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CPF interest rates from 1 July 2016 to 30 September 20162317/News/news-categories-info/news-releases<br>  <table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"><p style="text-align:left;"> <strong>CPF interest rates from 1 July 2016 to 30 September 2016</strong></p><ul><li> <strong>Up to 3.5% per annum on the Ordinary Account </strong></li><li> <strong>Up to 5% per annum on the Special and Medisave Accounts</strong></li><li> <strong>CPF members aged 55 and above will earn an additional 1% extra interest on the first $30,000 of their combined balances</strong></li></ul><p> <strong></strong> </p><p> <strong>HDB mortgage rate from 1 July 2016 to 30 September 2016​</strong></p><ul><li><p> <strong>Remains unchanged at 2.6% per annum</strong></p></li></ul></td></tr></tbody></table><p> </p><p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the third quarter of 2016. These interest rates include an extra 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.</p><p>CPF members aged 55 and above will also earn an additional 1% extra interest on the first $30,000 of their combined balances (with up to $20,000 from the OA) from January 2016. This is paid over and above the current extra 1% interest that is earned on the first $60,000 of their combined balances. As a result, CPF members aged 55 and above will earn up to 6% interest per year on their retirement balances.</p><p>The extra interest received on the OA will go into the member’s SA or Retirement Account to enhance his or her retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE.​</p><p>    <strong></strong></p><p> <strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></p><p>The OA interest rate will be maintained at 2.5% per annum from 1 July 2016 to 30 September 2016, as the computed rate of 0.24% is lower than the legislated minimum interest rate.<br> <br>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 July 2016 to 30 September 2016. ​ </p><p>Please refer to Annex A for the detailed computation of the OA interest rate and HDB mortgage rate.   </p><p>   <strong></strong></p><p> <strong>Interest Rate for Special and Medisave Accounts</strong></p><p>The SMA interest rate will be maintained at 4% per annum from 1 July 2016 to 30 September 2016, as the computed rate of 3.43% is lower than the current floor interest rate of 4% per annum.​​</p><p>Please refer to Annex B for the detailed computation of the SMA interest rate. </p><p>   <strong></strong></p><p> <strong>Interest Rate for Retirement Account</strong></p><p>The RA interest rate will be maintained at 4% per annum from 1 January 2016 to 31 December 2016, as announced on 30 November 2015.</p><p>Please refer to Annex C for the detailed computation of the RA interest rate. </p><p>    <strong></strong></p><p> <strong>Public Enquiries</strong></p><p>CPF members can visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188 for enquiries. </p><p> </p><p> </p><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A<br></strong></span></div><div align="right"> <span class="blackhighlight"> <strong>​​<br></strong></span></div><p> <strong></strong> <span class="blackhighlight"> <strong>Computation of CPF OA Interest Rate and HDB Mortgage Rate for 1 July 2016 to 30 September 2016​</strong></span><br><br>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.</p><p> </p><table width="100%" class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Banks’ Interest Rate from February 2016 to April 2016 </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br></span></i> <span style="font-family:calibri, sans-serif;font-size:11pt;">CPF OA Interest Rate for July 2016 to September 2016   <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>                              <em></em></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <em>Plus</em><em>:</em> Fee to cover Cost of Loan Administration</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><div><div>HDB Mortgage Rate for July 2016 to September 2016 ​</div></div></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">0.24% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>2.50% per annum (legislated minimum rate)<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">               <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>​0.10%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br>2.60% per annum</strong><br><b></b></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> ​</p><p align="center" style="text-align:left;"> <span class="blackhighlight"><strong>Note:</strong></span></p><table border="1" cellspacing="1" cellpadding="4" style="width:100%;height:140px;"><tbody><tr align="left" valign="top"><td style="width:13%;height:10px;"><div align="center"><div> </div> </div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"><div> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% per annum)</strong></div></div></td><td rowspan="5" style="width:2%;"><div align="center"> </div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>SAVINGS RATE </strong> <br> <strong> <strong>(% per annum</strong>) </strong></div> <strong> </strong> <strong> </strong> <div> </div></div></td><td style="width:19%;height:10px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>AVERAGE<br>(<strong>% per annum</strong>)</strong></div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:40px;"><div align="center"> <strong></strong> <div> <strong>MONTH / YEAR</strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>DBS <sup>1<sup></sup></sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>OCBC <sup>2</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>UOB <sup>3</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>DBS​ <sup>4</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>​OCBC <sup>5</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>UOB <sup> 6 </sup> </strong></div></div></td><td style="width:19%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>Using the 80FD:20SD formula</strong></div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>29 Feb 2016</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.3500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2367</div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:30px;"><div align="center"><div> <strong>31 Mar 2016</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.3500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2367</div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>30 Apr 2016​</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.3500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2367</div></div></td></tr></tbody></table>​ <br> <table width="98%" border="0"><tbody><tr></tr></tbody></table> <br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account) <br>(5) Balances ≤ $100,000 (EASI-SAVE Account) <br>(6) Balances > $15,000 to $100,000 (UNIPLUS Account) <table width="98%" border="0"><tbody><tr></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr></tbody></table><div align="right"> <a name="AnnexB"></a><span class="blackhighlight"><a name="AnnexB"></a><br><strong>Annex B</strong></span></div>   <table width="100%" border="0" cellspacing="0" cellpadding="2" style="height:930px;"><tbody><tr><td colspan="2"> <span class="blackhighlight"> <strong>Computation of CPF SMA Interest Rate for 1 July 2016 to 30 September 2016</strong></span></td></tr><tr><td colspan="2"><p> <br>The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher. </p><p> </p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;width:100%;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from May 2015 to April 2016</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i><span style="font-family:calibri, sans-serif;font-size:11pt;"><br>Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>Computed CPF SMA Interest Rate for July 2016 to September 2016</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>CPF SMA Interest Rate for </span>July 2016 to September 2016</p></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.43% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">3.43%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">               </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br>4.00% per annum</strong> (current floor rate)</span></p> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <b></b></span> </td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center" style="text-align:left;"> <span class="blackhighlight"><strong>Note:</strong></span></p><p align="center">​ <img src="/Assets/common/PublishingImages/10YRSGS_18May2016.png" alt="" style="margin:5px;width:540px;height:286px;" /></p></td></tr><tr><td>  </td><td><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p></td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexC"></a><span class="blackhighlight"><a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p> <span class="blackhighlight"> <strong>Computation of CPF RA Interest Rate for 1 January 2016 to 31 December 2016</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2016 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher. </td><td valign="top"> </td></tr></tbody></table> <br> <p>The average yield of the 10YSGS plus 1% from November 2014 to October 2015 is 3.39% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2016 will pay a fixed coupon of 4%. <br> <br>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance.</p></td></tr></tbody></table> ​​​​CPF interest rates from 1 July 2016 to 30 September 201617/5/2016 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2376
Relocation of CPF Robinson Road Service Centre to Maxwell Road2316/News/news-categories-info/news-releases<p> <strong>​[12 May 2016]</strong> : With the sale of the CPF Building at 79 Robinson Road, the CPF Board will be relocating the Service Centre at 79 Robinson to 45 Maxwell Road, The URA Centre East Wing in February 2017 to continue providing over-the-counter services to members and employers. The URA Centre East Wing location was chosen for its central location and easy accessibility.</p><p>Further details on the operations of the new CPF Maxwell Service Centre in February 2017 will be made available later part of this year. The Service Centre at Robinson Road will remain in operation until the new CPF Maxwell Service Centre is ready.</p><p> </p><p style="text-align:center;">[END]</p><p> </p><div style="text-align:right;"> <a name="Annex"></a> <strong>Annex</strong> </div><p style="text-align:right;"> </p><table class="ms-rteTable-default" cellspacing="0" style="width:100%;"><tbody><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Robinson Road Service Centre </strong></p><p style="text-align:justify;">79 Robinson Road, #02-00</p><p style="text-align:justify;">Singapore 068897<br><br></p><p style="text-align:justify;"> <strong>CPF Tampines Service Centre</strong></p><p style="text-align:justify;">1 Tampines Central 5, #01-01</p><p style="text-align:justify;">Singapore 529508<br><br></p><p style="text-align:justify;"> <strong>CPF Bishan Service Centre </strong></p><p style="text-align:justify;">3 Bishan Place, #01-01</p><p style="text-align:justify;">Singapore 579838<br><br></p><p style="text-align:justify;"> <strong>CPF Jurong Service Centre</strong></p><p style="text-align:justify;">21 Jurong Gateway Road, #01-01</p><p style="text-align:justify;">Singapore 608546<br><br></p><p style="text-align:justify;"> <strong>CPF Woodlands Service Centre</strong></p><p style="text-align:justify;">900 South Woodlands Drive</p><p style="text-align:justify;">#01-02 Woodlands Civic Centre</p><p style="text-align:justify;">Singapore 730900</p></td><td class="ms-rteTable-default" style="width:50%;text-align:left;"><p> <strong>Service Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 5pm</p><p>Saturdays: 8am to 1pm (Robinson Road Service Centre is closed on Saturdays)</p><p>Customers are encouraged to <a href="https://www.cpf.gov.sg/Members/Services/others/esvpages/e-services/cpf-appointment-service"> make an appointment</a> before visiting the Service Centres. Click <a href="https://www.cpf.gov.sg/Members/Contact/visit-us"> here</a> for more details.</p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Call Centre </strong>(for general enquiries only)</p><p style="text-align:justify;">1800-227-1188</p></td><td class="ms-rteTable-default"><p> <strong>Call Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 5.30pm</p><p> <strong> </strong></p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p> <strong>Email</strong></p><p>For Member-related enquiries, please email to <a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a></p><p>For Employer-related enquiries, please email to <a href="mailto:employer@cpf.gov.sg">employer@cpf.gov.sg </a></p><p>For Direct Debit / GIRO-related enquiries, please email to <a href="mailto:giro@cpf.gov.sg">giro@cpf.gov.sg </a></p><p>For Other enquiries, please email to <br> <a href="mailto:cpfboard@cpf.gov.sg">cpfboard@cpf.gov.sg</a>  </p></td><td class="ms-rteTable-default"> </td></tr></tbody></table>Relocation of CPF Robinson Road Service Centre to Maxwell Road12/5/2016 2:00:00 AMhttps://null/common/Lists/News/DispForm.aspx?ID=2375
CPF interest rates from 1 April 2016 to 30 June 20162312/News/news-categories-info/news-releases<br>  <table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"><p style="text-align:left;"> <strong>CPF interest rates from 1 April 2016 to 30 June 2016</strong></p><ul><li> <strong>Up to 3.5% per annum on the Ordinary Account </strong></li><li> <strong>Up to 5% per annum on the Special and Medisave Accounts</strong></li><li> <strong>CPF members aged 55 and above will earn an additional 1% extra interest on the first $30,000 of their combined balances</strong></li></ul><p> <strong></strong> </p><p> <strong>HDB mortgage rate from 1 April 2016 to 30 June 2016</strong></p><ul><li><p> <strong>Remains unchanged at 2.6% per annum</strong></p></li></ul></td></tr></tbody></table><p> </p><p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2016. These interest rates include an extra 1% interest paid on the first $60,000 of a member's combined balances (with up to $20,000 from the OA) which is part of the Government's efforts to enhance the retirement savings of CPF members. </p><p>CPF members aged 55 and above will also earn an additional 1% extra interest on the first $30,000 of their combined balances from January 2016. This is paid over and above the current extra 1% interest that is earned on the first $60,000 of their combined balances. As a result, CPF members aged 55 and above will earn up to 6% interest per year on their retirement balances.  </p><p>The extra interest received on the OA will go into the member's SA or Retirement Account to enhance his or her retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE.</p><p>    <strong></strong></p><p> <strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></p><p>The OA interest rate will be maintained at 2.5% per annum from 1 April 2016 to 30 June 2016, as the computed rate of 0.23% is lower than the legislated minimum interest rate.<br> <br>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 April 2016 to 30 June 2016. </p><p>Please refer to Annex A for the detailed computation of the OA interest rate and HDB mortgage rate.   </p><p>   <strong></strong></p><p> <strong>Interest Rate for Special and Medisave Accounts</strong></p><p>The SMA interest rate will be maintained at 4% per annum from 1 April 2016 to 30 June 2016, as the computed rate of 3.47% is lower than the current floor interest rate of 4% per annum.</p><p>Please refer to Annex B for the detailed computation of the SMA interest rate. </p><p>   <strong></strong></p><p> <strong>Interest Rate for Retirement Account</strong></p><p>The RA interest rate will be maintained at 4% per annum from 1 January 2016 to 31 December 2016, as announced on 30 November 2015.</p><p>Please refer to Annex C for the detailed computation of the RA interest rate. </p><p>    <strong></strong></p><p> <strong>Public Enquiries</strong></p><p>CPF members can visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188 for enquiries. </p><p> </p><p> </p><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a> <strong>Annex A<br></strong></span></div><div align="right"> <span class="blackhighlight"> <strong>​​<br></strong></span></div><p> <strong></strong><span class="blackhighlight"><strong>Computation of CPF OA Interest Rate and HDB Mortgage Rate for 1 April 2016 to 30 June 2016</strong></span><br><br>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.</p><p> </p><table width="100%" class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Banks’ Interest Rate from November 2015 to January 2016 </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span></i><span style="font-family:calibri, sans-serif;font-size:11pt;">CPF OA Interest Rate for April 2016 to June 2016  <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>                              <em></em></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <em>Plus</em><em>:</em> Fee to cover Cost of Loan Administration</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><div><div>HDB Mortgage Rate for April 2016 to June 2016</div></div></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">0.23% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>2.50% per annum (legislated minimum rate)<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>0.10%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br>2.60% per annum</strong><br><b></b></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> ​</p><p align="center" style="text-align:left;"> <span class="blackhighlight"> <strong>Note:</strong></span></p><table border="1" cellspacing="1" cellpadding="4" style="width:100%;height:140px;"><tbody><tr align="left" valign="top"><td style="width:13%;height:10px;"><div align="center"><div> </div> </div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"><div> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% per annum)</strong></div></div></td><td rowspan="5" style="width:2%;"><div align="center"> </div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>SAVINGS RATE </strong> <br> <strong> <strong>(% per annum</strong>) </strong></div> <strong> </strong> <strong> </strong> <div> </div></div></td><td style="width:19%;height:10px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>AVERAGE<br>(<strong>% per annum</strong>)</strong></div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:40px;"><div align="center"> <strong></strong> <div> <strong>MONTH / YEAR</strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>DBS <sup>1<sup></sup></sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>OCBC <sup>2</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>UOB <sup>3</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>DBS​ <sup>4</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>​OCBC <sup>5</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>UOB <sup> 6 </sup> </strong></div></div></td><td style="width:19%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>Using the 80FD:20SD formula</strong></div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>30 Nov 2015</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2100</div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:30px;"><div align="center"><div> <strong>31 Dec 2015</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.3500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2367</div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>31 Jan 2016</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.3500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2367</div></div></td></tr></tbody></table>​ <br> <table width="98%" border="0"><tbody><tr></tr></tbody></table> <br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account) <br>(5) Balances ≤ $100,000 (EASI-SAVE Account) <br>(6) Balances > $15,000 to $100,000 (UNIPLUS Account) <table width="98%" border="0"><tbody><tr></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr></tbody></table><div align="right"> <a name="AnnexB"></a> <span class="blackhighlight"> <a name="AnnexB"></a> <br> <strong>Annex B</strong></span></div>   <table width="100%" border="0" cellspacing="0" cellpadding="2" style="height:930px;"><tbody><tr><td colspan="2"> <span class="blackhighlight"><strong>Computation of CPF SMA Interest Rate for 1 April 2016 to 30 June 2016</strong></span></td></tr><tr><td colspan="2"><p> <br>The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</p><p> </p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;width:100%;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from February 2015 to January 2016</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>Computed CPF SMA Interest Rate for April 2016 to June 2016</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>CPF SMA Interest Rate for April</span> 2016 to June 2016</p></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.47% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>3.47%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                           <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br></strong></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong></strong></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong>4.00% per annum</strong> (current floor rate)<br></span></p> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <b></b></span> <p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center" style="text-align:left;"> <span class="blackhighlight"> <strong>Note:</strong></span></p><p align="center">​ <img src="/Assets/common/PublishingImages/10YRSGS_17February2016.png" alt="" style="margin:5px;width:540px;height:286px;" /></p></td></tr><tr><td>  </td><td><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p></td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexC"></a> <span class="blackhighlight"> <a name="AnnexC"></a> <strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p> <span class="blackhighlight"><strong>Computation of CPF RA Interest Rate for 1 January 2016 to 31 December 2016</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2016 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table> <br> <p>The average yield of the 10YSGS plus 1% from November 2014 to October 2015 is 3.39% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2016 will pay a fixed coupon of 4%. <br> <br>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance.</p></td></tr></tbody></table> ​CPF interest rates from 1 April 2016 to 30 June 201616/2/2016 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2343
Full Restoration of Website E-Payment Service2310/News/news-categories-info/news-releases<br><p>​<strong>[29 December 2015]</strong>: The website e-payment service, which was temporarily unavailable on Monday, 28 December 2015, has been fully restored.  Members can now use the e-payment service as a payment option for their online transactions on the CPF website.  All other CPF e-services remained available throughout and were unaffected.  The CPF Board would like to thank members for their patience and understanding.</p><p> </p><p style="text-align:center;">[END] </p>Full Restoration of Website E-Payment Service28/12/2015 7:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2337
Full Restoration of CPF E-Services2309/News/news-categories-info/news-releases<p> </p><p> <strong></strong><strong>[19 December 2015]: </strong>CPF e-services have been fully restored following the completion of extensive testing and validation checks. The CPF Board would like to express our sincere appreciation to all members for their patience and understanding.</p><p> </p><p>2            We continue to see a large number of log-ins to the e-services on our website, so members may encounter slow or intermittent access. To ease the traffic on the website, members are encouraged to try logging in after 10pm for non-urgent enquiries. We will closely monitor the performance of the e-services system and make improvements as necessary to enhance members’ experience with our e-services.</p><p> </p><p style="text-align:center;">[END]</p><p> </p> Full Restoration of CPF E-Services18/12/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2336
