CPF Board transfers savings for 1.4 million seniors, altering interest rates and limits for retirement.

The CPF Board closed Special Accounts for 1.4 million members aged 55 and above on January 19, 2025. Savings were transferred to Retirement Accounts up to $213,000, earning 4% interest, while any extra was moved to Ordinary Accounts at 2.5% interest. Members can boost retirement payouts by transferring more to their RA up to $426,000, but this cannot be reversed. Members will be notified via letter, email, or SMS and advised to be wary of scams.

2 months ago
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