30 May '14, 4am

#CPF #interest rates ’better than market alternatives’. Read more @ #retirement

THE interest rates on Central Provident Fund savings are better than what similar financial pro- ducts in the market offer, said Manpower Minister Tan Chuan-Jin yesterday. Still, the Government will look at how the returns can be improved, Mr Tan assured Parliament. He noted that Ordinary Account savings earn 2.5 per cent interest, while savings in the Special, Medisave and Retirement Accounts earn 4 per cent. An extra 1 per cent is paid on the first $60,000 of combined balances. "These are rates that are far higher than the equivalent rates provided by similar products out in the market today," he said. "But be that as it may... this is an area that we are looking at in terms of making sure that we enhance CPF Life." Details of improvements to this national annuity scheme will be ready in August, when Prime Minister Lee Hsien Loong gives his National Day Rally speech, he ...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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