Restoration of CPF E-Services2308/News/news-categories-info/news-releases<p> </p><p> <strong></strong> <strong>[15 December 2015]: </strong>The CPF Board (CPFB) has today restored the CPF e-services catering to more than 90% of CPF online transactions. In addition to checking and printing account balances, contribution and transaction history, members can now access other frequently used e-services such as changing their monthly housing payments, making voluntary contributions and updating their personal particulars. The remaining e-services and CPF Tools app will progressively be made available. We thank members for your patience and understanding.</p><p> </p><p>2            The resumption of the CPF e-services follows intensive functional and load tests to validate the technical solutions that were applied. Once testing was successfully completed, we began restoration efforts by opening access to the self-help service terminals at the e-Lobby across the five CPF service centres this morning. The CPF e-services were opened to public access tonight.</p><p> </p><p>3           “We apologise for inconveniencing our members. Members have been very patient and understanding as we worked round the clock with our IT vendor, Microsoft, to restore the CPF e-services. Thank you for bearing with us. Our heartfelt thanks also go out to all our staff who have been doing their utmost to ensure that the needs of Singaporeans continue to be met. We will put in the necessary safeguards to ensure service continuity and are committed to improve the service experience for Singaporeans.” Mr Ng Chee Peng, Chief Executive Officer of CPF Board.</p><p> </p><p>4           We expect high traffic to the website in the first few days of e-services restoration, so some members may experience slow or intermittent access. Members are encouraged to try logging in after 10pm for non-urgent enquiries. We will closely monitor the performance of the e-services and will make improvements as necessary.</p><p> </p><p>5           CPFB will continue with the extended customer service hours till the end of this week (Friday, 18 December 2015). Queue ticket issuance timing at our five service centres will remain extended till 6pm and our Call Centres’ operating hours will continue to be extended till 7pm on weekdays. A list of alternative channels which members can use to submit their transaction applications and requests is shown in the <a href="#Annex">Annex</a>.</p><p> </p><p>6            Members can be assured that they will not be levied any late charges by CPFB due to the unavailability of the CPF e-services. Eligible members who have made voluntary contributions and top-ups through alternative channels will qualify for the relevant tax relief as long as we receive their applications by 31 December 2015.</p><p> </p><p style="text-align:center;">[END]</p><p> </p><p> <a name="Annex"></a><strong>Annex: Alternative channels available to members </strong></p><table class="ms-rteTable-default" cellspacing="0" style="width:100%;"><tbody><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Robinson Road Service Centre*</strong></p><p style="text-align:justify;">79 Robinson Road, #02-00</p><p style="text-align:justify;">Singapore 068897<br><br></p><p style="text-align:justify;"> <strong>CPF Tampines Service Centre</strong></p><p style="text-align:justify;">1 Tampines Central 5, #01-01</p><p style="text-align:justify;">Singapore 529508<br><br></p><p style="text-align:justify;"> <strong>CPF Bishan Service Centre </strong></p><p style="text-align:justify;">3 Bishan Place, #01-01</p><p style="text-align:justify;">Singapore 579838<br><br></p><p style="text-align:justify;"> <strong>CPF Jurong Service Centre</strong></p><p style="text-align:justify;">21 Jurong Gateway Road, #01-01</p><p style="text-align:justify;">Singapore 608546<br><br></p><p style="text-align:justify;"> <strong>CPF Woodlands Service Centre</strong></p><p style="text-align:justify;">900 South Woodlands Drive</p><p style="text-align:justify;">#01-02 Woodlands Civic Centre</p><p style="text-align:justify;">Singapore 730900</p></td><td class="ms-rteTable-default" style="width:50%;text-align:left;"><p> <strong>Service Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 6pm</p><p>(till 18 December 2015)</p> <br> <p>Saturdays: 8am to 1pm<br>(last queue ticket issued at 11:30am)<br><br>*Robinson Road Service Centre is closed on Saturdays</p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Call Centre </strong>(for general enquiries only)</p><p style="text-align:justify;">1800-227-1188</p></td><td class="ms-rteTable-default"><p> <strong>Call Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 7pm</p><p>(till 18 December 2015)</p><p> <strong> </strong></p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p> <strong>Email</strong></p><p>For Member-related enquiries, please email to <a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a></p><p>For Employer-related enquiries, please email to <a href="mailto:employer@cpf.gov.sg">employer@cpf.gov.sg </a></p><p>For Direct Debit / GIRO-related enquiries, please email to <a href="mailto:giro@cpf.gov.sg">giro@cpf.gov.sg </a></p><p>For Other enquiries, please email to <br> <a href="mailto:cpfboard@cpf.gov.sg">cpfboard@cpf.gov.sg</a>  </p></td><td class="ms-rteTable-default"> </td></tr></tbody></table><p> </p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#dddddd"><td class="ms-rteTableEvenCol-default" style="width:50%;"> <strong>Types of Services </strong></td><td class="ms-rteTableOddCol-default" style="width:50%;"><p> <strong>Alternative channels available to members for popular transactions</strong></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Retirement-related services </strong>​</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"><p style="text-align:left;">Application for withdrawing CPF savings for members 55 and above</p><p> </p></td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_RWD55.pdf" target="_blank"> https://www.cpf.gov.sg/Assets/members/Documents/FORM_RWD55.pdf</a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Application to commence monthly payouts under the Retirement Sum Scheme</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_RSS30.pdf" target="_blank"> https://www.cpf.gov.sg/Assets/members/Documents/FORM_RSS30.pdf</a></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"><p>Top up Special or Retirement Accounts</p><p> </p></td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/Form_RSSTP.pdf" target="_blank"> https://www.cpf.gov.sg/Assets/members/Documents/Form_RSSTP.pdf </a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Housing-related services </strong>​</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">View housing statement</td><td class="ms-rteTableOddCol-default"><p>Email <a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a> to request for the information to be mailed to your registered address.</p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Commencement / Revision / Cessation of Use of CPF for Monthly Mortgage Payment</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application forms to us:</p><p>HDB flats* financed with bank loan: <a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/public-housing-scheme" target="_blank">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/public-housing-scheme</a></p><p>Private properties: </p><p> <a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/private-properties-scheme" target="_blank">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/private-properties-scheme</a></p><p><i>*HDB flats financed with HDB loan: Please approach HDB Branch Office.</i></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Healthcare-related services </strong></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Top up Medisave to pay for MediShield Life premiums</td><td class="ms-rteTableOddCol-default"><p>Download the form (<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL1.pdf" target="_blank">https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL1.pdf</a>) and</p><ul><li>Pay with NETS at any SingPost branch with this form, or at any SAM, or <br> <br></li><li>Pay with cash or CashCard at any SingPost branches with this form</li></ul></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">Change MediShield Life premium payer</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL2.pdf" target="_blank"> https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL2.pdf</a> </p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Employer-related services</strong></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">Application for waiver of foreign worker levy</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/employers/Documents/FORM_FWL12.pdf" target="_blank"> https://www.cpf.gov.sg/Assets/employers/Documents/FORM_FWL12.pdf</a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Payment Advice for CPF Contributions via AXS</td><td class="ms-rteTableOddCol-default"><p>Download the form (<a href="https://www.cpf.gov.sg/Assets/employers/Documents/FORM_CPF_91B.pdf" target="_blank">https://www.cpf.gov.sg/Assets/employers/Documents/FORM_CPF_91B.pdf</a><span style="text-decoration:underline;">) </span>and</p><ul><li>Pay with cash, NETS or CashCard at any SingPost branch with this form <br> <br></li><li>Pay with cheque and mail the form to us</li></ul></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" colspan="2">​<strong>Self-employed persons-related services ​</strong></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1">​Contributions to Medisave Account only</td><td class="ms-rteTableOddCol-default" rowspan="1"><p>​Download the form (<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE3.pdf" target="_blank">https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE3.pdf</a>) and</p><ul><li>Pay with cash, NETS or CashCard at any SingPost branch with this form<br><br></li></ul><ul><li>Pay by NETS at any SAM<br><br></li></ul><ul><li>Pay with cheque and mail the form to us</li></ul></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1">​<span style="color:#444444;">Voluntary Contributions to 3 CPF Accounts</span></td><td class="ms-rteTableFooterOddCol-default" rowspan="1"><p>​<span style="color:#444444;">Download the form </span>(<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE2.pdf" target="_blank">https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE2.pdf</a>) <span style="color:#444444;">and</span></p><ul><li> <span style="color:#444444;">Pay with cash, NETS or CashCard at any SingPost branch with this form<br><br></span></li></ul><ul><li> <span style="color:#444444;">Pay with cheque and mail the form to us</span></li></ul><p> </p><p> <span style="color:#444444;">Self-employed persons who have not indicated their preference to credit the payments to 3 CPF accounts using the “Application for/or Cancellation of Voluntary Contributions to All 3 CPF Accounts by Self-Employed Persons” (CPF SE4) form, please do so before making the voluntary contribution. Otherwise, the contributions will be credited to the Medisave Account only. </span></p><p> <span style="color:#444444;">Download the form </span>(<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE4.pdf" target="_blank">https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE4.pdf</a>)</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" colspan="2">​<strong>For all enquiries and transactions​</strong></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1">My e-Concierge</td><td class="ms-rteTableOddCol-default" rowspan="1"><p>​My e-Concierge allows you to state your requests, if you are unable to submit your requests via My Requests or if the relevant online forms are unavailable.</p> <br> <p>Login with SingPass and select "My Requests > Other CPF Matters > Submit My e-Concierge requests" to begin.</p> <br> <p>Link: <a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/EConcierge/Cover" target="_blank">https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/EConcierge/Cover</a></p></td></tr></tbody></table>Restoration of CPF E-Services14/12/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2334
Update on CPF E-Services2307/News/news-categories-info/news-releases<p> </p><p> <strong></strong> <strong>[14 December 2015]: </strong>The CPF Board (CPFB) and its IT vendor, Microsoft, have identified the root cause of the technical issues and are working to progressively restore the CPF e-services.  CPFB thanks members for their patience and understanding during this period.</p><p> </p><p>2           Following an in-depth review, Microsoft’s global subject matter experts have determined the root cause of the technical issues to be an integration component used by the website, which had not functioned as intended under situations of high member traffic.  This caused the wrong display of information in a few isolated cases, which prompted CPFB to take the system offline as a safeguard.</p><p> </p><p>3           The CPFB and Microsoft IT teams are currently applying the necessary technical solutions and conducting extensive system testing.  This includes end-to-end user testing and checks to ensure proper functionality and performance before public access is restored.  CPFB would like to reassure members that the technical issues are confined to the website layer and all data, including members’ account details, are unaffected.</p><p> </p><p>4           “We apologise to members for the inconvenience caused.  Much as we would like to bring the e-services online as quickly as possible, we cannot afford to compromise the stability and reliability of the e-services.  We are working round the clock with Microsoft and all necessary resources have been mobilised to conduct thorough functional and load testing.  We will update members on the restoration of the CPF e-services once the effectiveness of the technical solutions have been robustly validated,” Mr Ng Chee Peng, Chief Executive Officer of CPFB.</p><p> </p><p>5           To ensure service continuity for members, selected e-services catering to 70 percent of all online transactions have been made available since Wednesday, 2 December 2015.  Members can check and print their account balances, contribution history and transaction history.  Since the restoration of selected CPF e-services from Wednesday evening, 2 December 2015 till 7.30pm on 14 December, there were more than half a million successful SingPass log-ins to those services.  In addition, CPFB has extended the weekday operating hours of its five service centres from 5pm to 6pm and the CPF Call Centres from 6pm till 7pm.  Self-employed persons who need to make contributions can do so by sending in a cheque or visiting any of the service centres.  Members are also able to perform their transactions using alternative channels as listed in the <a href="#Annex">Annex</a>.  Website informational pages and the e-Submission service for employers are not affected.</p><p> </p><p>6           Members can be assured that they will not be levied any late charges by CPFB due to the current unavailability of the CPF e-services.  Eligible members who make voluntary contributions and top-ups will qualify for the applicable tax relief as long as the Board receives their applications through relevant alternative channels such as mail, CPF service centres, Self-Automated Machines (SAM) and SingPost branches by 31 December 2015. </p><p> </p><p style="text-align:center;">[END]</p><p> </p><p> <a name="Annex"></a><strong>Annex: Alternative channels available to members </strong></p><table class="ms-rteTable-default" cellspacing="0" style="width:100%;"><tbody><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Robinson Road Service Centre </strong></p><p style="text-align:justify;">79 Robinson Road, #02-00</p><p style="text-align:justify;">Singapore 068897<br><br></p><p style="text-align:justify;"> <strong>CPF Tampines Service Centre</strong></p><p style="text-align:justify;">1 Tampines Central 5, #01-01</p><p style="text-align:justify;">Singapore 529508<br><br></p><p style="text-align:justify;"> <strong>CPF Bishan Service Centre </strong></p><p style="text-align:justify;">3 Bishan Place, #01-01</p><p style="text-align:justify;">Singapore 579838<br><br></p><p style="text-align:justify;"> <strong>CPF Jurong Service Centre</strong></p><p style="text-align:justify;">21 Jurong Gateway Road, #01-01</p><p style="text-align:justify;">Singapore 608546<br><br></p><p style="text-align:justify;"> <strong>CPF Woodlands Service Centre</strong></p><p style="text-align:justify;">900 South Woodlands Drive</p><p style="text-align:justify;">#01-02 Woodlands Civic Centre</p><p style="text-align:justify;">Singapore 730900</p></td><td class="ms-rteTable-default" style="width:50%;text-align:left;"><p> <strong>Service Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 6pm</p><p>Saturdays: 8am to 1pm (Robinson Road Service Centre is closed on Saturdays)</p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Call Centre </strong>(for general enquiries only)</p><p style="text-align:justify;">1800-227-1188</p></td><td class="ms-rteTable-default"><p> <strong>Call Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 7pm</p><p> <strong> </strong></p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p> <strong>Email</strong></p><p>For Member-related enquiries, please email to <a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a></p><p>For Employer-related enquiries, please email to <a href="mailto:employer@cpf.gov.sg">employer@cpf.gov.sg </a></p><p>For Direct Debit / GIRO-related enquiries, please email to <a href="mailto:giro@cpf.gov.sg">giro@cpf.gov.sg </a></p><p>For Other enquiries, please email to <br> <a href="mailto:cpfboard@cpf.gov.sg">cpfboard@cpf.gov.sg</a>  </p></td><td class="ms-rteTable-default"> </td></tr></tbody></table><p> </p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#dddddd"><td class="ms-rteTableEvenCol-default" style="width:50%;"> <strong>Types of Services </strong></td><td class="ms-rteTableOddCol-default" style="width:50%;"><p> <strong>Alternative channels available to members for popular transactions</strong></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Retirement-related services </strong>​</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"><p style="text-align:left;">Application for withdrawing CPF savings for members 55 and above</p><p> </p></td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_RWD55.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/FORM_RWD55.pdf</span></a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Application to commence monthly payouts under the Retirement Sum Scheme</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_RSS30.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/FORM_RSS30.pdf</span></a></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"><p>Top up Special or Retirement Accounts</p><p> </p></td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/Form_RSSTP.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/Form_RSSTP.pdf </span></a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Housing-related services </strong>​</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">View housing statement</td><td class="ms-rteTableOddCol-default"><p>Email <a href="mailto:member@cpf.gov.sg"><span style="text-decoration:underline;">member@cpf.gov.sg</span></a> to request for the information to be mailed to your registered address.</p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Commencement / Revision / Cessation of Use of CPF for Monthly Mortgage Payment</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application forms to us:</p><p>HDB flats* financed with bank loan: <a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/public-housing-scheme"><span style="text-decoration:underline;">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/public-housing-scheme</span></a></p><p>Private properties: </p><p> <a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/private-properties-scheme"><span style="text-decoration:underline;">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/private-properties-scheme</span></a></p><p>*HDB flats financed with HDB loan: Please approach HDB Branch Office.</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Healthcare-related services </strong></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Top up Medisave to pay for MediShield Life premiums</td><td class="ms-rteTableOddCol-default"><p>Download the form (<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL1.pdf" style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL1.pdf</a>) and</p><ul><li>Pay with NETS at any SingPost branch with this form, or at any SAM machine, or <br> <br></li><li>Pay with cash or CashCard at any SingPost branches with this form</li></ul></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">Change MediShield Life premium payer</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL2.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL2.pdf</span></a> </p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Employer-related services</strong></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">Application for waiver of foreign worker levy</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/employers/Documents/FORM_FWL12.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/employers/Documents/FORM_FWL12.pdf</span></a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Payment Advice for CPF Contributions via AXS</td><td class="ms-rteTableOddCol-default"><p>Download the form (<a href="https://www.cpf.gov.sg/Assets/employers/Documents/FORM_CPF_91B.pdf"><span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/employers/Documents/FORM_CPF_91B.pdf</span></a><span style="text-decoration:underline;">) </span>and</p><ul><li>Pay with cash, NETS or CashCard at any SingPost branch with this form <br> <br></li><li>Pay with cheque and mail the form to us</li></ul></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" colspan="2">​<strong>Self-employed persons-related services ​</strong></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1">​Contributions to Medisave Account only</td><td class="ms-rteTableOddCol-default" rowspan="1"><p>​Download the form (<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE3.pdf">https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE3.pdf</a>) and</p><ul><li>Pay with cash, NETS or CashCard at any SingPost branch with this form</li></ul><ul><li>Pay by NETS at any SAM</li></ul><ul><li>Pay with cheque and mail the form to us</li></ul></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1">​<span style="color:#444444;">Voluntary Contributions to 3 CPF Accounts</span></td><td class="ms-rteTableFooterOddCol-default" rowspan="1"><p>​<span style="color:#444444;">Download the form </span>(<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE2.pdf">https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE2.pdf</a>) <span style="color:#444444;">and</span></p><ul><li><span style="color:#444444;">Pay with cash, NETS or CashCard at any SingPost branch with this form</span></li></ul><ul><li><span style="color:#444444;">Pay with cheque and mail the form to us</span></li></ul><p> </p><p><span style="color:#444444;">Self-employed persons who have not indicated their preference to credit the payments to 3 CPF accounts using the “Application for/or Cancellation of Voluntary Contributions to All 3 CPF Accounts by Self-Employed Persons” (CPF SE4) form, please do so before making the voluntary contribution. Otherwise, the contributions will be credited to the Medisave Account only. </span></p><p><span style="color:#444444;">Download the form </span>(<a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE4.pdf">https://www.cpf.gov.sg/Assets/members/Documents/FORM_CPF_SE4.pdf</a>)</p></td></tr></tbody></table>Update on CPF E-Services13/12/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2326
Partial Availability of CPF E-Services2305/News/news-categories-info/news-releases<ul><li> <em>Further extension of customer service hours from Monday, 7 December 2015</em></li><li> <em>Selected e-services catering to 70 percent of all online transactions available since 2 December 2015</em></li></ul><p>  </p><p>The CPF Board apologises for the partial availability of CPF e-services. We thank members for their patience and understanding. Since Wednesday, 2 December 2015, selected e-services catering to 70 percent of all online transactions have been made available to members, who can check and print their account balances, contribution history and transaction history. Website informational pages and the e-Submission service for employers also remain unaffected. We are working round the clock with our IT vendor, Microsoft to restore the rest of the e-services as soon as possible.</p><p>On Monday, 30 November 2015, the Board uncovered technical issues arising from the recent website upgrade which caused a wrong display of information in a few isolated cases. We then decided to take the system offline as a safeguard and to conduct a full review of the system to understand the root cause and resolve this.</p><p>The Board assures members that the technical issues affected only the website layer. There is no impact on the Board’s back-end systems and databases, which means that all data, including members’ account details, are completely unaffected.</p><p>We are sparing no effort to resolve this issue and have been working in close partnership with our IT vendor, Microsoft, to assess the system and identify the possible root cause. Microsoft has committed all necessary resources, including tapping into their global subject matter experts, to assist in the effort.</p><p>"We thank members for their patience and understanding during this period. We are doing our utmost to ensure continuity of our services while work on restoration of the full suite of e-services is in progress. We have beefed up resources and are further extending the operating hours of our five service centres and Call Centre to facilitate members’ queries and transactions." Mr Soh Chin Heng, Deputy Chief Executive (Services), CPF Board.</p><p>To facilitate urgent queries and transactions, the operating hours of the CPF service centres and Call Centre have been extended. From next Monday, we will further extend the queue ticket issuance timing from 5pm to 6pm on weekdays at our five service centres at Bishan, Jurong, Robinson Road, Tampines and Woodlands. Our Call Centre’s operating hours will also be further extended from 6pm to 7pm on weekdays. We would like to reassure affected CPF members that they will not be levied late payment charges by the Board due to this situation. The alternative offline channels available to members are listed in the <a href="#Annex">Annex</a>.</p><p>There were a total of 54 million online transactions on the CPF website last year. Given the scope and complexity of the website upgrade, which includes the migration of all online functionalities, we seek members’ understanding that a thorough and careful assessment to identify the root cause and then resolve it takes time. Members’ information and data integrity are of paramount importance to the Board. Even as we are committed to resolving the technical issues quickly, we also need to ensure that all online functionalities are robustly tested and validated before e-services are fully restored.</p><p>Since the restoration of selected CPF e-services from Wednesday evening till 11am today, there were close to 120,000 successful SingPass log-ins to those services. As we are currently seeing more than twice the daily volume of log-ins, some members may experience slowness or be unable to log in. For non-urgent queries, members may wish to log in after 10pm.</p><p>We will continue to provide updates on the restoration of the rest of our e-services via the CPF website and Facebook page.</p><p> </p><p style="text-align:center;">[END]</p><p> </p><p> <a name="Annex"></a><strong>Annex: Alternative channels available to members </strong></p><table class="ms-rteTable-default" cellspacing="0" style="width:100%;"><tbody><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Robinson Road Service Centre </strong></p><p style="text-align:justify;">79 Robinson Road, #02-00</p><p style="text-align:justify;">Singapore 068897<br><br></p><p style="text-align:justify;"> <strong>CPF Tampines Service Centre</strong></p><p style="text-align:justify;">1 Tampines Central 5, #01-01</p><p style="text-align:justify;">Singapore 529508<br><br></p><p style="text-align:justify;"> <strong>CPF Bishan Service Centre </strong></p><p style="text-align:justify;">3 Bishan Place, #01-01</p><p style="text-align:justify;">Singapore 579838<br><br></p><p style="text-align:justify;"> <strong>CPF Jurong Service Centre</strong></p><p style="text-align:justify;">21 Jurong Gateway Road, #01-01</p><p style="text-align:justify;">Singapore 608546<br><br></p><p style="text-align:justify;"> <strong>CPF Woodlands Service Centre</strong></p><p style="text-align:justify;">900 South Woodlands Drive</p><p style="text-align:justify;">#01-02 Woodlands Civic Centre</p><p style="text-align:justify;">Singapore 730900</p></td><td class="ms-rteTable-default" style="width:50%;text-align:left;"><p> <strong>Service Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 6pm (with effect from Monday, 7 Dec)</p><p>Saturdays: 8am to 1pm (Robinson Road Service Centre is closed on Saturdays)</p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p style="text-align:justify;"> <strong>CPF Call Centre </strong>(for general enquiries only)</p><p style="text-align:justify;">1800-227-1188</p></td><td class="ms-rteTable-default"><p> <strong>Call Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 7pm (with effect from Monday, 7 Dec)</p><p> <strong> </strong></p></td></tr><tr><td class="ms-rteTable-default" style="width:52%;"><p> <strong>Email</strong></p><p>For Member-related enquiries, please email to <a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a></p><p>For Employer-related enquiries, please email to <a href="mailto:employer@cpf.gov.sg">employer@cpf.gov.sg </a></p><p>For Direct Debit / GIRO-related enquiries, please email to <a href="mailto:giro@cpf.gov.sg">giro@cpf.gov.sg </a></p><p>For Other enquiries, please email to <br><a href="mailto:cpfboard@cpf.gov.sg">cpfboard@cpf.gov.sg</a>  </p></td><td class="ms-rteTable-default"> </td></tr></tbody></table><p> </p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#dddddd"><td class="ms-rteTableEvenCol-default" style="width:50%;"> <strong>Types of Services </strong></td><td class="ms-rteTableOddCol-default" style="width:50%;"><p> <strong>Alternative channels available to members for popular transactions</strong></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Retirement-related services </strong>​</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"><p style="text-align:left;">Application for withdrawing CPF savings for members 55 and above</p><p> </p></td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/retirement/cpf-withdrawals-at-55-years-old"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/retirement/cpf-withdrawals-at-55-years-old </span></a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Application to commence monthly payouts under the Retirement Sum Scheme</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_RSS30.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/FORM_RSS30.pdf</span></a></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"><p>Top up Special or Retirement Accounts</p><p> </p></td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/Form_RSSTP.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/Form_RSSTP.pdf </span></a></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Housing-related services </strong>​</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">View my housing statement</td><td class="ms-rteTableOddCol-default"><p>Email <a href="mailto:member@cpf.gov.sg"> <span style="text-decoration:underline;">member@cpf.gov.sg</span></a> to request for the information to be mailed to your registered address.</p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Commencement / Revision / Cessation of Use of CPF for Monthly Mortgage Payment</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application forms to us:</p><p>HDB flats* financed with bank loan: <a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/public-housing-scheme"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/public-housing-scheme</span></a></p><p>Private properties: </p><p> <a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/private-properties-scheme"><span style="text-decoration:underline;">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/housing/private-properties-scheme</span></a></p><p>*HDB flats financed with HDB loan: Please approach HDB Branch Office.</p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Healthcare-related services </strong></p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">Top up Medisave to pay for MediShield Life premiums</td><td class="ms-rteTableOddCol-default"><p>Download the form (<a href="https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/healthcare/medishield-life"><span style="text-decoration:underline;">https://www.cpf.gov.sg/Members/Services/forms-and-e-app/schemes/healthcare/medishield-life</span></a><span style="text-decoration:underline;">) </span>and</p><ul><li>Pay with NETS at any SingPost branch with this form, or at any SAM machine, or <br><br></li><li>Pay with cash or CashCard at any SingPost branches with this form</li></ul></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">Change MediShield Life premium payer</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL2.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/members/Documents/FORM_MSL2.pdf</span></a> </p></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" colspan="2"><p> <strong>Employer-related services</strong></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">Application for waiver of foreign worker levy</td><td class="ms-rteTableOddCol-default"><p>Download, complete and mail the application form to us:</p><p> <a href="https://www.cpf.gov.sg/Assets/employers/Documents/FORM_FWL12.pdf"> <span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/employers/Documents/FORM_FWL12.pdf</span></a></p></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">Payment Advice for CPF Contributions via AXS</td><td class="ms-rteTableOddCol-default"><p>Download the form (<a href="https://www.cpf.gov.sg/Assets/employers/Documents/FORM_CPF_91B.pdf"><span style="text-decoration:underline;">https://www.cpf.gov.sg/Assets/employers/Documents/FORM_CPF_91B.pdf</span></a><span style="text-decoration:underline;">) </span>and</p><ul><li>Pay with cash, NETS or CashCard at any SingPost branch with this form <br><br></li><li>Pay with cheque and mail the form to us</li></ul></td></tr></tbody></table>Partial Availability of CPF E-Services3/12/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2324
