on the next $30,000

HDB Concessionary Interest Rate from 1 October 2023 to 31 December 2023

• Remains unchanged at 2.6%

Note: All interest rates are quoted on a per annum basis.

The Government has extended the 4% interest rate floor for interest earned on all Special, MediSave and Retirement Account (SMRA) monies for another year from 1 January 2024 to 31 December 2024. This provides certainty for CPF members amidst the uncertain interest rate environment.

Since 1 January 2008, CPF interest rates have been pegged to market instruments of comparable risk and duration to ensure that members receive fair and reasonable returns. The SMRA rates will continue to be reviewed regularly and CPF members will earn the higher of the floor or pegged rate.

CPF Interest Rates for Ordinary, Special and MediSave Account Monies from 1 October 2023 to 31 December 2023

With the Special and MediSave Account (SMA) pegged rate exceeding the floor rate of 4%, savings in the SMA will earn 4.04% in the fourth quarter of 2023. This is due to the increase in the 12-month average yield of 10-year Singapore Government Securities (10YSGS), which the SMA interest rate is pegged to.

The Ordinary Account (OA) interest rate will remain unchanged at 2.5% for the same period, as the pegged OA rate remains below the floor rate of 2.5%. The Government is watching the interest rate environment closely to ensure that the CPF interest rate pegs remain relevant in the prevailing operating environment while taking into consideration the longer-term outlook.

Correspondingly, the concessionary interest rate for HDB housing loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 October 2023 to 31 December 2023.

As part of the Government’s efforts to enhance the retirement savings for CPF members, CPF members will continue to earn extra interest on their CPF savings. For members below 55 years old, they will earn extra 1% interest on the first $60,000 of their combined balances (capped at $20,000 for OA). For members aged 55 and above, the Government pays an extra 2% interest on the first $30,000 of their combined balances (capped at $20,000 for OA), and an extra 1% on the next $30,000.

The extra interest received on the OA will go into the member’s Special Account (SA) or Retirement Account (RA). If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE.

CPF Interest Rate for Retirement Account

The RA interest rate will be maintained at 4% per annum from 1 January 2023 to 31 December 2023, as announced on 29 November 2022.

Public Enquiries

For more information on CPF interest rates and their computation, please visit CPF Interest Rates.  

Source: CPF

In the glitzy realm of beauty pageants, where poise, confidence, and intelligence converge, Priyanka Annuncia emerged as the shining star of Miss Universe Singapore 2023.

At just 26 years old, Priyanka’s journey to the crown has been nothing short of inspiring.

The Night She’ll Never Forget

On the night of September 16th, 2023, the Amber Lounge in Millenia Walk was adorned with glamour and anticipation. Priyanka Annuncia, with a blend of excitement and nerves, awaited her destiny. The stage was set for the crowning moment.

As she walked down the runway, Priyanka’s dreams came true when she was crowned Miss Universe Singapore 2023.

Priyanka’s journey to the crown was preceded by Carissa Yap, the reigning Miss Universe Singapore 2022. With grace and humility, Carissa passed the torch to Priyanka, marking the beginning of a new chapter in her life.

Nikita Carter stood as the first runner-up, showcasing the fierce competition Priyanka had triumphed over.

The coveted crown was placed upon Priyanka’s head by none other than Bernadette Belle, Miss Universe Singapore 2020.

A Grateful Heart

Expressing her gratitude, Priyanka took to Instagram and shared her emotions:

“Tonight is the night ✨

I’m filled with a mix of emotions (mostly excitement and nerves). I’d like to express my deep gratitude for the constant support I’ve been receiving from all of you throughout the years.

And to the MUSG Team: From the bottom of my heart.. thank you ❤️ thank you for this program, for the people, experiences, the guidance and love. I’ve not felt this way in a long time.. thank you.

Now let’s go have a blast”

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A post shared by Priyanka Annuncia (@bodybypri)

She then expressed her gratitude to her team, family, friends and supporters after her win, saying:

“This one is for all of you ✨

To MUSG team @pinktankevents , I would like to express my deep gratitude and immense honor for this prestigious platform which will enable me to impact many more lives.

To my fellow MUSG & MUA Ladies .You are legends in your own league. I’m honored to have journeyed alongside you and create such meaningful memories that will be etched in my heart.

To my family, friends and supporters, we did it, we did not give up! Indeed the human spirit carries within itself the life and strength to scaIe heights. This journey was made easier because of your love ,support and encouragement This is what I will take with me throughout the next phase of this journey!”

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A post shared by Priyanka Annuncia (@bodybypri)

Fighting human trafficking

Beyond her Miss Universe pageant win, Priyanka also announced her journey to fight human trafficking using her background in private investigations and her double major in Law and Criminology, she said:

“I am Priyanka Annuncia, a passionate individual with a love for learning and helping others. I am an entrepreneur & personal trainer.

