The Housing Board and the Central Provident Fund (CPF) Board said yesterday (11 February) that CPF accounts’ interest rates will be remaining the same for the 2nd quarter of 2022.
CPF members under 55 will continue to earn yearly interest rates of up to 3.5% from 1 April to 30 June on their Ordinary Account; while Special and MediSave accounts will see a yearly interest rate of up to 5%.
They include the extra 1% interest on the first $60,000 of their combined balances, which is capped at $20,000 for their Ordinary Account.
CPF members above 55 will get an extra 2% interest from the government on the first $30,000 combined balances which is capped at $20,000 for their Ordinary Account, and an additional 1% on their next $30,000.
They will then be able to earn up to 6% yearly interest for their retirement balance.
This is part of the Government’s efforts to enhance the retirement savings of CPF members, with the extra interest in the Ordinary Account going into their Special Account or Retirement Account.
Under the CPF Life scheme, members above the age of 55 will get a lifelong monthly payout when they turn 65, and extra interest will still be earned on their combined balances.
The yearly floor rate of 2.5% interest earned for the Ordinary Account will be maintained from April to June 2022, along with the 4% for the Special and MediSave accounts.
The 4% on the Retirement Accpount will also remain unchanged for the rest of 2022.