CPF interest rates from 1 January 2016 to 31 March 20162303/News/news-categories-info/news-releases​​ <table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"><p style="text-align:left;"> <strong>CPF Interest Rates from 1 January 2016 to 31 March 2016</strong></p><ul><li> <strong>Up to 3.5% per annum on the Ordinary Account </strong></li><li> <strong>Up to 5% per annum on the Special, Medisave and Retirement Accounts</strong></li><li> <strong>Up to 5% per annum on Retirement Account</strong></li><li> <strong>CPF members aged 55 and above will earn an additional 1% extra interest on the first $30,000 of their combined balances</strong></li></ul> <br> <p> <strong>HDB mortgage rate from 1 January 2016 to 31 March 2016</strong></p><ul><li> <strong>Remains unchanged at 2.6% per annum</strong></li></ul></td></tr></tbody></table>          <br> <p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the first quarter of 2016. CPF members will also earn up to 5% per annum on their Retirement Account (RA) monies in 2016. These interest rates include an extra 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.<br></p><p>CPF members aged 55 and above will also earn an additional 1% extra interest on the first $30,000 of their combined balances from January 2016. This is paid over and above the current extra 1% interest that is earned on the first $60,000 of their combined balances. As a result, CPF members aged 55 and above will earn up to 6% interest per year on their retirement balances.<br></p><p>The extra interest received on the OA will go into the member’s SA or RA to enhance his or her retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE.<br><br></p> <span class="blackhighlight"> <strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></span><br>​​<br>The OA interest rate will be maintained at 2.5% per annum from 1 January 2016 to 31 March 2016, as the computed rate of 0.21% is lower than the legislated minimum interest rate. Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 January 2016 to 31 March 2016. <p> </p><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p> <br> <span class="blackhighlight"> <strong>Interest Rate for Special and Medisave Accounts</strong></span><br><br> <p> The SMA interest rate will be maintained at 4% per annum from 1 January 2016 to 31 March 2016, as the computed rate of 3.39% is lower than the current floor interest rate of 4% per annum.​​</p><p>Please refer to <a href="#AnnexB">Annex B</a> for the detailed computation of the SMA interest rate​​.<br><br></p> <span class="blackhighlight"><strong>Interest Rate for Retirement Account</strong></span><br><br> <p>The RA interest rate will be maintained at 4% per annum from 1 January 2016 to 31 December 2016.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate.<br><br></p> <span class="blackhighlight"> <strong>Public Enquiries</strong><br><br></span> <p> CPF members can visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188 for enquiries.</p><p> </p><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A<br></strong></span></div><div align="right"> <span class="blackhighlight"> <strong>​​<br></strong></span></div><p> <strong></strong> <span class="blackhighlight"> <strong>Computation of CPF OA Interest Rate and HDB Mortgage Rate for 1 January 2016 to 31 March 2016</strong></span><br><br>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.</p><p> </p><table width="100%" class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Banks’ Interest Rate from August 2015 to October 2015 </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br></span></i> <span style="font-family:calibri, sans-serif;font-size:11pt;">CPF OA Interest Rate for January 2016 to March 2016  <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>                              <em></em></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <em>Plus</em><em>:</em> Fee to cover Cost of Loan Administration</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><div><div>HDB Mortgage Rate for January 2016 to March 2016</div></div></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">0.21% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>2.50% per annum (legislated minimum rate)<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>0.10%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br>2.60% per annum</strong><br><b></b></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> ​</p><p align="center" style="text-align:left;"> <span class="blackhighlight"><strong>Note:</strong></span></p><table border="1" cellspacing="1" cellpadding="4" style="width:100%;height:140px;"><tbody><tr align="left" valign="top"><td style="width:13%;height:10px;"> <div align="center"><div> </div> </div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"><div> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% per annum)</strong></div></div></td><td rowspan="5" style="width:2%;"><div align="center"> </div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div><div align="center"> <strong> </strong> <strong> </strong> <div> </div> <strong> </strong> <strong> </strong></div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>SAVINGS RATE </strong> <br> <strong> <strong>(% per annum</strong>) </strong></div> <strong> </strong> <strong> </strong> <div> </div></div></td><td style="width:19%;height:10px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>AVERAGE<br>(<strong>% per annum</strong>)</strong></div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:40px;"><div align="center"> <strong></strong> <div> <strong>MONTH / YEAR</strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>DBS <sup>1<sup></sup></sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>OCBC <sup>2</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>UOB <sup>3</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>DBS​ <sup>4</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>​OCBC <sup>5</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>UOB <sup> 6 </sup> </strong></div></div></td><td style="width:19%;height:40px;"><div align="center"> <strong> </strong> <strong> </strong> <div> <strong>Using the 80FD:20SD formula</strong></div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>31 Aug 15</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2100</div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:30px;"><div align="center"><div> <strong>30 Sep 15</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2100</div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>31 Oct 15</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2100</div></div></td></tr></tbody></table>​ <br> <table width="98%" border="0"><tbody><tr></tr></tbody></table> <br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account) <br>(5) Balances ≤ $100,000 (EASI-SAVE Account) <br>(6) Balances > $15,000 to $100,000 (UNIPLUS Account) <table width="98%" border="0"><tbody><tr></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr></tbody></table><div align="right"> <a name="AnnexB"></a><span class="blackhighlight"><a name="AnnexB"></a><br><strong>Annex B</strong></span></div>   <table width="100%" border="0" cellspacing="0" cellpadding="2" style="height:930px;"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of CPF SMA Interest Rate for 1 January 2016 to 31 March 2016</strong></span></td></tr><tr><td colspan="2"><p> <br>The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</p><p> </p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;width:100%;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from November 2014 to October 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i><span style="font-family:calibri, sans-serif;font-size:11pt;"><br>Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>Computed CPF SMA Interest Rate for January 2016 to March 2016</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>CPF SMA Interest Rate for </span>January 2016 to March 2016</p></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.39% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>3.39%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                           <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br></strong></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong></strong></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong>4.00% per annum</strong> (current floor rate)<br></span></p> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <b></b></span> <p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center" style="text-align:left;"> <span class="blackhighlight"><strong>Note:</strong></span></p><p align="center">​ <img src="/Assets/common/PublishingImages/10YRSGS_30Nov15.png" alt="" style="margin:5px;width:540px;height:286px;" /></p></td></tr><tr><td>  </td><td><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p></td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexC"></a><span class="blackhighlight"><a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p> <span class="blackhighlight"> <strong>Computation of CPF RA Interest Rate for 1 January 2016 to 31 December 2016</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2016 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table> <br> <p>The average yield of the 10YSGS plus 1% from November 2014 to October 2015 is 3.39% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2016 will pay a fixed coupon of 4%. <br> <br>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance.</p></td></tr></tbody></table> ​CPF interest rates from 1 January 2016 to 31 March 201629/11/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2320
CPF Board awards tender on sale of building at 79 Robinson Road to Southernwood Property Pte Ltd2302/News/news-categories-info/news-releases<p>The CPF Board has awarded the public tender for the sale of the CPF Building at 79 Robinson Road to Southernwood Property Pte Ltd, which belongs to a company wholly owned by Ascendas Land (Singapore) Pte Ltd, at a bid price of $550 million.</p><p>The public tender for the sale of the building which closed on 28 October attracted three bids as follows:</p><ol><li>​Bid of $550 million by Southernwood Property Pte Ltd (Wholly Owned by Southernwood Holding Pte Ltd which in turn is wholly owned by Ascendas Land (Singapore) Pte Ltd)</li> <li>Bid of $538.28 million by Leapford Pte Ltd (Wholly owned by Pacific Century Regional Developments Limited)</li><li>Bid of $280 million by OUE Reef Development Pte Ltd (Wholly owned by Reef Development Holdings Pte Ltd, which in turn, is jointly owned by OUE Limited, Haiyi Holdings Pte Ltd, SingHaiyi Group Ltd)</li></ol> <br> <p>The highest bid came from Southernwood Property Pte Ltd. Southernwood Property Pte Ltd also met all tender criteria, including the strength of their financial standing and purchase conditions such as the assignment of tenancies to the new owner.</p><p>Since 23 November 2015, the corporate operations of the CPF Board have been relocating in phases to Novena Square Towers A and B. The relocation is a strategic move to free up prime office space in the Central Business District for higher-value uses.</p><p>The CPF Service Centre will continue to operate at 79 Robinson Road until further notice. The customer hotline (1800-227-1188) and email (<a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a> or <a href="mailto:employer@cpf.gov.sg">employer@cpf.gov.sg</a>) remain unchanged.</p>CPF Board awards tender on sale of building at 79 Robinson Road to Southernwood Property Pte Ltd26/11/2015 3:00:00 AMhttps://null/common/Lists/News/DispForm.aspx?ID=2318
CPF Board at Robinson Road relocates to Novena Square2301/News/news-categories-info/news-releases<p><strong>Robinson Road Service Centre remains open​</strong></p><p>From 23 November 2015, the corporate operations of the Central Provident Fund (CPF) Board at the CPF Building, 79 Robinson Road will relocate to Novena Square Towers A and B. The relocation will free up prime office space in the Central Business District for higher-value uses.</p><p>The new CPF Board corporate address at Novena Square is:<br><strong>238B Thomson Road <br>#08-00 Tower B Novena Square <br>Singapore 307685</strong></p><p>The move does not affect the CPF Service Centre at 79 Robinson Road which will continue to operate on the second floor of CPF Building till further notice. The customer hotline (1800-227-1188) and email (<a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a> or <a href="mailto:employer@cpf.gov.sg">employer@cpf.gov.sg</a>) also remain unchanged.</p><p>The CPF Building at 79 Robinson Road has been put up for sale through a tender and bids are currently being evaluated.</p><p> </p><p><span lang="EN-GB"><strong>Annex: CPF Service Centres, customer hotline and email:</strong></span></p><ol><li><strong>CPF Robinson Road Service Centre <br></strong>79 Robinson Road, #02-00<br>Singapore 068897<br> </li><li><strong>CPF Tampines Service Centre</strong><br>1 Tampines Central 5, #01-01<br>Singapore 529508<br> </li><li><strong>CPF Bishan Service Centre </strong><br>3 Bishan Place, #01-01<br>Singapore 579838<br> </li><li><strong>CPF Jurong Service Centre</strong><br>21 Jurong Gateway Road, #01-01<br>Singapore 608546<br> </li><li><strong>CPF Woodlands Service Centre</strong><br>900 South Woodlands Drive<br>#01-02 Woodlands Civic Centre<br>Singapore 730900</li></ol><p> </p><p><strong>Service Centre Operating Hours:</strong></p><p>Mondays to Fridays: 8am to 5pm</p><p>Saturdays: 8am to 1pm (Robinson Road Service Centre is closed on Saturdays)</p><p>Customers are encouraged to <a href="https://www.cpf.gov.sg/Members/Services/others/esvpages/e-services/cpf-appointment-service">make an appointment</a> before visiting the Service Centres. Click <a href="https://www.cpf.gov.sg/Members/Contact/visit-us">here</a> for more details. </p>CPF Board at Robinson Road relocates to Novena Square16/11/2015 2:00:00 AMhttps://null/common/Lists/News/DispForm.aspx?ID=2316
Minimum 4% interest rate for Special, Medisave and Retirement Account (SMRA) monies to be extended until 31 December 20162300/News/news-categories-info/news-releases  <table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"><p style="text-align:left;"> <strong>CPF interest rates from 1 October 2015 to 31 December 2015</strong></p><ul><li> <strong>Up to 3.5% per annum on the Ordinary Account</strong></li><li> <strong>Up to 5% per annum on the Special, Medisave and Retirement Accounts</strong></li></ul> <br> <p> <strong>HDB mortgage rate from 1 October 2015 to 31 December 2015</strong></p><ul><li> <strong>Remains unchanged at 2.6% per annum</strong></li></ul></td></tr></tbody></table>          <br> <p>In view of the continuing low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all SMRA monies for another year until 31 December 2016.</p><p>Since 1 January 2008, savings in the SMRA have been invested in Special Singapore Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. This is a market-based rate for instruments of comparable risk and duration, and will ensure that members receive fair and reasonable interest rates.  To help members cope with the transition, the Government had committed to providing a 4% floor rate for SMRA interest for two years up to December 2009. This was subsequently extended in light of global economic conditions and the fact that interest rates had been exceptionally low. The 4% floor rate is currently due to expire on 31 December 2015.</p><p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special, Medisave and Retirement Accounts (SMRA) monies in the fourth quarter of 2015. These interest rates include an additional 1% interest paid on the first $60,000 of a member's combined balances (with up to $20,000 from the OA) which is part of the Government's efforts to enhance the retirement savings of CPF members.</p><p>From 1 January 2016, CPF members aged 55 and older will earn an additional 1% extra interest on the first $30,000 of their combined balances. This is paid over and above the current extra 1% interest that is earned on the first $60,000 of their combined balances. As a result, CPF members aged 55 and above will earn up to 6% interest per year on their retirement balances.</p><p>The extra interest received on the OA will go into the member's SA or RA to enhance his or her retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE.</p> <br> <p> <span class="blackhighlight"><strong><strong>Interest Rate for Ordinary Account and HDB Mortgage <strong>Rate</strong></strong></strong></span></p><p> The OA interest rate will be maintained at 2.5% per annum from 1 October 2015 to 31 December 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate.</p><p>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 October 2015 to 31 December 2015.</p><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p> <br> <p> <span class="blackhighlight"></span><strong>Interest Rate for Special and Medisave Accounts</strong>   </p><p>The SMA interest rate will be maintained at 4% per annum from 1 October 2015 to 31 December 2015, as the computed rate of 3.33% is lower than the current floor interest rate.</p><p>Please refer to <a href="#AnnexB">Annex B</a> for the detailed computation of the SMA interest rate.</p> <br> <p> <span class="blackhighlight"><strong>Interest Rate for Retirement Account </strong></span></p><p>The RA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015, as announced on 25 November 2014.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate. </p> <br> <p> <span class="blackhighlight"><strong>Public Enquiries</strong></span></p><p>CPF members can visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188 for enquiries.<span class="blackhighlight">  </span></p><p style="text-align:right;"> <span class="blackhighlight"><strong><a name="AnnexA"></a>Annex A</strong></span></p>   <p> <strong> <span lang="EN-GB" style="font-family:"calibri",sans-serif;font-size:11pt;"> <strong>Computation of CPF OA Interest Rate and HDB Mortgage Rate for 1 October 2015 to 31 December 2015</strong></span></strong> </p><p>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks' interest rates, whichever is higher.</p><table width="100%" class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Banks' Interest Rate from May 2015 to July 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br></span></i> <span style="font-family:calibri, sans-serif;font-size:11pt;">CPF OA Interest Rate for October 2015 to December 2015 <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>                              <em></em></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <em>Plus</em><em>:</em> Fee to cover Cost of Loan Administration</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><div>HDB Mortgage Rate for October 2015 to December 2015</div></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">0.21% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.50% per annum (legislated minimum rate)<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>0.10%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                            <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br>2.60% per annum</strong><br><b></b></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table> <br> <p> <strong>Note:</strong></p><table border="1" cellspacing="1" cellpadding="4" style="width:100%;height:140px;"><tbody><tr align="left" valign="top"><td style="width:13%;height:10px;"><div align="center"><div> </div> </div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"><div> <strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% per annum)</strong></div></div></td><td rowspan="5" style="width:2%;"><div align="center"> </div><div align="center"> <strong> </strong><strong> </strong> <div> </div> <strong> </strong><strong> </strong></div><div align="center"> <strong> </strong><strong> </strong> <div> </div> <strong> </strong><strong> </strong></div><div align="center"> <strong> </strong><strong> </strong> <div> </div> <strong> </strong><strong> </strong></div></td><td colspan="3" style="width:33%;height:10px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>SAVINGS RATE </strong><br><strong><strong>(% per annum</strong>) </strong></div> <strong> </strong><strong> </strong> <div> </div></div></td><td style="width:19%;height:10px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>AVERAGE<br>(<strong>% per annum</strong>)</strong></div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:40px;"><div align="center"> <strong></strong> <div> <strong>MONTH / YEAR</strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>DBS <sup>1<sup></sup></sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>OCBC <sup>2</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>UOB <sup>3</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>DBS​ <sup>4</sup></strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>​OCBC <sup>5</sup> </strong></div></div></td><td style="width:11%;height:40px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>UOB <sup> 6 </sup> </strong></div></div></td><td style="width:19%;height:40px;"><div align="center"> <strong> </strong><strong> </strong> <div> <strong>Using the 80FD:20SD formula</strong></div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>31 May 15</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2100</div></div></td></tr><tr align="left" valign="top" bgcolor="#dddddd"><td style="width:13%;height:30px;"><div align="center"><div> <strong>30 Jun 15</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2100</div></div></td></tr><tr align="left" valign="top"><td style="width:13%;height:30px;"><div align="center"><div> <strong>31 Jul 15</strong></div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.2500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:11%;height:30px;"><div align="center"><div>0.0500</div></div></td><td style="width:19%;height:30px;"><div align="center"><div>0.2100</div></div></td></tr></tbody></table>​ <br> <sup>1</sup> Balances of $20,000 to < $50,000<br><sup>2</sup> Balances > $20,000 to $50,000 <br> <sup>3</sup> Balances < $50,000 <br> <sup>4</sup> Balances > $10,000 to $100,000 (AUTO-SAVE Account) <div> <sup>5</sup> Balances ≤ $100,000 (EASI-SAVE Account)<br><sup>6</sup> Balances > $15,000 to $100,000 (UNIPLUS Account)</div><table width="98%" border="0"><tbody><tr><td></td></tr></tbody></table><div align="right"> <br> <br> <span class="blackhighlight"> <strong> <a name="AnnexB"></a>Annex B</strong></span></div>   <p> <strong> <span lang="EN-GB" style="font-family:"calibri",sans-serif;font-size:11pt;"> <strong>Computation of CPF SMA Interest Rate for 1 October 2015 to 31 December 2015</strong></span></strong></p><p> The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;width:100%;border-collapse:collapse;"><tbody><tr><td valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:443px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from August 2014 to July 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>Computed CPF SMA Interest Rate for October 2015 to December 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>CPF SMA Interest Rate for </span>October 2015 to December 2015</p></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:311px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.33% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>3.33%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">                           <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br></strong></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong></strong></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong>4.00% per annum</strong> (current floor rate)<br></span></p> <span style="font-family:calibri, sans-serif;font-size:11pt;"><b></b></span> <p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table> <br> <p align="center" style="text-align:left;"> <span class="blackhighlight"><span class="BlackHighLight"><strong>Note:​​​ </strong></span></span>               <span class="blackhighlight"> <strong></strong></span></p><p align="center">​ <img src="/Assets/common/PublishingImages/10YRSGS_29Sept15.jpg" alt="" style="margin:5px;" /></p><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p> <br> <div style="text-align:right;"> <span class="blackhighlight"> <a name="AnnexC"></a> <strong>Annex C</strong></span></div><p> <br> <strong> <span lang="EN-GB" style="font-family:"calibri",sans-serif;font-size:11pt;"> <strong>Computation of CPF RA Interest Rate for 1 January 2015 to 31 December 2015</strong></span></strong></p><p> <strong></strong>RA monies credited in 2015 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</p><p>The average yield of the 10YSGS plus 1% from November 2013 to October 2014 is 3.40% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2015 will pay a fixed coupon of 4%.      </p><p>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance.</p>Minimum 4% interest rate for Special, Medisave and Retirement Account (SMRA) monies to be extended until 31 December 201629/9/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2300