Graduating with a double major in Law & Criminology, I have now ventured into making a difference in the legal justice system specifically in the field of Human Trafficking (AAT Thailand).

Thailand has been a hot spot for trafficking crimes and till this day it still happens to a great extent. With my background in Private Investigations I’ve honed my skills for 3 years and now lead investigations, rescue missions and reintegration programs for victims.

I knew from a young age that this was what I wanted to do and I’m grateful to be able to finally do that. When I’m not fighting crime or coaching, you will find me running my clothing line that I started 4 years ago.

I believe that making a difference is not a cliche but a manifestation of a belief system.”

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A post shared by Miss Universe Singapore (@missuniversesingapore.official)

Images source: @jarradseng via Miss Universe Singapore and Priyanka Annuncia on Instagram

In the fast-paced world of the automotive industry, changes are a constant. One such change that has been making headlines is the recent surge in Certificate of Entitlement (COE) prices in Singapore.

This surge, which was observed in the latest tender exercise that concluded on September 20, 2023, has left many car buyers and enthusiasts wondering about its implications.

The Recent Surge in COE Prices

Category A COE

In the recent tender exercise, the Category A COE premium witnessed a notable increase of 3.96 percent. It soared to a record high of S$105,000, up from the previous price of S$101,000 achieved at the last tender exercise. This increase comes as a surprise to many, considering that the previous high for Category A COE was S$103,721.

Category B COE

Category B COE, catering to larger and more powerful cars, experienced a similar trend. The premium increased by 4.45 percent, reaching S$140,889.

This marked a new record high as well, surpassing the previous S$134,889 set just two weeks prior. It’s worth noting that this is the fourth consecutive tender with a record high for Category B COE.

Open Category COE

The Open category COE premium set an all-time high at an astounding S$144,640. This remarkable increase of 5.58 percent is a significant jump from the previous record of S$137,000 in the last round. While the Open category COE is mostly utilized for larger cars, its versatility allows it to be used for any vehicle type except motorbikes.

The Basics of Certificate of Entitlement (COE)

In Singapore, owning a car is a privilege rather than a right. To regulate the number of vehicles on the road, the government implements a system known as COE. This system requires individuals to bid for the right to own and use a car for a period of ten years.

COEs are categorized into three main categories, each catering to different types of vehicles:

Category A: Smaller Cars and Electric Vehicles (EVs)

Category A COE is designed for smaller cars with engines that are smaller than 1,600cc and have less power than 130bhp. It also includes electric vehicles (EVs) with not more than 110 kilowatts of power. These are typically the compact and more fuel-efficient vehicles.

Category B: Larger and More Powerful Cars

Category B COE, on the other hand, is intended for larger and more powerful cars with engines that are bigger than 1,600cc and have more power than 130bhp. This category also includes EVs with more than 110 kilowatts of power. These are the larger, more luxurious vehicles.

Open Category: Versatility in Vehicle Type

The Open category COE, as the name suggests, is versatile and can be used for any vehicle type except motorcycles. This category is known for its flexibility and is often used for larger cars that do not fit into Category B.

What’s Driving the Price Surge?

Now, the big question arises: What is driving this surge in COE prices? Several factors contribute to this phenomenon:

1. Increased Demand: The desire for private transportation in Singapore remains strong, contributing to higher demand for COEs.
2. Supply Constraints: The government’s strict policy on limiting the number of vehicles on the road leads to supply constraints, pushing prices up.
3. Economic Factors: Economic conditions, including inflation and market fluctuations, can impact COE prices.
4. Electric Vehicle Boom: The growing popularity of electric vehicles has also influenced COE prices, especially in Category A and B.

In a world where online scams are becoming increasingly sophisticated, Ms. Lee, an administrative executive, fell victim to a mooncake scam that cost her a staggering $76,000. The story highlights the importance of online vigilance and serves as a cautionary tale for anyone making purchases through unfamiliar online channels.

The Temptation of Mooncakes

According to Shin Min Daily News, It all began innocently enough for Ms. Lee when she stumbled upon a Facebook advertisement for bunny-shaped mooncakes filled with Mao Shan Wang durian from a bakery known as “Sunshine Cake House.” The offer seemed too good to pass up: $29.90 for a box of eight delicious mooncakes.

The Fateful Interaction

Eager to seize the opportunity, Ms. Lee reached out to the seller on Facebook. However, instead of dealing directly with the seller, her contact information was passed on to a “delivery man” who communicated with her through WhatsApp. This is where the story takes a sinister turn.

The Third-Party App Ruse

The so-called “delivery man” instructed Ms. Lee to download a third-party app on her Android phone to facilitate the transaction. This app requested a $1 payment through PayNow as a “deposit” before her order could be placed. Sensing something amiss and being cautious about her bank details, Ms. Lee hesitated. However, the fraudster stepped in and paid the deposit on her behalf.

