[Bigiron]

CPF CHANGES TO AID IN RETIREMENT
- Enhanced Retirement Sum to be raised from 2025
- Special Account to be closed for those aged 55 and above from 2025
- Increased CPF contribution rates for those aged 55-65 in 2025

Details in our live blog: https://cna.asia/sgbudget2024live

[Alice Alicia]

Like every Ponzi scheme, constant manipulation and adjustments required.

[RiseofAsia]

They want to remove SA after 55.

[RiseofAsia]

Like every Ponzi scheme, constant manipulation and adjustments required.

One day, if we cannot get the payout, it will declare as Ponzi scheme lah.

[LittleBirdStreet]

They want to remove SA after 55.

Transfer money from SA to OA will lead lower interests for elderly people.

[sgh]

Transfer money from SA to OA will lead lower interests for elderly people.

You can put to RA which is their intention as RA interest is 4 whereas OA 2.5

[red3]

Rise sums means lock in more more

[wendychan]

incerease rate for 55 - 65 years
how many in that age group are already retrenched and or soon to be retrenched?

[Wy:Nox]

Even not retrench like did not have any salary increment for past 5 years. Yet, CPF is still vacuuming my savings with increase contribution rates.

[watchfirst9]

incerease rate for 55 - 65 years
how many in that age group  are already retrenched and or soon to be retrenched?

To continue strengthening the retirement adequacy of senior workers, the employer and employee contribution rates for employees aged above 55 to 65 will be raised by 0.5 percentage point and 1 percentage point respectively from 1 January 2025.

In the name of helping, employer may found younger forces become more attractive after 0.5% increment.

[Buffybuffy]

Just a number game. If you are in 20s/30s, bet you there will be more changes in your future. So no need to waste time to understand. Unlce here given up hope liao.

[p1acebo]

Can't be helped. They lost too much money over the years through FTX and many other fiascos. No money to continue paying 4%

[Huliwang]

Increase in contribution rte from age 55 to 65 means people in that age group will be unemployable or quickly retrenched before reaching age 55. Which employer would want to contribute more for the employees especially old farts?      

[wendychan]

in future years

increase contribution rate for all?

and raise the withdrawl rate?


since they need money to be locked locked up

really FOOk them to hell

[Fit]

Paying lower interest is in aid of retirement?