Premium rebates for CPF members under Home Protection Scheme2296/News/news-categories-info/news-releases<p>CPF members who are covered under the Home Protection Scheme (HPS) from 1 July 2006 will receive premium rebates from the Central Provident Fund Board. The rebates arise from better than expected investment returns and lower than projected claims experience. The premium rebates will be credited to eligible members' CPF Ordinary Account in November 2015.</p><p>About 949,000 members will benefit from this rebate exercise, with about half to receive $400 or more. This is the fifth time the Board is distributing HPS premium rebates to members. The last exercise was carried out in 2006.</p><p>HPS is a mortgage-reducing insurance that protects CPF members and their families against losing their homes, in the event of death or permanent incapacity of the insured member before the housing loans for their HDB flats are paid up. Designed to be competitive and affordable for CPF members, HPS premiums are regularly reviewed and were lowered in 2006 and 2012. CPF members must be insured under HPS if they use their CPF savings to pay for the monthly housing loan instalments of their HDB flats. Those who do not use their CPF savings to service their housing loans can also be protected under HPS.  </p><p>Eligible members may check the rebate amount from my cpf Online Services > My Messages by logging in with their SingPass at the CPF website from the second half of November 2015. The rebate amount will also be reflected in the CPF Statement of Account which members will receive in January 2016.</p><p>Members with enquiries may call the CPF Call Centre at 1800-227-1188 or email <a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a></p>Premium rebates for CPF members under Home Protection Scheme4/8/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2296
Singapore wins 2015 United Nations Public Service Award for WorkRight initiative2286news-categories-info/news-releases<p>For the first time ever, Singapore has won the first place in the 2015 United Nations Public Service Awards (UNPSA), in the category of “Promoting Whole-of-Government Approaches in the Information Age”, for the Asia-Pacific region. The award recognises the Ministry of Manpower (MOM) and the Central Provident Fund Board (CPFB)’s achievements in raising national awareness of and compliance with employment laws through the WorkRight initiative (“WorkRight”).</p><p>Launched in September 2012, WorkRight aims to ensure that workers, particularly the more economically vulnerable groups such as low-wage workers, enjoy their basic employment rights under the law. This is achieved through a two-pronged approach covering education and enforcement. </p><p> </p><p> <strong>Use of traditional outreach channels and creative engagement platforms</strong><span lang="EN-SG"><em>  </em></span></p><p>Public education efforts under WorkRight leveraged a mix of communication channels to raise awareness of the employment rights messages to the target audience. This includes traditional outreach channels, such as print, broadcast, social and digital media, and creative engagement platforms, such as flash mob performance of a live musical performance which weaved employment rights message into a colloquial song and dance. WorkRight also produced educational materials targeted at both employees and employers. For example, a comic book to educate security officers about their employment rights was co-produced with the Union of Security Employees. For employers, the "WorkRight Self-Help Toolkit" is a resource for employers to better identify and self-rectify areas of non-compliance with the employment laws. (More information about the UNPSA and WorkRight’s public education efforts can be found in <a href="#AnnexA">Annex A</a>)</p><p> MOM and CPFB also worked hand-in-hand with partners such as the Singapore National Employers Federation, National Trades Union Congress, Community Development Councils and self-help groups<sup>1</sup> in community engagement initiatives, such as job fairs and employer briefing sessions, to raise workers' and employers' understanding of their employment rights and obligations.</p><p> To complement public education efforts, proactive inspections under WorkRight increased ten-fold (from 500 to 5,000) a year. These inspections are aimed at ensuring employers comply with the employment laws, rather than penalising them.</p><p>    <span style="font-size:9pt;"><sup></sup></span></p><p> <span style="font-size:9pt;"><sup>1</sup> Examples of self-help groups that MOM and CPFB worked with include the Chinese Development Assistance Council (CDAC), Council for the Development of Singapore Malay/Muslim Community (MENDAKI), and Singapore Indian Development Association (SINDA). </span></p><p> </p><p> <em> </em> <strong>WorkRight benefitted more than 42,000 workers </strong><em>  </em></p><p> As of 1 Apr 2015, WorkRight has benefitted more than 42,000 Singaporeans; of which, more than half were low-wage workers. These workers now enjoy their statutory entitlements such as timely payment of salary, CPF contributions or payment of overtime allowance. WorkRight has also helped employers better understand their rights and obligations. 9 out of 10 employers from sectors where non-compliance tend to be higher<sup>2</sup> are now found to be complying with employment laws – up from 7 out of 10 in 2013.  </p><p> Mr Lim Swee Say, Minister for Manpower commented, "I am proud of the efforts put in by our officers, and the collaborative efforts of the tripartite partners in reaching out to our workers, especially the many lower wage workers who may not know their rights. We will continue to explore new and effective ways to serve our public better, from policy design, to service delivery and public engagement so as to achieve a better outcome for all."</p><p>MOM and CPFB will be receiving the award at the 2015 United Nations Public Service Forum, Day and Awards Ceremony in Colombia from 23-26 June 2015. The full list of winners is in <a href="/Assets/common/Documents/Annex%20B-%20UNPSA%202015%20Winners%20List.pdf" target="_blank"> Annex B.</a></p><p> <span style="font-size:9pt;">      <sup style="font-family:arial;"> </sup></span></p><p> <span style="font-size:9pt;"> <font style="font-family:arial;"> <sup>2</sup> </font>Non-compliance with the Employment Act and the CPF Act tend to be higher in sectors such as food & beverage, retail, security and cleaning.</span></p><p style="text-align:right;">  </p><p style="text-align:right;"> <a name="AnnexA"></a> <strong>Annex A<br></strong> </p><p style="text-align:left;"> <strong>A) About the United Nations Public Service Awards </strong></p><p style="text-align:justify;"> The <a href="http://www.unpan.org/DPADM/UNPSDayAwards/UNPublicServiceAwards/tabid/1522/language/en-US/Default.aspx">United Nations Public Service Awards (UNPSA)</a> is the most prestigious international recognition of excellence in public service. It rewards the creative achievements and contributions of public service institutions that lead to a more effective and responsive public administration in countries worldwide. Through an annual competition, the UNPSA promote the role, professionalism and visibility of public service. It encourages exemplary public service and recognizes that democracy and successful governance are built on a competent civil service.</p><p style="text-align:justify;"> The UNPSA aim at discovering innovations in governance; rewarding excellence in the public sector; motivating public servants to further promote innovation; enhancing professionalism in the public service; raising the image of public service; enhancing trust in government; and collecting and disseminating successful practices for possible replication. </p><p style="text-align:left;"> The UNPSA takes into consideration a geographical distribution of five regions. In order to level the playing field for nominations received from countries with varying levels of development and income, the following five regions have been established, including: Africa, Asia and the Pacific, Europe and North America, Latin America and the Caribbean, and Western Asia. </p><p style="text-align:left;">  </p><p style="text-align:left;"> <strong>B) About WorkRight's public education efforts</strong></p><table border="0" cellspacing="0" style="width:550px;"><tbody><tr><td style="width:50%;">​<img src="/Assets/common/PublishingImages/Flash%20Mob%20Social%20Media.jpg" alt="" style="margin:5px;" /></td><td style="width:50%;"><p style="text-align:left;"> ​<font face="Arial">1. <span style="text-decoration:underline;">Video of flashmob performance</span></font><font face="Arial" style="text-decoration:underline;">-</font><font face="Arial" style="text-decoration:underline;">"If Only"  </font></p><div> The full video can be viewed online at this link :</div><div> <font face="Arial"></font> </div><div> <span style="font-family:"segoe ui","segoe",tahoma,helvetica,arial,sans-serif;"><a href="https://www.youtube.com/watch?v=ak3fVFhpmeg"><u>https://www.youtube.com/watch?v=ak3fVFhpmeg</u></a> </span></div></td></tr></tbody></table><p> </p><p> </p><table border="0" cellspacing="0" style="width:550px;"><tbody><tr><td style="width:50%;">​<img src="/Assets/common/PublishingImages/Comic%20Book.jpg" alt="" style="margin:5px;" /></td><td style="width:50%;"><p>2. <span style="text-decoration:underline;">Comic book to educate security officers on their employment rights</span></p><p>The comic book can be found online at this link:</p><p> <br> <a href="http://www.ntuc.org.sg/wps/wcm/connect/80f33f0040baba30a54bef1e990aaadb/USE_Handbook_Low_resolution.pdf?MOD=AJPERES&CACHEID=80f33f0040baba30a54bef1e990aaadb">http://www.ntuc.org.sg/wps/wcm/connect/<br>80f33f0040baba30a54bef1e990aaadb/<br>USE_Handbook_Low_resolution.pdf?<br>MOD=AJPERES&<br>CACHEID=80f33f0040baba<br>30a54bef1e990aaadb</a></p><p> This USE-WorkRight comic book was distributed to more than 5,000 security officers. </p><p> </p></td></tr></tbody></table><p> </p><table border="0" cellspacing="0" style="width:550px;"><tbody><tr><td style="width:50%;">​<img src="/Assets/common/PublishingImages/Work%20Right%20Employer%20Toolkit.jpg" alt="" style="margin:5px;" /></td><td style="width:50%;"><p> 3. <span style="text-decoration:underline;">WorkRight Employer's Toolkit</span></p><p> The WorkRight Employer's Toolkit can be found online at this link:</p><p> <br> <a href="http://www.mom.gov.sg/~/media/mom/documents/employment-practices/workright/workright-do-it-right-toolkit.pdf?la=en">http://www.mom.gov.sg/~/<br>media/mom/documents/employment-practices/workright/workright-do-it-right-toolkit.pdf?la=en</a></p><p> The toolkit was distributed to more than 4,300 employers in sectors with higher non-compliance.  </p></td></tr></tbody></table><p> </p>Singapore wins 2015 United Nations Public Service Award for WorkRight initiative8/6/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2286
CPF interest rates from 1 July 2015 to 30 September 20152284news-categories-info/news-releases​​ <table border="0" cellspacing="0" cellpadding="0" style="width:570px;"><tbody><tr><td height="2" valign="top" style="width:570px;"><p><strong>• Up to 3.5% per annum* on the Ordinary Account <br>• Up to 5% per annum*on the Special and Medisave Accounts<br><br></strong></p></td></tr><tr><td height="2" valign="top" style="width:570px;"><p> <strong>HDB MORTGAGE RATE FROM 1 JULY 2015 TO 30 SEPTEMBER 2015<br>• Remains unchanged at 2.6% per annum </strong></p></td></tr><tr><td height="2" valign="top" style="width:570px;"> ​ <p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the third quarter of 2015. </p><p>The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.​<br><br></p></td></tr><tr><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></span></td></tr><tr><td valign="top" style="width:570px;height:102px;"><p> <br>​​The OA interest rate will be maintained at 2.5% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate.</p><p>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 July 2015 to 30 September 2015.</p></td></tr><tr><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p> ​​​​​ </td></tr><tr><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <strong>Interest Rate for Special and Medisave Accounts</strong></span></td></tr><tr><td valign="top" style="width:570px;height:102px;"><p> <br>​​​​​​​​​​​The SMA interest rate will be maintained at 4% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 3.27% is lower than the current floor interest rate.​​</p><p>Please refer to <a href="#AnnexB">Annex B</a> or the detailed computation of the SMA interest rate.​​</p></td></tr><tr><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><span class="blackhighlight"><strong>Interest Rate for Retirement Account</strong><br>​​<br></span></span></td></tr><tr><td height="2" valign="top" style="width:570px;"><p>The RA interest ​​rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015, as announced on 25 November 2014.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate.<br></p></td></tr><tr><td height="2" valign="top" style="width:570px;"><p> </p><div style="font-size:8pt;">*<em>This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</em> </div><div style="font-size:8pt;"> </div><div style="font-size:8pt;"> ​<br> </div></td></tr><tr><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Public Enquiries</strong><br></span></p></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">CPF members can visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188 for enquiries.</font><font face="Arial, Helvetica, sans-serif" size="2"></font></p></td></tr></tbody></table><p> </p><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A<br></strong></span></div><div align="right"> <span class="blackhighlight"><strong>​​<br></strong></span></div><p> <strong></strong> <span class="blackhighlight"> <strong>COMPUTATION OF CPF OA INTEREST RATE AND HDB MORTGAGE FOR 1 JULY 2015 TO 30 SEPTEMBER 2015</strong></span><br><br>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.</p><p> </p> <span class="blackhighlight"> <table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;height:230px;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;height:230px;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;">                               <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​</p><div>Average Banks’ Interest Rate from February 2015 to April 2015 </div><div> <br> </div><div>CPF OA Interest Rate for July 2015 to September 2015 </div><div>                              <br> </div><div>Plus: Fee to cover Cost of Loan Administration </div><div> ​​<br><br> </div><div>HDB Mortgage Rate for July 2015 to September 2015</div></td><td valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:234px;height:230px;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;">                               <span style="font-family:calibri, sans-serif;font-size:11pt;"></span>                                </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;">0.21% (see note)<br><br></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <br> <br> <strong>2.50% per annum</strong> (legislated minimum rate)<br><br><br>0.1​​0%<br><br></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <br> <strong>​2.60% per annu​m​<br></strong> </p></td></tr></tbody></table> </span> </td></tr></tbody></table><p> ​</p><table width="570" border="1" cellspacing="1" cellpadding="4" style="height:228px;"><tbody><tr align="center" bgcolor="#ffffff"><td height="28" colspan="9"><div align="left"> <strong> </strong><span class="blackhighlight"><strong> </strong><u><span class="BlackHighLight"><strong>Note:​​​ </strong></span></u></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;height:43px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td colspan="3" style="width:179px;height:43px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td colspan="3" style="width:173px;height:43px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight"> <strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td style="width:111px;height:43px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>AVERAGE(%PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td style="width:60px;height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong> </strong> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>DBS​ </strong><sup><strong>(4) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>​OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td style="width:111px;height:60px;"><div align="center"> <strong></strong> <font face="Arial, Helvetica, sans-serif" size="2"> <strong></strong> <span class="blackhighlight"> <strong>Using 80FD:20SD formula</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">28-Feb-15</font></div></td><td style="width:60px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td style="width:111px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Mar-15</font></div></td><td style="width:60px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td style="width:111px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td style="width:93px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Apr-15</font></div></td><td style="width:60px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td style="width:111px;"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table>​ <br> <table width="98%" border="0"><tbody><tr></tr></tbody></table> <br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)<font size="2"><font face="Arial"> <br>(5) Balances ≤ $100,000 (EASI-SAVE Account)</font><br><font face="Arial">(6) Balances > $15,000 to $100,000 (UNIPLUS Account)</font></font> <table width="98%" border="0"><tbody><tr></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr></tbody></table><div align="right"> <a name="AnnexB"></a><span class="blackhighlight"><a name="AnnexB"></a><br><strong>Annex B</strong></span></div>   <table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 JULY 2015 TO 30 SEPTEMBER 2015</strong></span></td></tr><tr><td colspan="2"><p><br>The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</p><p> </p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from May 2014 to April 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i><span style="font-family:calibri, sans-serif;font-size:11pt;"><br>Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i></i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>Computed CPF SMA Interest Rate for July 2015 to September 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <br>CPF SMA Interest Rate for July 2015 to September 2015</span></p></td><td width="281" valign="top" style="border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:210.95pt;border-top-width:1pt;border-right-width:1pt;border-bottom-width:1pt;border-top-style:solid;border-right-style:solid;border-bottom-style:solid;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.27% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> ​​</p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><br>3.27%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"><strong><br>4.00% per annum</strong> (current floor rate)<br><b></b></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from May 2014 to April 2015</strong></span> </p><p align="center">​ <img src="/Assets/common/PublishingImages/10YRSGS_13May15.jpg" alt="" style="margin:5px;" /></p></td></tr><tr><td>  </td><td><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p></td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexC"></a><span class="blackhighlight"><a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p> <span class="blackhighlight"> <strong>COMPUTATION OF CPF RA INTEREST RATE FOR 1 JANUARY 2015 TO 31 DECEMBER 2015</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2015 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table><p>The average yield of the 10YSGS plus 1% from November 2013 to October 2014 is 3.40% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2015 will pay a fixed coupon of 4%. <br> <br> The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance. </p></td></tr></tbody></table> ​CPF interest rates from 1 July 2015 to 30 September 201512/5/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2284
Over $378 million in CPF arrears recovered by the CPF Board in 20142281news-categories-info/news-releases<p>The CPF Board (CPFB) has recovered about $378.2 million in CPF arrears, benefitting over 288,000 employees, from cases closed in 2014. The CPF arrears recovered were from underpayment, non-payment and late payment of CPF contributions by employers.<br></p><p>Of the $378.2 million, $14.0 million were for cases of underpayment or non-payment which the CPFB had recovered from close to 2,000 employers in industries such as security, cleaning and food & beverage. This benefitted more than 9,300 employees. </p><p>The remaining $364.2 million recovered came from an average of 4,300 employers who were late in making CPF contributions each month in 2014. The timely detection and follow-up enforcement actions assisted more than 279,000 workers. </p><p> <em>Table 1: Breakdown of CPF Arrears Recovered in 2014<br></em></p><table class="cpf-table cpf-form-table " style="width:687px;text-align:left;"><thead><tr><th></th><th> <strong>CPF contributions recovered</strong> </th><th colspan="1"> <strong>No. of employees who benefitted</strong>​</th><th colspan="1">​<strong>No. of employers from which CPF was recovered</strong></th></tr><tr><th> <strong>Underpay​m​​ent/ Non-payment*</strong>​</th><td>$14.0 million</td><td colspan="1">​More than 9,300</td><td colspan="1">​1,995</td></tr><tr><th> <strong>Late payment</strong><strong><sup>#</sup></strong></th><td>$364.2 million</td><td colspan="1">​More than 279,000</td><td colspan="1">​4,300 per month</td></tr></thead></table> <span style="font-size:9px;">​​​​​</span><span style="line-height:1.6;font-size:10px;">* Underpayment of CPF contributions refers to cases where employers make less CPF contributions for their employees than required. Non-payment refers to cases where employers omit paying CPF contributions for employees.</span> <p> <span style="font-size:10px;"><sup>#</sup> CPF contributions are due at the end of every month. Employers are given a grace period of up to the 14<sup>th</sup> of the next month (if the 14<sup>th</sup> falls on a Saturday, Sunday or Public Holiday, then the grace period will be up to the next working day) to make CPF contributions for their employees. Payments made after the grace period are considered late.</span></p><p>Mr Ng Hock Keong, CPFB Group Director of Employer Collections and Enforcement said, "Since the launch of the WorkRight campaign three years ago to raise awareness of workers' CPF rights, we are starting to see the fruits of our labour. There was a close to 50% reduction in the number of non-compliant employers who did not pay or underpaid their employees' CPF contributions from cases closed in 2014. Both employers and employees must recognise the importance of having CPF contributions as it helps employees meet their retirement, housing and healthcare needs." </p><p>One of the largest sums of CPF arrears recovered in 2014 arose from 11 complainants who were employees of a beauty services company. They had approached CPFB between 2012 and 2013 to report that their employer had underpaid on their monthly CPF contributions. Upon investigation, the Board detected underpayment of CPF contributions on commission, and the employer had also deducted the employer's share of CPF contributions on basic salary from its employees' commission. The recovery actions benefitted close to 100 employees in the company and over $770,000 in CPF arrears were recovered. In addition, the employer refunded over $50,000 to the employees for deducting the employer's share of CPF on basic salary from their commission. </p><p>Employers should take note that CPF is payable on commissions, and may be classified as Additional Wages or Ordinary Wages, depending on when the commissions are paid out to employees. More information can be found at <a href="http://www.cpf.gov.sg/" target="_blank">www.cpf.gov.sg</a>.   ​<br><br></p><h3> <strong>Convictions of Non-Compliance with CPF Act in 2014</strong></h3><p>From 1 January 2014, the general penalties for non-compliance with the CPF Act were raised. First-time offenders may be fined up to $5,000 and/or imprisoned for up to 6 months. Subsequent offenders may face fines of up to $10,000 and/or imprisonment of up to 12 months.</p><p>There were 46 convictions for non-payment and underpayment of CPF, and 223 convictions for late payment last year. All convicted employers were fined and ordered to pay the CPF arrears by the State Court. The list of convicted cases in 2014 can be found <a href="/Assets/members/Documents/List_of_Employers_Convicted_under_the_CPF_Act_Jan_Dec_2014.pdf" target="_blank">here</a>​​.​</p><p>Employers are reminded of their CPF obligations to their local employees. Workers should also check their CPF accounts via the CPF website regularly to ensure that their employers have made the correct CPF contributions. To report non-payment or underpayment of CPF contributions, or non-compliance with the Employment Act, members of the public can call 1800-221-9922 or email <a href="mailto:workright@mom.gov.sg" target="_blank">workright@mom.gov.sg</a>. All information provided will be kept strictly confidential.​<br><br></p><h3> <strong>Public Enquiries</strong></h3><p>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. ​</p>Over $378 million in CPF arrears recovered by the CPF Board in 201427/4/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2281
