The rate increase will correspond with the raising of the monthly salary ceiling for CPF contributions in September. Read more at straitstimes.com.
SINGAPORE – The interest rate for the Special and MediSave Account of Central Provident Fund members will increase to 4.01 per cent per annum, up from 4 per cent, for the period from July 1 to Sept 30.10-year Singapore Government Securities,
The Government has maintained a floor interest rate of 4 per cent for the Special, Medisave, and Retirement Accounts since 2008. This is the first time the rate for the SMA has gone above 4 per cent since then. “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,” said the statement.
The concessionary interest rate for HDB housing loans will also remain unchanged during this period, at 2.6 per cent a year.from $6,000 to $6,300, which will begin on Sept 1.with incremental jumps in January 2024 and January 2025, which Deputy Prime Minister Lawrence Wong announced during his Budget speech on Feb 14.
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