The Deleted App and the Courteous Caller

Soon after, Ms. Lee decided to delete the third-party app due to difficulties accessing her mobile banking app. She didn’t inform the “delivery man” of this decision, but he quickly caught wind of it. He called her and insisted she download the deleted app again. His politeness played a pivotal role in convincing Ms. Lee to comply.

The Phone Compromise

As the day progressed, the “delivery man” kept Ms. Lee updated on the delivery, repeatedly postponing the time. Eventually, around 11 pm, she retired for the night. Little did she know that her phone had been compromised while she slept.

The Shocking Discovery

Upon waking, Ms. Lee found herself unable to make calls or access her mobile banking apps. Alarmed, she rushed to the nearest ATM to check her bank balance, only to discover that her savings had been wiped clean. The scammers had increased her transaction limit from $500 to $20,000 and siphoned off a staggering $76,000 from her DBS account.

The Aftermath and Investigations

In the aftermath of the scam, Ms. Lee had to borrow a phone to contact her bank and subsequently filed a police report. Investigations are ongoing, but the emotional toll on Ms. Lee is evident. She is left grappling with the loss of funds she had earmarked for the down payment on her new Build-to-Order flat and renovation works.

Unanswered Questions and Lessons Learned

Ms. Lee raises pertinent questions about the bank’s role in this unfortunate incident. She wonders why DBS did not flag the unusual transactions and take preventive measures. Her sentiment is shared by many who believe that banks should be more proactive in protecting their customers from such scams.

The Rising Tide of Mooncake Scams

As the Mid-Autumn Festival approaches, scammers are capitalizing on the holiday spirit with bogus mooncake advertisements. These scams follow a similar modus operandi: “sellers” send payment links that surreptitiously download malware onto victims’ phones. This malicious software allows scammers to gain remote access to devices and drain bank accounts.

In August alone, the police reported that at least 27 individuals fell victim to these mooncake scams, resulting in a collective loss of approximately $325,000.

70-year-old Peck Chuan Ann was charged in court on Tuesday (19 September) with voluntarily causing grievous hurt to 51-year-old Punnataro Wee by attacking him at Tanglin Halt Food Centre with a wooden pole with a nail protruding from it, according to The Straits Times.

The victim ended up suffering a fractured skull, bleeding in his brain and a permanent injury in his right wrist.

What happened?

The story begins one morning in April 2022 at Tanglin Halt Food Centre. Both Peck Chuan Ann and Punnataro Wee owned competing fish soup stalls, and their rivalry had simmered beneath the surface for a while.

On April 8, 2022, Wee arrived at the hawker centre early to prepare for the day ahead.

Peck, seemingly harboring a grudge, appeared shortly afterward. The tension between them escalated when Wee, while passing Peck, exchanged a stare and uttered a few words before returning to his stall.

The Trigger and the Weapon

In an Institute of Mental Health report, Peck would later claim that he attacked Wee because of the provocative stare. He mentioned feelings of indignation and an overwhelming urge to retaliate.

Around 7:08 AM, Peck ventured into the wash basin area of the food centre. There, he discovered a wooden pole hidden behind a folded table.

Sensing an opportunity, he grabbed the pole, which was approximately 71cm long and had a nail protruding at the end of the pole.

The Ambush

Peck’s actions were captured by CCTV cameras. He exited the food centre, took a concealed path that led behind Wee, and re-entered the food centre from behind his rival.

It was around 7:10 AM when Peck ambushed Wee with the wooden pole, relentlessly striking him on the head with the end that had the protruding nail.

The attack caused Wee to collapse to the ground. In a desperate attempt to protect her husband, Wee’s wife rushed over to intervene.

Peck, undeterred, tried to strike her as well. However, through their combined efforts, they managed to disarm Peck after a scuffle, forcing him to flee the scene.

The Aftermath and Legal Consequences

Wee’s injuries were grave; he suffered a scalp laceration, a skull fracture leading to bleeding in his brain, and fractures to his left hand and right wrist.

The hospital’s prognosis indicated that his injured wrist would likely remain permanently impaired. no compensation had been provided to Wee up to this point.

The prosecution argued that Peck’s attack was premeditated and vicious. They highlighted the calculated manner in which Peck had approached Wee, looking around to ensure no witnesses were present and taking a detour around the food centre to ambush the victim. The prosecution also noted that Peck’s aggression persisted even when confronted by Wee’s wife.

In his defense, Peck claimed that he suffered from adjustment disorder at the time of the offense. While an IMH psychiatrist acknowledged some impairment of Peck’s self-control and restraint, it was deemed only mild. The prosecution argued against placing substantial weight on Peck’s psychiatric condition as a mitigating factor.

Peck is set to return to court on 5 October to plead guilty.

Images source: Shin Min Daily News.