CPF interest rates from 1 April 2015 to 30 June 20152244news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody> <tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"><p> <span> </span></p></td></tr><tr><td height="2" valign="top"> <br></td><td height="2" valign="top" style="width:570px;"><p><strong>• Up to 3.5% per annum* on the Ordinary Account <br>• Up to 5% per annum*on the Special and Medisave Accounts<br><br></strong></p></td></tr><tr><td height="2" valign="top"> <br></td><td height="2" valign="top" style="width:570px;"><p> <strong>HDB MORTGAGE RATE FROM 1 APRIL 2015 TO 30 JUNE 2015<br>• Remains unchanged at 2.6% per annum </strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2015. </p><p>The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">The OA interest rate will be maintained at 2.5% per annum from 1 April 2015 to 30 June 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate. <br> <br>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 April 2015 to 30 June 2015.</td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p> <span class="blackhighlight"><strong>Interest Rate for Special and Medisave Accounts </strong></span><strong> </strong><span class="blackhighlight"> <br></span></p><p>The SMA interest rate will be maintained at 4% per annum from 1 April 2015 to 30 June 2015, as the computed rate of 3.33% is lower than the current floor interest rate. </p><p>Please refer to <a href="#AnnexB">Annex B</a> for the detailed computation of the SMA interest rate.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <br> <span class="blackhighlight"><strong>Interest Rate for Retirement Account</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>The RA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015, as announced on 25 November 2014.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><div style="font-size:8pt;">*<em>This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</em> </div><div style="font-size:8pt;"> </div></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Public Enquiries</strong></span></p></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">CPF members can visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188 for enquiries.</font><font face="Arial, Helvetica, sans-serif" size="2"></font></p><p><font face="Arial" size="2"></font> </p></td></tr></tbody></table><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a><strong>Annex A</strong></span></div><div align="right"><span class="blackhighlight"><strong></strong></span> </div><p><strong> </strong><span class="blackhighlight"><strong>COMPUTATION OF CPF OA INTEREST RATE AND HDB MORTGAGE FOR 1 APRIL 2015 TO 30 JUNE 2015</strong></span><br><br>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.</p> <span class="blackhighlight"> <table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;height:280px;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Banks’ Interest Rate from November 2014 to January 2015 </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span><font face="Calibri">CPF OA Interest Rate for April 2015 to June 2015 <i> </i></font></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><br> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;">Plus: Fee to cover Cost of Loan Administration </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;">HDB Mortgage Rate for April 2015 to June 2015 </span></p></td><td width="281" valign="top" style="border-width:1pt 1pt 1pt medium;border-style:solid solid solid none;border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:210.95pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">0.21% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><br> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><br> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong>2.50% per annum</strong> (legislated minimum rate)</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;"><br></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><span style="font-family:calibri, sans-serif;font-size:11pt;">0.10%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"><strong style="line-height:1.6;font-family:calibri, sans-serif;font-size:11pt;background-color:transparent;">2.60% per annum</strong></p></td></tr></tbody></table> <p> </p></span> </td></tr><tr><td height="15" valign="top"><p> </p><p> </p></td><td height="15" valign="top" bgcolor="#f4f6d1" style="width:570px;"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#ffffff"><td height="28" colspan="9"><div align="left"> <strong> </strong><span class="blackhighlight"><strong> </strong><u> <span class="BlackHighLight"><strong>Note: </strong></span></u></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>12-M</strong><strong>ONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>AVERAGE(%PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%" style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>MONTH / YEAR</strong></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td style="height:60px;"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>Using 80FD:20SD formula</strong><strong></strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Nov-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Dec-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jan-15</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr></tr></tbody></table><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)<font size="2"><font face="Arial"> <br>(5) Balances ≤ $100,000 (EASI-SAVE Account)</font><br><font face="Arial">(6) Balances > $15,000 to $100,000 (UNIPLUS Account)</font></font><table width="98%" border="0"><tbody><tr> </tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexB"></a> <span class="blackhighlight"> <a name="AnnexB"></a> <br><strong>Annex B</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 APRIL 2015 TO 30 JUNE 2015</strong></span></td></tr><tr><td colspan="2"><p>The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</p><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr><td width="414" valign="top" style="padding:0cm 5.4pt;border:1pt solid black;width:310.2pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Average Yield of 10YSGS from February 2014 to January 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <i> <span style="font-family:calibri, sans-serif;font-size:11pt;">Plus:</span></i><span style="font-family:calibri, sans-serif;font-size:11pt;"> 1.00% <i> </i></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">Computed CPF SMA Interest Rate for April 2015 to June 2015</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">CPF SMA Interest Rate for April 2015 to June 2015</span></p></td><td width="281" valign="top" style="border-width:1pt 1pt 1pt medium;border-style:solid solid solid none;border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:210.95pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm -30.05pt 0pt 0cm;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">2.33% (see note) </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">1.00%<u> </u></span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;">3.33%</span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> </span></p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"> <strong>4.00% per annum</strong> (current floor rate)<br><b><br></b></span></p> <b></b> <p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:calibri, sans-serif;font-size:11pt;"></span> </p></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from February 2014 to January 2015</strong></span><strong> </strong></p><p align="center"> <img src="/Assets/common/PublishingImages/10YRSGS_17Feb15.jpg" border="0" alt="" style="width:521px;height:289px;" /> </p></td></tr><tr><td>  </td><td><p align="left">Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></p></td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexC"></a> <span class="blackhighlight"> <a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p><strong> </strong><span class="blackhighlight"><strong>COMPUTATION OF CPF RA INTEREST RATE FOR 1 JANUARY 2015 TO 31 DECEMBER 2015</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2015 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table><p>The average yield of the 10YSGS plus 1% from November 2013 to October 2014 is 3.40% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2015 will pay a fixed coupon of 4%. <br> <br>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance. </p></td></tr></tbody></table></td></tr></tbody></table>CPF interest rates from 1 April 2015 to 30 June 201516/2/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2244
CPF savings cannot be used to purchase securities on SGX watch-list with effect from 1 March 20162253news-categories-info/news-releases<p>​Companies under Singapore Exchange's (SGX) existing rules are subject to delisting if they fail to exit the SGX watch-list. Therefore, CPF savings under the CPF Investment Scheme (CPFIS) will not be allowed to purchase securities on the SGX watch-list. This will take effect from 1 March 2016.</p><p>This restriction serves to safeguard members' CPF savings as securities placed on the SGX-watch list could potentially be delisted. </p><p>CPF members who have invested in securities prior to their being placed on the SGX watch-list can choose to hold or sell them or participate in corporate actions, subject to the prevailing CPFIS rules and limits for these securities. </p><p>The Board would like to remind members who wish to invest their CPF savings, to exercise prudence and consider the total costs of investment, their investment objective, risk appetite and investment horizon. Those who leave their CPF savings with the Board currently earn guaranteed interest rates of up to 3.5% and 5% per annum in their Ordinary and Special Accounts respectively<sup>1</sup>.</p><p>For more details, please click <a href="/Assets/members/Documents/FAQs_PR10Feb15.pdf" target="_blank">here</a>.</p><p><sup>1</sup>This includes the additional 1% interest paid on the first $60,000 of a member's combined balances, of which up to $20,000 comes from the Ordinary Account.</p><p><strong>Public Enquiries</strong></p><p>For more information, please visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188. ​</p>CPF savings cannot be used to purchase securities on SGX watch-list with effect from 1 March 20169/2/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2253
CPF interest rates from 1 January 2015 to 31 March 20152234news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody> <tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"></td></tr><tr><td height="2" valign="top"><br></td><td height="2" valign="top" style="width:570px;"><p><strong>• Up to 3.5% per annum* on the Ordinary Account <br>• Up to 5% per annum*on the Special and Medisave Accounts<br>• Up to 5% per annum* on the Retirement Account from 1 January 2015 to 31 December 2015</strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the first quarter of 2015. Retirement Account (RA) monies will earn up to 5% per annum in the year 2015. </p><p>The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA), which is part of the Government’s efforts to enhance the retirement savings of CPF members.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><strong>Interest Rate for Ordinary Account and HDB Mortgage Rate</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">The OA interest rate will be maintained at 2.5% per annum from 1 January 2015 to 31 March 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate. <br><br>Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 January 2015 to 31 March 2015. </td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computation of the OA interest rate and HDB mortgage rate.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p> <span class="blackhighlight"><strong>Interest Rate </strong><strong>for Special and Medisave Accounts </strong></span><span class="blackhighlight"></span></p><p>The SMA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 March 2015, as the computed rate of 3.4% is lower than the current floor interest rate.</p><p>Please refer to <a href="#AnnexB">Annex B</a> for the detailed computation of the SMA interest rate.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"> <br> <span class="blackhighlight"><strong>Interest Rate for Retirement Account</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>The RA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015.</p><p>Please refer to <a href="#AnnexC">Annex C</a> for the detailed computation of the RA interest rate.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div style="font-size:8pt;">*<em>This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</em> </div><div style="font-size:8pt;"> </div></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Public Enquiries</strong></span></p></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">CPF members can visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188 for enquiries.</font></p></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a><strong>Annex A</strong></span></div><p>The interest rate on OA monies is adjusted quarterly. OA monies earn either the legislated minimum interest of 2.5% per annum, or the 3-month average of major local banks’ interest rates, whichever is higher.<br><span class="blackhighlight"></span></p></td></tr><tr><td height="15" valign="top"><p> </p><p> </p></td><td height="15" valign="top" bgcolor="#f4f6d1" style="width:570px;"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9" style="width:570px;"><div align="center"> <strong> </strong><span class="blackhighlight"><strong> </strong><u> <span class="BlackHighLight"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>1 JANUARY 2015 TO 31 MARCH 2015</strong></span></u></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><br><strong>AVERAGE</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td><div align="center"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Aug-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Sep-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Oct-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table border="0" style="width:570px;"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months from August 2014 to October 2014 <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for January 2015 to March 2015 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for January 2015 to March 2015 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50% </strong></span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>Plus</strong></span><strong>: </strong>Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.10% </strong></span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for January 2015 to March 2015 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial"> <font size="2"> <span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font></font><font size="2"><font face="Arial"> <br>(5) Balances ≤ $100,000 (EASI-SAVE Account)</font><br><font face="Arial">(6) Balances > $15,000 to $100,000 (UNIPLUS Account)</font></font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of August 2014 to October 2014. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" style="width:570px;"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexB"></a> <span class="blackhighlight"> <a name="AnnexB"></a><strong>Annex B</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 JANUARY 2015 TO 31 MARCH 2015</strong></span></td></tr><tr><td colspan="2">The interest rate on SMA monies is adjusted quarterly. SMA monies earn either the current floor interest rate of 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher.</td></tr><tr><td><p> </p></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from November 2013 to October 2014</td><td width="25%">2.40% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1.00%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">CPF SMA Interest Rate for January 2015 to March 2015</td><td width="25%"> <u> <u>3.40%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">Note:</td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p align="center"> <span class="blackhighlight">10-Year SGS Yield from November 2013 to October 2014</span> </p><p align="center"> <img src="/Assets/members/PublishingImages/10YRSGS_25Nov14.jpg" border="0" alt="" style="width:521px;height:289px;" /> </p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexC"></a> <span class="blackhighlight"> <a name="AnnexC"></a><strong>Annex C</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr><td colspan="2"><p><strong> </strong><span class="blackhighlight"><strong>COMPUTATION OF CPF RA INTEREST RATE FOR 1 JANUARY 2015 TO 31 DECEMBER 2015</strong></span></p></td></tr><tr><td colspan="2">RA monies credited in 2015 will be invested in newly-issued Special Singapore Government Securities (SSGS) which will earn a fixed coupon rate equal to either the 12-month average yield of the 10YSGS plus 1% computed for the year, or the current floor rate of 4% per annum, whichever is higher.</td><td valign="top"> </td></tr></tbody></table><p>The average yield of the 10YSGS plus 1% from November 2013 to October 2014 is 3.40% per annum. As this is below the current floor rate of 4% per annum, new SSGS issued in the year of 2015 will pay a fixed coupon of 4%.<br><br>The interest rate earned by RA monies is the weighted average interest rate of the entire portfolio of these SSGS, which is adjusted in January each year to take into account the coupon rates payable by the new SSGS issuance.</p></td></tr></tbody></table>CPF interest rates from 1 January 2015 to 31 March 201524/11/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2234
CPF Board to reduce Total Expense Ratio for CPFIS funds to benefit members2235/News/news-categories-info/news-releases<p> </p><table cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"><p>As part of the CPF Board’s continuous efforts to lower the cost of investing under the CPF Investment Scheme (CPFIS), the Board will be reducing the limits on the Total Expense Ratio (TER) for unit trusts and investment-linked insurance products under the CPFIS.</p><p>TER refers to the ongoing costs of operating a fund, expressed as a percentage of the fund's average net asset value. The costs may include investment management fees, trustee fees, and audit fees.</p><p>The new TER caps are listed in the table below:</p><table border="1" cellspacing="0" cellpadding="1"><tbody><tr><td width="20%" height="40" align="center" bgcolor="#ffffff"><p align="left"> <span class="blackhighlight">Risk Categories<sup>1</sup> of Funds under CPFIS</span></p></td><td width="25%" height="40" align="center" bgcolor="#ffffff"> <strong><span class="blackhighlight">New TER Caps (%)</span></strong></td><td width="25%" height="40" align="center" bgcolor="#ffffff"> <strong>Existing TER Caps (%)</strong></td></tr><tr><td height="40" align="center"><p align="left">Higher Risk</p></td><td height="40" align="center">1.75</td><td height="40" align="center">1.95</td></tr><tr><td height="40" align="center"><p align="left">Medium to High Risk</p></td><td height="40" align="center">1.55</td><td height="40" align="center">1.75</td></tr><tr><td height="40" align="center"><p align="left">Low to Medium Risk</p></td><td height="40" align="center">0.95</td><td height="40" align="center">1.15</td></tr><tr><td height="40" align="center"><p align="left">Lower Risk</p></td><td height="40" align="center">0.35</td><td height="40" align="center">0.65</td></tr></tbody></table><p> <span style="font-size:8pt;"><sup>1</sup> Risk categories are:<br>a. Higher risk - Funds that invest in equities.<br>b. Medium to high risk - Funds that invest in a mixture of equities and bonds.<br>c. Low to medium risk - Funds that invest substantially in fixed income products or bonds.<br>d. Lower risk - Funds that invest in money market products.</span></p><p>The new TER caps are based on the median TER of CPFIS List A funds in FY2012, and after taking in industry feedback. The new caps will take effect in two phases:</p><ul><li>Phase 1: TER caps are applicable to <strong>new funds</strong> included under CPFIS from <br> <strong>1 October 2014<br><br></strong> </li><li>Phase 2: TER caps are applicable to <strong>existing funds</strong> under CPFIS from <br><strong>1 January 2016</strong></li></ul><p> </p><p>Funds that do not comply with the new TER caps will not be allowed to take in new CPF monies.</p><p>CPF members who have already invested in funds which do not meet the new TER caps, will not be required to redeem their investments. However, if they wish to switch from these funds to other CPFIS funds, they can do so free of charge within a stipulated time.</p><p>Members will be notified of their options by insurers and fund management companies, who will facilitate the switching.</p><p>The Board would like to remind members who wish to invest their CPF savings, to do so prudently and to consider the total costs of investment, their investment objective, risk appetite and investment horizon. Those who leave their CPF savings with the Board currently earn guaranteed interest rates of up to 3.5% and 5% per annum in their Ordinary and Special Accounts respectively.</p><p>A copy of the <a href="/Members/FAQ/schemes/optimising-my-cpf/cpf-investment-schemes#faq16765">FAQ</a> is attached.</p><p> <span class="blackhighlight"><strong>Background: Past measures to improve quality of CPFIS funds and lower costs</strong></span></p><p>To help CPFIS investors achieve better returns, various measures have been taken since 2006 to improve the quality of funds under CPFIS, and lower the cost of investing. </p><table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="border:1pt solid windowtext;"><tbody><tr><td width="85" style="background:#dddddd;padding:2.25pt;border:1pt solid windowtext;width:63.8pt;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <b> <span style="font-family:"verdana","sans-serif";font-size:10pt;">From</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td><td width="599" style="background:#dddddd;padding:2.25pt;border:1pt solid windowtext;width:449.5pt;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <b><span style="font-family:"verdana","sans-serif";font-size:10pt;">Criterion/Description</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Feb </span></p><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">2006</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Tightening of admission criteria. New funds must: <br>(i) meet the revised benchmark set at the top 25 percentile of funds in the global peer group;<br>(ii) have expense ratio that is lower than the median of existing CPFIS funds in its risk category; and<br>(iii) preferably have track record of good performance for at least 3 years.</span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jul    2007</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Sales charge for CPFIS-included funds must not exceed 3%.</span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jan </span></p><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">2008</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Expense ratios for CPFIS-included funds must not exceed the median of existing CPF funds in its risk category: <br> <br></span> <span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p><div align="center"><table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border:currentcolor;border-collapse:collapse;"><tbody><tr style="height:12.7pt;"><td width="217" style="padding:0cm 5.4pt;border:1pt solid black;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <b> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Risk Categories</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td><td width="217" style="border-width:1pt 1pt 1pt medium;border-style:solid solid solid none;border-color:black black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"> <b><span style="font-family:"verdana","sans-serif";font-size:10pt;">Expense Ratios Criterion (%)</span></b><span style="font-family:"verdana","sans-serif";font-size:10pt;"></span></p></td></tr><tr style="height:12.7pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Higher risk</span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1.95</span></p></td></tr><tr style="height:12.7pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Medium to High Risk </span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1.75</span></p></td></tr><tr style="height:12.7pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Low to Medium Risk</span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:12.7pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1.15</span></p></td></tr><tr style="height:13.65pt;"><td width="217" style="border-width:medium 1pt 1pt;border-style:none solid solid;border-color:#f0f0f0 black black;padding:0cm 5.4pt;width:162.95pt;height:13.65pt;background-color:transparent;"><p class="MsoNormal" style="margin:0cm 0cm 0pt;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Lower Risk</span></p></td><td width="217" style="border-width:medium 1pt 1pt medium;border-style:none solid solid none;border-color:#f0f0f0 black black #f0f0f0;padding:0cm 5.4pt;width:162.95pt;height:13.65pt;background-color:transparent;"><p align="center" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:center;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">0.65</span></p></td></tr></tbody></table></div></td></tr><tr style="height:34.6pt;"><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;height:34.6pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jan </span></p><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">2011</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;height:34.6pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">All existing funds must meet the stricter admission criteria before accepting new CPF monies.</span></p></td></tr><tr><td width="85" valign="top" style="padding:2.25pt;border:1pt solid windowtext;width:63.8pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">1 Jul   </span></p><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">2012</span></p></td><td width="599" style="padding:2.25pt;border:1pt solid windowtext;width:449.5pt;background-color:transparent;"><p align="left" class="MsoNormal" style="margin:0cm 0cm 0pt;text-align:left;"> <span style="font-family:"verdana","sans-serif";font-size:10pt;">Wrap fees for CPFIS investments are capped at 1% per annum</span></p></td></tr></tbody></table><div align="center"> </div><p> <span class="subtopicheader"><strong>PUBLIC ENQURIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p></td></tr></tbody></table>CPF Board to reduce Total Expense Ratio for CPFIS funds to benefit members24/9/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2235
Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 20152236/News/news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"><p> <span class="blackhighlight"></span> </p><p> <span class="blackhighlight"><strong>CPF members will continue to earn at least 4% to 5% interest rate on all SMRA Monies in 2015</strong></span></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p>In view of the continuing low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all Special, Medisave and Retirement Account (SMRA) monies for another year until 31 December 2015. SMRA monies within the first $60,000 of a member’s combined balances will therefore continue to earn at least 5% interest.   </p><p>Since 1 January 2008, savings in the SMRA have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. This is a market-based rate for instruments of comparable risk and duration, and will ensure that members receive fair and reasonable interest rates.</p><p>To help members cope with the transition, the Government had committed to providing a 4% floor rate for SMRA interest for two years up to December 2009. This was subsequently extended in light of global economic conditions and the fact that interest rates had been exceptionally low. The 4% floor rate is currently due to expire on 31 December 2014.</p></td></tr><tr><td height="20" valign="top"></td><td height="2" valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> <span class="blackhighlight"><strong>CPF Interest Rate for Ordinary, Special and Medisave Accounts from 1 October 2014 to 31 December 2014</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"><p>All CPF members will continue to earn risk-free interest rates of up to 3.5% per annum on their Ordinary Account (OA) savings, and up to 5% per annum on their Special and Medisave Accounts (SMA) from 1 October 2014 to 31 December 2014.</p><p> <strong>Interest Rate for OA and HDB’s Mortgage Rate</strong></p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><p>Savings in the OA earn either the legislated minimum 2.5% per annum or the 3-month average of major local banks’ interest rates, whichever is higher. </p><p>The computed interest rate derived from the major local banks’ interest rates from May 2014 to July 2014  works out to be 0.21% per annum. As this is below the legislated minimum of 2.5% per annum, the OA interest rate for 1 October 2014 to 31 December 2014 will be maintained at the floor of 2.5% per annum.</p><p>The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage points above the OA interest rate, will remain unchanged at 2.6% per annum from 1 October 2014 to 31 December 2014.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><p>Please refer to <a href="#AnnexA">Annex A</a> for the detailed computations of the OA interest rate and HDB mortgage rate.</p><p> <strong>Interest Rate for SMA</strong></p><p>Savings in the SMA earn either 4% per annum<sup>1</sup>; or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is higher. The interest rate on SMA savings is adjusted quarterly, based on the interest rates on 10YSGS over a preceding 12-month period.</p><p>The average yield of the 10YSGS plus 1%, from August 2013 to July 2014, works out to be 3.41% per annum. As this is below the current floor of 4% per annum, the SMA interest rate for 1 October 2014 to 31 December 2014 will be maintained at the floor of 4% per annum.</p><p>Please refer to <a href="#AnnexB">Annex B</a> for the computation of the SMA interest rate. </p><div style="font-size:8pt;"> <sup>1 </sup>This is in line with the Government’s announcement made in September 2013 to maintain the 4% per annum floor rate for interest earned on all Special, Medisave and Retirement Account savings until 31 December 2014.</div><div style="font-size:8pt;"> </div><p> <strong>Additional Interest of 1% to help you grow your savings</strong></p><p>As part of the government’s efforts to enhance the retirement savings of CPF members, an additional 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from OA. This works out to be 3.5% per annum earned on the first $20,000 in a member’s OA, and 5% per annum earned on the first $40,000 (up to $60,000 if no OA savings) in a member’s Special, Medisave and Retirement Accounts. About two-thirds of all CPF members are earning up to 5% interest on all of their SMRA savings.</p><p>The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% per annum interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top" style="width:570px;"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p> <span class="blackhighlight"> <strong>Background Information on CPF Interest Rates</strong></span></p><p> <span class="blackhighlight"> <strong>Interest Rate for Retirement Account (RA)</strong></span></p><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4% per annum, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 will be 4% per annum, as announced on 13 December 2013.</p></td></tr><tr><td height="2" valign="top"></td><td valign="top" style="width:570px;"></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span></td></tr><tr><td valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</font></p></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a> <strong>Annex A</strong></span></div><div align="right"> <span class="blackhighlight"> </span></div></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1" style="width:570px;"><table border="1" cellspacing="1" cellpadding="4" style="width:570px;"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <b> <span class="blackhighlight"> <u> <span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR <br>1 OCTOBER 2014 TO 31 DECEMBER 2014</span></u></span></b></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><br><strong>AVERAGE</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA)</strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-May-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Jun-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jul-14</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (May 2014 to July 2014) <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2014 to Dec 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2014 to Dec 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Oct 2014 to Dec 2014 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 May 2014 to 31 July 2014. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" style="width:570px;"> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><div align="right"> <a name="AnnexB"></a> <span class="blackhighlight"> <a name="AnnexB"></a> <strong>Annex B</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>COMPUTATION OF CPF SMA INTEREST RATE FOR 1 OCTOBER 2014 TO 31 DECEMBER 2014</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from August 2013 to July 2014</td><td width="25%">2.41% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>3.41%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top" style="width:570px;"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from August 2013 to July 2014</strong></span></p><p align="center"> <span class="blackhighlight"> <img src="/Assets/members/PublishingImages/10YRSGS_18Sep14.jpg" alt="" style="margin:5px;width:521px;height:277px;" /></span> </p></td></tr></tbody></table>Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 201517/9/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2236
CPF members earn 4% interest rates on Special and Medisave Accounts from 1 July 2014 to 30 September 20141993news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2">            </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to earn a risk-free interest rate of 4% per annum on their Special and Medisave Accounts (SMA) from 1 July 2014 to 30 September 2014.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2013 to maintain the 4% per annum floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2014.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% per annum or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from June 2013 to May 2014, works out to be 3.42%, which is lower than the current floor of 4% per annum. Accordingly, the SMA interest rate payable to CPF members from 1 July 2014 to 30 September 2014 will be maintained at the floor of 4% per annum.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <span class="blackhighlight"><strong>Additional Interest of 1%</strong></span></p><p>As part of the government’s efforts to enhance the retirement savings of CPF members, an additional 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). This works out to be 3.5% per annum earned on the first $20,000 in a member’s OA, and 5% per annum earned on the first $40,000 (up to $60,000 if no OA savings) in a member’s SMA and RA. Around 60% of members are effectively earning 5% interest on all of their Special, Medisave and Retirement Account savings.</p><p>The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% per annum interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4% per annum, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 will be 4% per annum, as announced on 13 December 2013.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"><strong>Public Enquiries</strong></span><strong> </strong> </td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</font></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from June 2013 to May 2014</td><td width="25%">2.42% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>3.42%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from June 2013 to May 2014</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_24Jun14.jpg" alt="" style="margin:5px;" /></span> </p></td></tr></tbody></table>CPF members earn 4% interest rates on Special and Medisave Accounts from 1 July 2014 to 30 September 201423/6/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1993
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2014 to 30 September 20141997news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><p> <span class="blackhighlight"> <strong>Interest Rate For Ordinary Account (OA)</strong></span></p></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>All CPF members will continue to enjoy a risk-free interest rate of 2.5% per annum on their Ordinary Account savings from 1 July 2014 to 30 September 2014.</p><p>The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, February 2014 to April 2014, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for July 2014 to September 2014 will remain unchanged at 2.50% per annum.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><p> <span class="blackhighlight"> <span class="blackhighlight"> <strong>Extra Interest of 1%</strong></span></span></p></td></tr><tr><td height="65" valign="top"></td><td height="65" valign="top"><p>As part of our efforts to enhance the retirement savings of CPF members, an extra 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><p> <span class="blackhighlight"> <span class="blackhighlight"> <strong>HDB’s Mortgage Rate</strong></span></span></p></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2014 to 30 September 2014.</p><p>The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="/Employers/News/news-categories-info/news-releases/1993#Annx"><span style="text-decoration:underline;"><font color="#0066cc">Annex</font></span></a>.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td width="1" height="13" valign="top"></td><td width="550" height="13" valign="top"> <span class="subtopicheader"> <strong>P</strong><strong>UBLIC ENQUIRIES</strong></span></td></tr><tr><td width="1" height="32" valign="top"></td><td width="550" height="32" valign="top"><p>For more information, please visit <a href="http://www.cpf.gov.sg/"><span style="text-decoration:underline;"><font color="#0066cc">www.cpf.gov.sg</font></span></a> or call the CPF Call Centre at 1800-227 1188.</p></td></tr><tr><td height="32" valign="top"></td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top"> <span class="blackhighlight"> <a name="#Annx"> <span class="blackhighlight">ANNEX</span></a> :</span> </td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <strong><span class="blackhighlight"><span style="text-decoration:underline;"><span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR 1 JULY 2014 TO 30 SEPTEMBER 2014</span></span></span></strong></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> </div><div align="center"> </div><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></div></td><td width="93%" rowspan="2"><div align="center"> <span class="blackhighlight"><br><strong>AVERAGE</strong></span></div><div align="center"> <span class="blackhighlight"> <strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <span class="blackhighlight"><strong>MONTH / YEAR</strong></span></div></td><td><div align="center"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></div></td><td><div align="center"> <span class="blackhighlight"><strong>UOB </strong><sup><strong><strong>(6)</strong></strong></sup></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">28-Feb-14</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.2100</div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">31-Mar-14</div></td><td><div align="center"><div align="center"><div align="center">0.2500</div></div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center"><div align="center">0.2100</div></div></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">30-Apr-14</div></td><td><div align="center"><div align="center">0.2500</div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center">0.2100</div></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top">(A) </td><td width="59%" align="left" valign="top"> <span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></td><td width="8%" align="center" valign="top"></td><td width="28%" align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">Average for 3 months (Feb 2014 to Apr 2014) <br>(Using the 80 FD:20 SD formula)<br></td><td align="center" valign="top"> <span class="blackhighlight"> <strong>0.21%</strong> </span></td><td align="left" valign="top">(computed interest rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Jul 2014 to Sep 2014 </td><td align="center" valign="top"> <span class="blackhighlight"><strong>2.50%</strong> </span></td><td align="left" valign="top">(legislated minimum rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top">(B) </td><td align="left" valign="top"> <span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Jul 2014 to Sep 2014 </td><td align="center" valign="top"> <span class="blackhighlight"><strong>2.50%</strong></span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration</td><td align="center" valign="top"> <span class="blackhighlight"> <strong>0.10%</strong> </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td> <span class="blackhighlight">------- </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">HDB Mortgage Rate for Jul 2014 to Sep 2014</td><td> <span class="blackhighlight"> <strong>2.60%</strong> </span></td><td></td></tr><tr><td></td><td></td><td> <span class="blackhighlight">------- </span></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td height="115" colspan="4"><p> <span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account) <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)<br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)<br></p></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 February 2014 to 30 April 2014.</td></tr></tbody></table></td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2014 to 30 September 201420/5/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1997
Changes to the CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 2014 for a more secure retirement1994news-categories-info/news-releases<p> </p><p> <span class="blackhighlight"><strong>CPF Minimum Sum to better meet Singaporeans’ expectations of basic standard of living in retirement</strong></span></p><p>1. To cater to Singaporeans’ rising expectations of what is considered a basic standard of living in retirement, the CPF Minimum Sum has been increasing for each group of members turning 55 yearly, to reach a target of $120,000 (in 2003 dollars) by 2015. In order to maintain its real value over time, the Minimum Sum increases to account for inflation.</p><p>2. In view of this, the Minimum Sum that will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015 is $155,000. This will be set aside in their Retirement Account using savings from their Special, and then Ordinary Accounts. The Minimum Sum for CPF members who turn 55 before 1 July 2014 remains unchanged.</p><p>3. The Minimum Sum provides CPF members with monthly payouts from the Draw-Down Age (DDA)<sup><font size="2">1</font></sup>. Setting aside more retirement savings means higher payouts when members retire. To illustrate, under the CPF LIFE Standard Plan, setting aside the full Minimum Sum of $155,000 at age 55 provides a lifelong payout of about $1,200/month, while $75,000 will provide about $620/month.</p><p> <span class="blackhighlight"><strong>Medisave Minimum Sum and Medisave Contribution Ceiling to better cater for Singaporeans’ long-term healthcare needs</strong></span></p><p>4. The Medisave Minimum Sum is the amount a CPF member needs to set aside in his Medisave Account for his own and his dependants’ healthcare expenses, as well as MediShield and ElderShield premiums during old age.</p><p>5. With Singaporeans living longer and the availability of better quality of medical treatment, Singaporeans will need to save more in their Medisave Accounts to help pay for their healthcare expenses. In addition, as Medisave is opened up to more uses, regular Medisave Minimum Sum adjustments are necessary to help Singaporeans better prepare for their long-term healthcare needs.</p><p>6. From 1 July 2014,</p><p> a) The Medisave Minimum Sum will be raised to $43,500 from $40,500. A member will need to have this amount in his Medisave Account and also meet the CPF Minimum Sum before excess funds can be withdrawn. b) The Medisave Contribution Ceiling will be increased correspondingly to $48,500, from $45,500. This is the maximum balance a member can have in his Medisave Account.</p><p>7. Any Medisave contribution in excess of the current Contribution Ceiling will be transferred to the member’s Special Account, if he is below age 55, or to his Retirement Account, if he is above age 55 and has a CPF Minimum Sum shortfall.</p><p> <span class="subtopicheader"><strong>PUBLIC ENQUIRIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/"> <span style="text-decoration:underline;"> <font color="#0066cc">www.cpf.gov.sg</font></span></a> or call the CPF Call Centre at 1800-227-1188.</p><p> <span style="font-size:8pt;"><sup>1</sup> The Draw-Down Age (DDA) is the age at which members will receive monthly payouts from their CPF savings. For members who turn 55 from 2013, their DDA will be 65 years old.</span></p><p> </p><table style="width:607px;"> </table> <span style="font-size:8pt;"> <p> <br> <img src="/Assets/members/PublishingImages/press8May2014_1.jpg" alt="" style="margin:5px;" /> <br> <img src="/Assets/members/PublishingImages/press8May2014_2.jpg" alt="" style="margin:5px;" /> <img src="/Assets/members/PublishingImages/press8May2014_3.jpg" alt="" style="margin:5px;" /> </p></span>Changes to the CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 2014 for a more secure retirement7/5/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1994
$420 million in CPF arrears recovered by CPF Board in 20131990/News/news-categories-info/news-releases<p>The CPF Board (CPFB) has recovered about $420 million in CPF arrears, benefitting more than 250,000 local workers, from cases closed in 2013. In comparison, CPFB recovered $293 million in 2012. The increase in CPF arrears recovered was due to the step up in enforcement efforts by CPFB, as well as an increased awareness of workers’ rights, generated by the WorkRight<sup>1</sup> Initiative.</p><p>The CPF arrears recovered were from underpayment, non-payment and late payment of CPF contributions by employers. For cases of underpayment or non-payment, CPFB recovered $16.6 million from 3,900 errant employers in industries such as security, cleaning and food & beverage. This benefitted more than 19,000 employees.</p><p>The CPFB also found that an average of 3,600 employers made CPF contributions late each month. The timely detection and follow-up enforcement actions assisted more than 230,000 workers, totaling $406.6 million.</p><p> <em>Table 1: Breakdown of CPF Arrears Recovered in 2013<br></em></p><table class="cpf-table cpf-form-table " style="width:687px;text-align:left;"><thead><tr><th></th><th> <strong>CPF contributions recovered</strong> </th><th colspan="1"> <strong>No. of employees who benefitted</strong>​</th><th colspan="1">​<strong>No. of employers from which CPF was recovered</strong></th></tr><tr><th> <strong>Underpay​m​​ent/ Non-payment*</strong>​</th><td>$16.6 million</td><td colspan="1">​More than 19,000</td><td colspan="1">​3,900</td></tr><tr><th> <strong>Late payment</strong><strong><sup>#</sup></strong></th><td>$406.6 million</td><td colspan="1">​More than 230,000</td><td colspan="1">​3,600 per month</td></tr></thead></table> <span style="font-size:9px;">​​​​​</span><span style="line-height:1.6;font-size:10px;">* Underpayment of CPF contributions refers to cases where employers make less CPF contributions for their employees than required. Non-payment refers to cases where employers omit paying CPF contributions for employees.</span> <p> <span style="font-size:10px;"> <sup>#</sup> CPF contributions are due at the end of every month. Employers are given a grace period of up to the 14<sup>th</sup> of the next month (if the 14<sup>th</sup> falls on a Saturday, Sunday or Public Holiday, then the grace period will be up to the next working day) to make CPF contributions for their employees. Payments made after the grace period are considered late.</span></p><p> </p><p>Mdm Teng and Mdm Goh (not their real names) are two beneficiaries of CPFB’s enforcement efforts. They had worked part-time in a neighbourhood minimart, and reported that their employer had not been paying their CPF contributions since 2004 via the WorkRight hotline. CPFB investigated their complaints and helped them recover more than $20,000 in unpaid CPF contributions. Because of their feedback, CPFB also managed to recover about $80,000 in CPF contributions, which was owed to more than 20 employees of the minimart. “I am happy that CPF Board managed to help me recover my money. I also managed to get Workfare after this. It’s a bonus that my call helped my old colleagues at the minimart.” said Mdm Teng.</p><p>Mr Ng Hock Keong, Director of Enforcement Division at CPFB, said, “All employees, who are Singapore Citizens or Permanent Residents, are entitled to CPF contributions from their employers, even if they work on a part-time basis. The majority of employers are actually compliant and understand their CPF obligations to their employees. The WorkRight campaign has further raised awareness amongst employees of their CPF rights. This has enabled us take swifter action against errant employers as more workers are now coming forward to check their CPF entitlements.”</p><p> </p><h3> <strong>Convictions of Non-Compliance with CPF Act in 2013</strong></h3><p>In 2013, there were 41 convictions for non-payment and underpayment of CPF, and 202 convictions for late payment. All convicted employers were fined and ordered to pay the CPF arrears by the Subordinate Court. The list of convicted cases in 2013 can be found <a href="/Assets/members/Documents/Annex_List_of_Convictions_in_2013.pdf" target="_blank">here</a>.</p><p>To further protect vulnerable workers, CPFB has increased the general penalties for non-compliance with the CPF Act. With effect from 1 January 2014, first-time offenders may be fined up to $5,000 and/or imprisoned for up to 6 months. Subsequent offenders may face fines of up to $10,000 and/or imprisonment of up to 12 months.</p><p>Employers are reminded of their CPF obligations to their local employees. Workers should also check their CPF accounts via the CPF website regularly to ensure that their employers have made the correct CPF contributions. To report non-payment or underpayment of CPF contributions, or non-compliance with the Employment Act, members of the public can call 1800-221-9922 or email <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a>. All information provided will be kept strictly confidential.</p><p> </p><h3> <strong>Public Enquiries</strong></h3><p>For more information, please visit <a href="https://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p><p> </p><p><span style="font-size:9pt;"><sup>1</sup> The WorkRight initiative was introduced in 2012 by the Ministry of Manpower and the CPF Board to raise national compliance with the Employment Act and CPF Act. The areas of focus include payment of CPF contributions, timely salary and overtime payment, provision of paid annual and sick leave, and adherence to requirements regarding working hours, amongst others. This is achieved through a two-prong initiative covering enforcement and education.</span></p>$420 million in CPF arrears recovered by CPF Board in 201327/4/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1990
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2014 to 30 June 20141991news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 April 2014 to 30 June 2014.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2013 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2014.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from March 2013 to February 2014, works out to be 3.19%. Accordingly, the SMA interest rate payable to CPF members from 1 April 2014 to 30 June 2014 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <strong> </strong> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>As part of the government's efforts to enhance the retirement savings of CPF members, an additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA).  The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings.  If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong></strong><span class="blackhighlight"><strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 is 4%, as announced on 13 December 2013.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from March 2013 to February 2014</td><td width="25%">2.19% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>3.19%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from March 2013 to February 2014</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_17Mar14.jpg" alt="" style="margin:5px;width:540px;height:274px;" /></span> </p></td></tr></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2014 to 30 June 201416/3/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1991
MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers1992news-categories-info/news-releases<a href="http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx">http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx</a>MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers20/2/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1992
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2014 to 30 June 20141989news-categories-info/news-releases<p> </p><table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"></td><td valign="top"><span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>All CPF members will continue to enjoy a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 April 2014 to 30 June 2014.</p><p>The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, November 2013 to January 2014, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for 1 April 2014 to 30 June 2014 will remain unchanged at 2.50% per annum.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"></td><td height="65" valign="top"><p>As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"><span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"></td><td height="48" valign="top"><p>The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 April 2014 to 30 June 2014.</p><p>The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="/Employers/News/news-categories-info/news-releases/1989#Annx"><span style="text-decoration:underline;"><font color="#0066cc">Annex</font></span></a>.</p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td width="1" height="13" valign="top"></td><td width="550" height="13" valign="top"><span class="subtopicheader">PUBLIC ENQUIRIES</span></td></tr><tr><td width="1" height="32" valign="top"></td><td width="550" height="32" valign="top"><p>For more information, please visit <a href="http://www.cpf.gov.sg/"><span style="text-decoration:underline;"><font color="#0066cc">www.cpf.gov.sg</font></span></a> or call the CPF Call Centre at 1800-227 1188.</p></td></tr><tr><td height="32" valign="top"></td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </td></tr><tr><td height="15" valign="top"></td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"><strong><span class="blackhighlight"><span style="text-decoration:underline;"><span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR 1 APRIL 2014 to 30 JUNE 2014</span></span></span></strong></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> </div><div align="center"> </div><div align="center"> </div></td><td width="96%" colspan="3"><div align="center"><span class="blackhighlight"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></div></td><td width="93%" rowspan="2"><div align="center"><span class="blackhighlight"><br><strong>AVERAGE</strong></span></div><div align="center"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"><span class="blackhighlight"><strong>MONTH / YEAR</strong></span></div></td><td><div align="center"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></div></td><td><div align="center"><span class="blackhighlight"><strong>UOB </strong><sup><strong>(6) </strong></sup></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">30-Nov-13</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.2100</div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">31-Dec-13</div></td><td><div align="center"><div align="center"><div align="center">0.2500</div></div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center"><div align="center">0.2100</div></div></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center">31-Jan-14</div></td><td><div align="center"><div align="center">0.2500</div></div></td><td><div align="center">0.2500</div></td><td><div align="center">0.2500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center">0.0500</div></td><td><div align="center"><div align="center">0.2100</div></div></td></tr></tbody></table><br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top">(A) </td><td width="59%" align="left" valign="top"><span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></td><td width="8%" align="center" valign="top"></td><td width="28%" align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">Average for 3 months (Nov 2013 to Jan 2014) <br>(Using the 80 FD:20 SD formula)<br></td><td align="center" valign="top"><span class="blackhighlight"><strong>0.21%</strong> </span></td><td align="left" valign="top">(computed interest rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td align="left" valign="top"></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Apr 2014 to Jun 2014 </td><td align="center" valign="top"><span class="blackhighlight"><strong>2.50%</strong> </span></td><td align="left" valign="top">(legislated minimum rate)</td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top">(B) </td><td align="left" valign="top"><span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td align="center" valign="top"></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">CPF OA Interest Rate for Apr 2014 to Jun 2014 </td><td align="center" valign="top"><span class="blackhighlight"><strong>2.50%</strong> </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </td><td align="center" valign="top"><span class="blackhighlight"><strong>0.10%</strong> </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top"></td><td><span class="blackhighlight">------- </span></td><td></td></tr><tr><td align="left" valign="top"></td><td align="left" valign="top">HDB Mortgage Rate for Apr 2014 to Jun 2014 </td><td><span class="blackhighlight"><strong>2.60%</strong> </span></td><td></td></tr><tr><td></td><td></td><td><span class="blackhighlight">------- </span></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td height="115" colspan="4"><p><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account) <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)<br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)<br></p></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of November 2013 to January 2014.</td></tr></tbody></table></td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2014 to 30 June 201418/2/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1989
