Budget 2024: CPF Special Account to be closed for those aged 55 and above

For those aged 55 and above, their CPF Special Accounts will be closed from early next year. The savings will be transferred to their Retirement Accounts, which will continue to earn a long-term interest rate of 4%. This was among the slew of measures announced by Deputy Prime Minister and Finance Minister Lawrence Wong to bolster retirement support for seniors. Meanwhile, the Enhanced Retirement Sum cap will be raised four times in 2025. CPF contribution rates for those aged 55 to 65 will also increase by 1.5 percentage point. Sabrina Ng reports.

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