CPF members to enjoy 4% interest rates on Special and Medisave Accounts from 1 January to 31 March 2014, and on Retirement Account from 1 January to 31 December 20141996news-categories-info/news-releases<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top">          <br> <i> <span class="blackhighlight"> <strong>In addition, the Medisave Required Amount will be adjusted to $40,500 from 1 January 2014 and surpluses from the Dependants’ Protection Scheme rebates will be distributed to eligible members on 15 December 2013</strong></span></i></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <br><br>CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 January to 31 March 2014, and on their Retirement Account (RA) from 1 January to 31 December 2014.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 December 2012 to 30 November 2013, works out to be 2.93%. Accordingly, the SMA interest rate payable to CPF members from 1 January 2014 to 31 March 2014 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in Special Singapore Government Securities (SSGS) which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 will be 4%.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>As part of our efforts to enhance the retirement savings of CPF members, an additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Medisave Minimum Sum</strong></span></p><p>The Medisave Minimum Sum (MMS) was introduced in 1984 to enable Singaporeans to set aside enough money to meet healthcare expenses in their older years, especially after retirement.</p><p>Members who turn 55 and are able to meet the CPF Minimum Sum are required to top up their Medisave Account (MA) to the current MMS when they make a CPF withdrawal. To minimise the impact on Singaporeans nearing the CPF withdrawal age, this top-up requirement was phased in over ten years from 2003 through the Medisave Required Amount (MRA).</p><p>From 1 January 2014, the MRA will be adjusted to $40,500 from the current $38,500 and converge with the current MMS. With the MRA fully phased-in, the MRA and the MMS will henceforth be merged and adjusted together, and will be referred to as the “Medisave Minimum Sum.”</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Dependants’ Protection Scheme Rebates</strong></span></p><p>The Central Provident Fund Board will distribute $29m of surplus from its Dependants’ Protection Scheme (DPS) to members who had active covers when DPS was privatised on 17 September 2005. This rebate will be credited to their CPF Ordinary Account on 15 December 2013.</p><p>CPF members who are eligible for the rebates can check the amount from my cpf Online Services > My Messages by logging in with their SingPass to the CPF website.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span><strong> </strong> </td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from December 2012 to November 2013</td><td width="25%">1.93% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.93%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from December 2012 to November 2013</strong></span></p><p align="center"> <span class="blackhighlight"> <img src="/Assets/members/PublishingImages/10YRSGS_13Dec13.jpg" alt="" style="margin:5px;" /></span> </p></td></tr></tbody></table>CPF members to enjoy 4% interest rates on Special and Medisave Accounts from 1 January to 31 March 2014, and on Retirement Account from 1 January to 31 December 201412/12/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1996
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2014 to 31 March 20141998news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"></td><td valign="top"> <span class="blackhighlight"> <strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to enjoy a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 January 2014 to 31 March 2014.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 August 2013 to 31 October 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for January 2014 to March 2014 will remain unchanged at 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</font></p> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"> <span class="blackhighlight"> <strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 January 2014 to 31 March 2014.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="subtopicheader"> <strong>PUBLIC ENQUIRIES</strong></span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <a name="#Annx"> <span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <b> <span class="blackhighlight"> <u> <span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR JANUARY 2014 to MARCH 2014</span></u></span></b></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> <strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><b><strong>(6)</strong> </b></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Aug-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Sep-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Oct-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Aug 2013 to Oct 2013) <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2014 to Mar 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2014 to Mar 2014 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Jan 2014 to Mar 2014 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 August 2013 to 31 October 2013.</font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2014 to 31 March 201417/11/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1998
MOM's news release: Speech by Mr Tan Chuan-Jin, Acting Minister for Manpower at the WorkRight Roadshow, 09 November 2013, 2:10 PM, Tampines Mall Level 4 Open Plaza1995news-categories-info/news-releases<a href="http://mom.gov.sg/newsroom/Pages/SpeechesDetail.aspx?listid=455">http://mom.gov.sg/newsroom/Pages/SpeechesDetail.aspx?listid=455</a>MOM's news release: Speech by Mr Tan Chuan-Jin, Acting Minister for Manpower at the WorkRight Roadshow, 09 November 2013, 2:10 PM, Tampines Mall Level 4 Open Plaza8/11/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1995
Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 20142000news-categories-info/news-releases<p> </p> <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>One–Year Extension of 4% Floor Rate for all SMRA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Since 1 January 2008, savings in the Special, Medisave and Retirement Account (SMRA) have been invested in Special Singapore Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. This is a market-based rate for instruments of comparable risk and duration, and will ensure that members receive fair and reasonable interest rates.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>To help members cope with the transition, the Government had committed to providing a 4% floor rate for SMRA interest for two years up to December 2009. This was subsequently extended in light of global economic conditions and the fact that interest rates had been exceptionally low. The 4% floor rate is currently due to expire on 31 December 2013.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>In view of the uncertainty in the global economy and low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all SMRA monies for another year until 31 December 2014. SMRA monies within the first $60,000 of a member’s combined balances will therefore continue to earn a 5% interest rate. </p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>From 1 January 2015, the SMRA rates will be pegged to the 12-month average yield of 10YSGS plus 1%, subject to the statutory floor rate of 2.5% per annum that applies to all CPF accounts.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>CPF Interest Rate for Special and Medisave Accounts from 1 October 2013 to 31 December 2013</strong><strong> </strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 October 2013 to 31 December 2013, as the 12-month average yield of 10YSGS plus 1% from 1 September 2012 to 31 August 2013 works out to be 2.68%, which is below the current floor of 4%.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2013.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest Rates for SMA and RA monies </strong></span></p><p> <strong></strong><span class="blackhighlight"><strong>Additional Interest of 1%</strong></span></p><p>As part of the Government’s efforts to enhance CPF members’ retirement savings, an additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE. </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for SMA monies </strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period. </p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for RA monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or the 4% floor, whichever is the higher. The fixed coupon rate is adjusted yearly in January.</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of SSGS, and adjusted yearly in January. As announced on 21 December 2012, the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 will be 4%.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"><u><strong>Public Enquiries</strong></u></span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table></td><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A</strong></span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from 1 September 2012 to 31 August 2013</td><td width="25%">1.68% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>2.68%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from September 2012 to August 2013</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_27Sep13.jpg" alt="" style="margin:5px;" /></span> </p></td></tr></tbody></table>Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 201426/9/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2000
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 October 2013 to 31 December 20132001news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to enjoy a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 October 2013 to 31 December 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 May 2013 to 31 July 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for October 2013 to December 2013 will remain unchanged at 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</font></p> <font face="Arial, Helvetica, sans-serif" size="2"></font></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 October 2013 to 31 December 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="subtopicheader">PUBLIC ENQUIRIES</span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <b><span class="blackhighlight"><u><span class="BlackHighLight">COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR <br>OCTOBER 2013 TO DECEMBER 2013</span></u></span></b></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><b><strong>(6</strong>) </b></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-May-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Jun-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jul-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (May 2013 to July 2013) <br>(Using the 80 FD:20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2013 to Dec 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Oct 2013 to Dec 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Oct 2013 to Dec 2013 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 May 2013 to 31 July 2013. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 October 2013 to 31 December 201314/8/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2001
MOM's news release: Appointment of Mr Chiang Chie Foo as Chairman, CPF Board1999news-categories-info/news-releases<a href="http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=512">http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=512</a>MOM's news release: Appointment of Mr Chiang Chie Foo as Chairman, CPF Board26/6/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=1999
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 July 2013 to 30 September 20132002news-categories-info/news-releases<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 July 2013 to 30 September 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2013.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 June 2012 to 31 May 2013, works out to be 2.43%. Accordingly, the SMA interest rate payable to CPF members from 1 July 2013 to 30 September 2013 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"> <strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA).  The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings.  If the member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in Special Singapore Government Securities (SSGS) which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 is 4%, as announced on 21 December 2012.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight">Public Enquiries</span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from June 2012 to May 2013</td><td width="25%">1.43% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.43%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from June 2012 to May 2013</strong></span></p><p align="center"> <span class="blackhighlight"> <img src="/Assets/members/PublishingImages/10YRSGS_14Jun13.jpg" alt="" style="margin:5px;" /></span> <strong> </strong></p></td></tr></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 July 2013 to 30 September 201313/6/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2002
CPFB Recovers $293 Million in Owed and Late CPF Contributions in 20122004news-categories-info/news-releases<p> </p><table cellspacing="0" cellpadding="0"><tbody><tr><td valign="top"><p>More than 200,000 local workers have benefited from the increased enforcement efforts by the CPF Board in 2012, with a total of some $293 million of CPF arrears (including late payments) being recovered.</p><p>Of the $293 million, $9.4 million was recovered from 4,000 companies who underpaid or did not pay CPF. 66% of these companies were found to have underpaid CPF contributions while the rest did not pay CPF contributions. The CPF Board’s enforcement efforts on underpayment and non-payment of CPF in 2012 benefited more than 11,000 employees, a 10% increase from 2011.</p><p>The Board also detected an average of 3100 employers who were paying CPF contributions late each month, amounting to a total of $283.7 million of CPF arrears recovered in 2012. More than 190,000 workers benefited from CPFB’s recovery efforts, consistent with 2011’s figure.</p><p>Table 1 </p><table width="500" border="1" cellspacing="0" cellpadding="0"><tbody><tr><td> </td><td align="center"><strong>Contributions Recovered</strong></td><td align="center"><strong>Employees Benefitted</strong></td></tr><tr><td align="center"><strong>Underpayment/Non-Payment</strong></td><td align="center"><strong>$9.4 million</strong></td><td align="center"><strong>More than 11,000</strong></td></tr><tr><td align="center"><strong>Late Payment</strong></td><td align="center"><strong>$283.7 million</strong></td><td align="center"><strong>More than 190,000</strong></td></tr></tbody></table><p><br>One worker who benefited from CPFB’s enforcement efforts is Mdm Foo (not her real name), who worked as a part-time waitress in the cafeteria of a healthcare company. Mdm Foo lodged a complaint on 12 November 2012 through the WorkRight<sup>1</sup> Hotline against her employer for the omission of CPF contributions for herself and other part-time colleagues working in the company. Following the CPF Board’s investigations, about $82,000 of CPF contributions owed to 27 employees for the period January 2008 to February 2013 were recovered.</p><p>“I feel it is important that workers, especially those with low wages, get their rightful CPF as it enables them to get Workfare. I hope that my example will encourage other workers whose CPF contributions are compromised to stand up for their own rights,” said Mdm Foo. As a result of Mdm Foo’s complaint, some of her part-time colleagues not only started receiving CPF contributions from the employer, but will also be receiving Workfare of up to $700 for their work done in Q1 2013.</p><p>The audits and investigations carried out by the CPF Board were part of the Board’s ongoing efforts to ensure that workers are paid the CPF contributions that are due to them.</p><p>Mr Ng Hock Keong, Director of Enforcement Division at CPF Board said, “Since late last year, the CPF Board has stepped up the number of audits and on-site inspections to deter errant and recalcitrant employers from circumventing their CPF and EA obligations. Such enforcement activities complement our outreach efforts to raise awareness amongst employees and employers of their CPF rights and obligations. Hence, through enforcement and education, we hope to see greater compliance with the CPF Act and Employment Act.”</p><p><sup>1</sup> The WorkRight programme seeks to ensure that all workers, particularly more vulnerable groups such as low-wage workers, enjoy their basic employment rights under the law. Under the programme, the Ministry of Manpower and CPF Board are stepping up on enforcement and education efforts to bring about compliance with the CPF Act and Employment Act.</p><p><span class="blackhighlight">Employers must contribute to employees’ CPF</span></p><p>It is an offence under the CPF Act for employers to default on CPF contributions. Regular audits on employers, including on-site inspections, are conducted to ensure CPF contributions are paid promptly and correctly. Upon detection of CPF non-compliance, the CPF Board takes action to recover the arrears and late payment interest. Prosecution action may be taken against employers who do not comply. First-time offenders may be fined $2,500 for each offence. Repeat offenders may be fined $10,000 for each offence.</p><p>In 2012, there were a total of 39 convictions for non-payment and underpayment of CPF, and 180 convictions for late payment. All convicted employers were fined and ordered to pay the CPF arrears by the Subordinate Court. The list of convicted cases in 2012 can be found <a href="/Assets/common/Documents/NewsReleases/AnnexA_ListofConvictedEmployers_JanDec2012.pdf" target="_blank">here</a>.</p><p>Employers must be mindful of the CPF obligations to their local employees. Workers are encouraged to check their CPF accounts regularly by calling the CPF hotline 1800-221-9922 or via the CPF website to ensure that their employers have made the correct CPF payments. Workers and members of the public can call 1800-221-9922 or email <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a> to report non-payment or underpayment of CPF contributions, or any non-compliance of the Employment Act. Calls and emails will be kept strictly confidential.</p><p><span class="subtopicheader">PUBLIC ENQURIES</span><br>For more information, please visit <a href="http://www.mom.gov.sg/workright" target="_blank">www.mom.gov.sg/workright</a>.</p></td></tr><tr><td> </td></tr></tbody></table>CPFB Recovers $293 Million in Owed and Late CPF Contributions in 201222/5/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2004
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2013 to 30 September 20132005news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 July 2013 to 30 September 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 February 2013 to 30 April 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for July 2013 to September 2013 will remain unchanged at 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">As part of our efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2013 to 30 September 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="subtopicheader">PUBLIC ENQUIRIES</span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="1" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="blackhighlight" style="color:#444444;"><font face="Arial, Helvetica, sans-serif" size="3"><u style="text-decoration:underline;"><font size="2" style="text-decoration:underline;"><span class="BlackHighLight" style="color:#444444;text-decoration:underline;"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>JULY 2013 TO SEPTEMBER 2013</strong></span></font></u></font></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><b><strong>(6)</strong> </b></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">28-Feb-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Mar-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Apr-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Feb 2013 to Apr 2013) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jul 2013 to Sep 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jul 2013 to Sep 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Jul 2013 to Sep 2013 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 February 2013 to 30 April 2013. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 July 2013 to 30 September 201320/5/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2005
Changes in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 20132007news-categories-info/news-releases<p> </p><p>CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a Minimum Sum (MS) of $148,000 in their Retirement Account (RA). The MS for 2012 was $139,000.</p><p>The MS has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans’ rising expectations of their quality of life post-retirement. The MS is targeted to reach $120,000 (2003$) in 2015.</p><p><span class="blackhighlight"><strong>Medisave Minimum Sum and Medisave Contribution Ceiling</strong></span></p><p>The Medisave Minimum Sum (MMS) is the amount that a person turning 55 needs to set aside in his old age for his own or his dependants’ healthcare expenses and basic MediShield and ElderShield premiums. Regular MMS adjustments are necessary to help Singaporeans meet their long-term healthcare needs.</p><p>From 1 July 2013,</p><ul></ul><table><tbody><tr><td valign="top">a. </td><td>The Medisave Minimum Sum (MMS) will be raised to $40,500 from $38,500. Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.</td></tr><tr><td valign="top">b. </td><td><p>The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is set at $5,000 above MMS and this would be increased correspondingly to $45,500, from $43,500.</p></td></tr></tbody></table><p>Any Medisave contribution in excess of the current MCC will be transferred to the member’s Special Account if he is below age 55 or to his RA if he is above age 55 and has a MS shortfall.</p><p><span class="subtopicheader"><strong>PUBLIC ENQUIRIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p>Changes in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 20136/5/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2007
CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2013 to 30 June 20132003news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2">            </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 April 2013 to 30 June 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2013.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 March 2012 to 28 February 2013, works out to be 2.44%. Accordingly, the SMA interest rate payable to CPF members from 1 April 2013 to 30 June 2013 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p><p> <span class="blackhighlight"><strong>Additional Interest of 1%</strong></span></p><p>An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If the member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><span class="blackhighlight"><strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 will be 4%, as announced on 21 December 2012.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"><strong>Public Enquiries</strong></span><strong> </strong> </td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from March 2012 to February 2013</td><td width="25%">1.44% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>2.44%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from March 2012 to February 2013</strong></span></p><p align="center"> <span class="blackhighlight"><img src="/Assets/members/PublishingImages/10YRSGS_Mar12Feb13.jpg" alt="" style="margin:5px;" /></span><strong> </strong></p></td></tr></tbody></table>CPF members enjoy 4% interest rates on Special and Medisave Accounts from 1 April 2013 to 30 June 201317/3/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2003
MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers2006news-categories-info/news-releases<p><a href="http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx">http://www.mom.gov.sg/aboutus/Pages/budget-2014.aspx</a></p>MOM’s Factsheet: CPF Contribution Rate Changes and Related Assistance Measures for Employers24/2/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2006
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2013 to 30 June 20132008news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td width="1" height="59"> </td><td width="550" height="59" valign="top"><p> <strong><em>Joint News Release by:</em></strong><br><strong><em>Central Provident Fund Board</em></strong><br><strong><em>Housing & Development Board</em></strong><br><strong>18 February 2013 --</strong></p></td></tr> <tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 April 2013 to 30 June 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 Nov 2012 to 31 Jan 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for April 2013 to June 2013 will remain unchanged at the legislated minimum of 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 April 2013 to 30 June 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="subtopicheader"><strong>PUBLIC ENQUIRIES</strong></span></font></td></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">Members with enquiries may call the CPF Call Centre on 1800-227 1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight">ANNEX</span></a> :</span> </font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"><table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="blackhighlight" style="color:#444444;"><font face="Arial, Helvetica, sans-serif" size="3"><u style="text-decoration:underline;"><font size="2" style="text-decoration:underline;"><span class="BlackHighLight" style="color:#444444;text-decoration:underline;"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong><br><strong>APRIL 2013 TO JUNE 2013</strong></span></font></u></font></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font> </div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>12-MONTH DEPOSIT RATE </strong> <br> <strong>(% PA)</strong></span></font></div></td><td width="8" rowspan="5"><div align="center"> </div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></div></td><td width="96%" colspan="3"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>SAVINGS RATE </strong> <br> <strong>(% PA) </strong></span></font> <font face="Arial, Helvetica, sans-serif" size="2"></font></div></td><td width="93%" rowspan="2"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <br> <strong>AVERAGE</strong></span></font></div><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>MONTH / YEAR</strong></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>UOB </strong><sup><strong>(6) </strong></sup></span></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Nov-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Dec-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Jan-13</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Nov 2012 to Jan 2013) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Apr 2013 to Jun 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Apr 2013 to Jun 2013 </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Apr 2013 to Jun 2013 </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"> <strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 Nov 2012 to 31 Jan 2013. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 April 2013 to 30 June 201317/2/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2008
Silver Housing Bonus and Lease Buyback Scheme Made More Attractive for Elderly2009/News/news-categories-info/news-releases<table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"></td></tr><tr><td height="48" valign="top"><p> </p></td><td height="48" valign="top"><p>Elderly Singaporeans need to top up less of their net sale proceeds and will get more in cash when they participate in the Silver Housing Bonus (SHB) and Enhanced Lease Buyback Scheme (LBS). The Government has enhanced both schemes in response to public feedback. The new schemes will be implemented from 1 February 2013. </p><p>Minister for National Development Mr Khaw Boon Wan said, “We need to strike a balance between improving retirement adequacy by requiring a meaningful top-up to the CPF, and keeping the schemes attractive by allowing adequate cash proceeds. We received several good suggestions from the public on how such a balance could be better achieved. We believe the enhancements will enable more Singaporeans to take advantage of the schemes.”  </p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>Silver Housing Bonus</strong></p></td></tr><tr><td height="65" valign="top"><p> </p></td><td height="65" valign="top"><p>The Government has made the SHB more attractive, by lowering the top-up requirement to $60,000 per household (subject to a $100,000 cap on cash proceeds for those who have not achieved the prevailing Minimum Sum (MS)). Furthermore, the $20,000 bonus will now be given fully in cash. </p><p>The SHB provides additional help to lower-income elderly households who right-size (for example, after their children have moved out to their own homes) from a larger flat to a smaller flat, and use their net sale proceeds1 to enhance their retirement income. <br> <br>When the SHB was first announced at Budget 2012, elderly households were required to use all net sale proceeds to top up their CPF Retirement Accounts (RA) up to the prevailing MS, which could amount to as much as $278,0002 on a household basis. The Government would give a $20,000 bonus to the household – $15,000 cash and $5,000 CPF top-up. </p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"></td></tr><tr><td height="48" valign="top"><p> </p></td><td height="48" valign="top"><p>With the changes, most elderly households who right-size to a smaller flat would now be able to top up their RA with $60,000 and receive the full $20,000 cash bonus. Those who right-size to a Studio Apartment should generally be able to retain $100,000 of proceeds in cash after the top-up. </p><p>An eligible elderly household can qualify for the SHB of $20,000 in cash if lessees use their net sale proceeds to top up their CPF RAs. The amount to top up will depend on the amount of net sale proceeds: <br> <br></p><table><tbody><tr><td valign="top">a)</td><td>If the net sale proceeds is between $60,000 and $160,000, it will need to use $60,000 to top up any lessee’s RA3. The household will be able to retain the remaining proceeds of up to $100,000 in cash.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top">b)</td><td>If the net sale proceeds is above $160,000, it will need to use $60,000 to top up any lessee’s RA. The household will be able to retain proceeds of $100,000 in cash. The remaining proceeds will be used to further help the lessee with the lowest RA balance meet the prevailing MS.</td></tr></tbody></table> <br><br>Households who are unable to top up the full $60,000 into their RA, because their net sale proceeds is below $60,000 or they would exceed the prevailing MS if they do so, will receive a $1 cash bonus for every $3 they could top up. <br> <br>Lessees in the SHB household will use their full RA savings to buy a CPF LIFE plan if they have at least $40,000 (if below age 65) or $60,000 (if aged 65 to 79) in their RA after the top-up.4<br><br>The eligibility criteria for the SHB scheme are summarised in <a href="/Assets/common/Documents/NewsReleases/SHBLBS_AnnexA.pdf" target="_blank">Annex A</a>. <p> </p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>Enhanced Lease Buyback Scheme</strong></p></td></tr><tr><td height="65" valign="top"><p> </p></td><td height="65" valign="top"><p>The Government will also be making further enhancements to the Lease Buyback Scheme. The LBS helps lower-income elderly living in 3-room or smaller HDB flats by allowing them to sell the tail-end lease of their flat to the Government to enhance their retirement income. The enhancements to the LBS are: </p><p> </p><table><tbody><tr><td valign="top">a)</td><td> <strong>Lower top-up requirement</strong>. Currently, all net proceeds, except for a maximum of $5,000 lump sum cash, are used to purchase an Immediate Annuity with CPF Board. All lessees will now use their net proceeds5 to top up their RAs to the specified top-up requirements shown in the table below. Households can keep up to $100,000 of net proceeds in cash. Net proceeds in excess of $100,000 will be used to help the lessee with the lowest RA balance meet the prevailing MS.</td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p style="text-align:center;"> <span style="text-decoration:underline;">Top-up Requirements under Enhanced LBS</span></p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr bgcolor="#d2d2d2"><td class="ms-rteTable-default" style="width:50%;"> <strong>Lessee's age </strong></td><td class="ms-rteTable-default" style="width:50%;"> <strong>To top up till RA has:</strong></td></tr><tr><td class="ms-rteTable-default">≤ 70</td><td class="ms-rteTable-default">Prevailing MS (currently $139,000)</td></tr><tr><td class="ms-rteTable-default">71 - 79</td><td class="ms-rteTable-default">Prevailing MS - $10,000 (currently $129,000)</td></tr><tr><td class="ms-rteTable-default">≥ 80</td><td class="ms-rteTable-default">Prevailing MS - $20,000 (currently $119,000)</td></tr></tbody></table><p> </p> <span style="font-size:13px;"></span><span style="font-size:13px;"></span> <table><tbody><tr><td valign="top"><p>b)</p></td><td><p> <strong>Relax the eligibility criteria to allow more elderly to qualify</strong>. Households who have enjoyed more than one housing subsidy and ex-private property owners will now be eligible. In addition, those with more than $5,000 in outstanding loan will no longer need to have a minimum amount of net proceeds to qualify.</p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p>c)</p></td><td><p> <strong>Increase the LBS bonus from $10,0007 to $20,000 for all households</strong>. The bonus will be given fully in cash.</p></td></tr></tbody></table></td></tr></tbody></table><p>    </p><table style="width:566px;height:128px;"><tbody><tr><td valign="top"><p> </p></td><td valign="top"><p>The eligibility criteria for the Enhanced LBS are summarised in <a href="/Assets/common/Documents/NewsReleases/SHBLBS_AnnexB.pdf" target="_blank">Annex B</a>.</p></td></tr><tr><td height="2" valign="top"><p> </p></td><td height="2" valign="top"><p> </p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>When and How to Apply</strong></p></td></tr><tr><td valign="top"><p> </p></td><td valign="top"><p>Applications for the SHB and Enhanced LBS will be available from 1 February 2013.</p><p> <strong>Silver Housing Bonus</strong></p><p>To qualify for the SHB, eligible elderly households must either book a new HDB flat or Studio Apartment, or apply to buy a resale flat:</p><p>a) before selling their exisiting property; or</p><p>b) within 6 months of completing the sale of their existing property.</p><p>Eligible elderly whose <strong>first housing transaction took place on or after 17 February 2012 </strong>can apply for the SHB. Interested elderly may obtain and submit the application form at HDB and CPF Board from 1 February 2013.</p></td></tr></tbody></table> <span style="font-family:"segoe ui", "segoe", tahoma, helvetica, arial, sans-serif;"></span>  <table style="width:566px;height:128px;"><tbody><tr><td height="2" valign="top"> <strong></strong> <p> </p></td><td><p> <strong>Enhanced Lease Buyback Scheme</strong></p><p>Applicants can submit an online application for the Enhanced LBS via the HDB InfoWeb, using their SingPass, from 1 February 2013. Applicants who need help completing the application may approach any HDB Branch for assistance.<br><br>The LBS will continue to be available to interested applicants under existing terms until 31st January 2013. Eligible elderly households with pending LBS applications submitted on or after 17 February 2012 can opt for the Enhanced LBS by submitting a fresh application from 1 February 2013.</p></td></tr></tbody></table> <span style="font-family:arial;"></span> <table style="width:566px;height:128px;"><tbody><tr><td height="65" valign="top"><p> </p></td><td height="65" valign="top"><p>1When elderly households sell their larger HDB flat to buy a 3-room or smaller HDB flat or Studio Apartment, they will typically have some net sale proceeds. Net sale proceeds refer to monies that are left from the sale of the existing flat, after repaying outstanding housing loan, making mandatory CPF refunds, paying for the smaller flat and deducting expenses incurred for the housing transactions.<br><br>2Computed based on a household with two lessees and assuming both have zero RA savings before right-sizing and taking up the SHB. Each lessee would have been required to top up his RA up to the prevailing MS of $139,000 (applicable between 1 July 2012 and 30 June 2013), i.e. the household would need to top up two times $139,000, amounting to $278,000.<br><br>3Lessees can decide how to split the $60,000 top-up across their CPF RAs.<br><br>4Those aged 80 and above are not eligible to join CPF LIFE.<br><br>5Net LBS proceeds refer to proceeds unlocked from HDB’s purchase of the tail-end lease of the flat, less outstanding loan and deductibles incurred during the transaction.<br><br>6Those aged 80 and above are not eligible to join CPF LIFE.<br><br>7$5,000 if the household previously owned a 4-room or bigger flat.</p></td></tr></tbody></table> <span style="font-family:"segoe ui", "segoe", tahoma, helvetica, arial, sans-serif;"></span><span style="font-size:13px;"><span style="font-family:"segoe ui", "segoe", tahoma, helvetica, arial, sans-serif;"></span></span> <table style="width:566px;height:128px;"><tbody><tr><td valign="top"><p> </p></td><td valign="top"><p> <strong>Enquiries</strong><br><br>For further information and enquiries on the SHB and Enhanced LBS, the public can call the toll-free hotline 1800-555 6363 between 8.00am and 5.00pm from Mondays to Fridays.  <br></p></td></tr></tbody></table></td></tr></tbody></table>Silver Housing Bonus and Lease Buyback Scheme Made More Attractive for Elderly26/12/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2009
CPF Interest Rate for SMA for 1st Quarter 2013 and RA for Year 20132010news-categories-info/news-releases <table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"></td><td height="2" valign="top"> <br>CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 January 2013 to 31 March 2013, and on their Retirement Account (RA) from 1 January 2013 to 31 December 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2012 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and RA monies until 31 December 2013.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"></span> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td valign="top"><p> <span class="blackhighlight"> </span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The average yield of the 10YSGS plus 1%, from 1 December 2011 to 30 November 2012, works out to be 2.49%. Accordingly, the SMA interest rate payable to CPF members from 1 January 2013 to 31 March 2013 will be maintained at the current floor of 4%.<br><br>Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Interest Rate for RA Monies</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</p><p>Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).</p><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2013 to 31 December 2013 will be 4%.</p><p> <span class="blackhighlight"> <strong>Additional Interest of 1%</strong></span></p><p>An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If the member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances including the savings used for CPF LIFE.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"> <br> <span class="blackhighlight"> <strong>Medisave Required Amount</strong></span></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>From 1 January 2013, the Medisave Required Amount (MRA) will be raised from the current $32,000 to $38,500.</p><p>Since 1 January 2004, CPF members who turn 55 and are able to meet the CPF Minimum Sum are required to set aside the MRA in their Medisave Account when they make a CPF withdrawal. If such members have less than the MRA in their Medisave Accounts, their Ordinary and/or Special Account balances in excess of the Minimum Sum will be used to top up the MRA.</p><p>The requirement for members to set aside the MRA in their Medisave Account is to enable them to have enough savings to meet their healthcare needs during old age.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><table width="100%" border="0"><tbody><tr><td height="2" valign="top"> <span class="blackhighlight"> <strong>Public Enquiries</strong></span></td></tr><tr><td valign="top"> <font face="Arial, Helvetica, sans-serif" style="font-size:13px;"> <span style="font-family:body;">For more information, please visit </span><a href="http://www.cpf.gov.sg/"><span style="font-family:body;">www.cpf.gov.sg</span></a><span style="font-family:body;"> or call the CPF Call Centre at 1800-227-1188.</span> </font></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a> <span class="blackhighlight"> <a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"> <strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from December 2011 to November 2012</td><td width="25%">1.49% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u> <u>2.49%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"> <strong>10-Year SGS Yield from December 2011 to November 2012</strong></span><strong> </strong></p><p align="left" style="text-align:center;"> <img src="/Assets/members/PublishingImages/10YRSGS_Dec11Nov12.jpg" alt="" style="margin:5px;" /></p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td valign="top"> </td></tr></tbody></table>CPF Interest Rate for SMA for 1st Quarter 2013 and RA for Year 201320/12/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2010
MOM’s Press Release: CPF Members Entering Workforce Today Will Have Adequate Savings in Retirement2011news-categories-info/news-releases<a href="http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=460">http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=460</a>MOM’s Press Release: CPF Members Entering Workforce Today Will Have Adequate Savings in Retirement14/11/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2011
CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2013 to 31 March 2013 2012news-categories-info/news-releases<span style="color:#444444;"></span> <table width="570" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><strong>Interest Rate For Ordinary Account (OA)</strong></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">All CPF members will continue to receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 January 2013 to 31 March 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 August 2012 to 31 October 2012, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for January 2013 to March 2013 will remain unchanged at the legislated minimum of 2.50% per annum.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>Extra Interest of 1%</strong></span></span></td></tr><tr><td height="65" valign="top"> </td><td height="65" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td valign="top"> </td><td valign="top"> <span class="blackhighlight"><span class="blackhighlight"><strong>HDB’s Mortgage Rate</strong></span></span></td></tr><tr><td height="48" valign="top"> </td><td height="48" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 January 2013 to 31 March 2013.</font></p><p> <font face="Arial, Helvetica, sans-serif" size="2">The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the <a href="#Annx">Annex</a>.</font></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><span style="color:#444444;"><td width="1" height="13" valign="top"> </td><td width="550" height="13" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="subtopicheader" style="color:#444444;"><strong>PUBLIC ENQUIRIES</strong></span></font></td></span></tr><tr><td width="1" height="32" valign="top"> </td><td width="550" height="32" valign="top"><p> <font face="Arial, Helvetica, sans-serif" size="2">Members with enquiries may call the CPF Call Centre on 1800-227-1188.</font></p></td></tr><tr><td height="32" valign="top"> </td><td height="32" valign="top"></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2" style="color:#444444;"><span class="blackhighlight"><a name="#Annx"><span class="blackhighlight"><strong>ANNEX</strong></span></a><span style="color:#444444;"><strong> :</strong></span></span><strong> </strong></font></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top" bgcolor="#f4f6d1"> <span style="color:#444444;"></span> <span style="color:#444444;"></span> <span style="color:#444444;"></span> <table width="570" border="0" cellspacing="1" cellpadding="4"><tbody><tr align="center" bgcolor="#f89868"><td height="28" colspan="9"><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><font face="Arial, Helvetica, sans-serif" size="3"><u style="text-decoration:underline;"><font size="2" style="text-decoration:underline;"><span class="BlackHighLight" style="color:#444444;text-decoration:underline;"><span style="text-decoration:underline;"><strong>COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR </strong></span><br><span style="text-decoration:underline;"><strong>JANUARY 2013 TO MARCH 2013</strong></span></span></font></u></font></span></font></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div></td><td width="96%" colspan="3"><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>12-MONTH DEPOSIT RATE </strong><br><strong>(% PA)</strong></span></font></span></div></td><td width="8" rowspan="5"> <span style="color:#444444;"> <div align="center"> </div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font><strong> </strong></span></div></span></td><td width="96%" colspan="3"><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>SAVINGS RATE </strong><br><strong>(% PA) </strong></span></font><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"></font></span></div></td><td width="93%" rowspan="2"> <span style="color:#444444;"> <div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong> </strong><br><strong>AVERAGE</strong></span></font></span></div> <div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>80FD:20SD</strong><br><strong>(% PA) </strong></span></font></span></div></span></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td width="80%"><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>MONTH / YEAR</strong></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"> <strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight" style="color:#444444;"><strong>DBS </strong><sup><strong>(1) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>OCBC </strong><sup><strong>(2) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>UOB </strong><sup><strong>(3) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>DBS </strong><sup><strong>(4) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>OCBC </strong><sup><strong>(5) </strong></sup></span></font></span></div></td><td><div align="center"> <span style="color:#444444;"><strong> </strong><font face="Arial, Helvetica, sans-serif" size="2"><strong> </strong><span class="blackhighlight" style="color:#444444;"><strong>UOB </strong><sup><strong>(6)</strong> </sup></span></font></span></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">31-Aug-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Sep-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr><tr align="left" valign="top" bgcolor="#eed2c4"><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">30-Oct-12</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.0500</font></div></td><td><div align="center"> <font face="Arial, Helvetica, sans-serif" size="2"> <div align="center"> <font face="Arial, Helvetica, sans-serif" size="2">0.2100</font></div></font></div></td></tr></tbody></table> <br> <table width="98%" border="0"><tbody><tr><td width="5%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(A) </font></td><td width="59%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>NORMAL CPF OA INTEREST RATE</strong></span></font></td><td width="8%" align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td width="28%" align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">Average for 3 months (Aug 2012 to Oct 2012) <br>(Using the 80 FD : 20 SD formula)<br></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>0.21%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(computed interest rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2013 to Mar 2013</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(legislated minimum rate)</font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">(B) </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>HDB MORTGAGE RATE</strong></span></font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> </td><td align="left" valign="top"> </td><td align="center" valign="top"> </td><td> </td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">CPF OA Interest Rate for Jan 2013 to Mar 2013</font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.50%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>Plus</strong></span><strong>:</strong> Fee to cover Cost of Loan Administration </font></td><td align="center" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> <span class="blackhighlight"><strong>0.10%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td align="left" valign="top"> <font face="Arial, Helvetica, sans-serif" size="2">HDB Mortgage Rate for Jan 2013 to Mar 2013</font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>2.60%</strong> </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight">------- </span></font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td height="115" colspan="4"><p> <font face="Arial, Helvetica, sans-serif" size="2"><span class="blackhighlight"><strong>NOTES</strong></span><strong>:</strong><br>(1) Balances of $20,000 to < $50,000<br>(2) Balances > $20,000 to $50,000 <br>(3) Balances < $50,000 <br>(4) Balances > $10,000 to $100,000 (AUTO-SAVE Account)</font><font face="Arial, Helvetica, sans-serif" size="2"> <br>(5) Balances > $10,000 to $50,000 (EASI-SAVE Account)</font><font face="Arial" size="2"><br>(6) Balances > $3,000 to $50,000 (UNIPLUS Account)</font><br></p></td></tr><tr><td> </td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td><td> <font face="Arial, Helvetica, sans-serif" size="2"> </font></td></tr><tr><td colspan="4"> <font face="Arial, Helvetica, sans-serif" size="2">The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 August 2012 to 31 October 2012. </font></td></tr></tbody></table></td></tr><tr><td height="15" valign="top"> </td><td height="15" valign="top"> </td></tr></tbody></table>CPF members receive 2.5% interest rate on Ordinary Accounts from 1 January 2013 to 31 March 2013 13/11/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2012
Ten-Fold Increase in Number of Joint MOM & CPF Board Inspections from November 2013news-categories-info/news-releases<p> </p><p>The Ministry of Manpower (MOM) and Central Provident Fund (CPF) Board are stepping up our efforts to bring about compliance with the CPF Act and Employment Act (EA), so that employees, particularly more vulnerable groups like low-wage workers, enjoy their basic employment rights under the law. Areas of focus include payment of CPF contributions, on-time payment of salary, provision of paid annual and medical leave, and adherence to working-hour requirements, amongst others.</p><p>We will do this through a two-prong WorkRight initiative covering enforcement and education.</p><p><span class="blackhighlight"><strong>Enforcement</strong></span></p><p><strong>From November 2012, MOM and CPF Board will intensify inspections</strong>, with greater attention placed on industries such as food & beverage (F&B), retail, and security and cleaning where non-compliance with the CPF Act and the EA tend to be higher. As announced earlier, the <em>number of enforcement inspections will be increased from around 500 to 5,000 each year – a significant ten-fold increase</em>.</p><p><span class="blackhighlight"><strong>Education</strong></span></p><p>These enhanced enforcement efforts will complement a new <strong>“I Know My Employment Rights, I Do It Right.”</strong> campaign which aims to educate workers on their employment rights under the CPF Act and EA, as well as to educate employers about their legal obligations. The campaign will start on 29 Sep 2012 and leverage channels such as print, TV and radio. The public can also find out more about their employment rights at <a href="http://www.mom.gov.sg/workright" target="_blank">www.mom.gov.sg/workright</a>.</p><p><span class="blackhighlight" style="color:#444444;"><strong>Why the 2 “E” approach?</strong></span></p><p>It is important that we educate workers about their employment rights under the two Acts, so that they know what their employers’ obligations are. Some workers may not be aware of the significant amounts they stand to lose<sup>1</sup> and prefer that their employers do not contribute CPF, so that they themselves need not contribute CPF on their part and can have higher take-home pay.</p><p>We also need to educate employers on their responsibilities. Our belief is that most employers and bosses are responsible. This education campaign will help them be more familiar with their obligations under the law, so that they do a better job of looking after the rights and welfare of their workers.</p><p>The enhanced enforcement efforts on the part of MOM and CPF Board will serve as a strong deterrent to errant and recalcitrant employers trying to avoid their EA and CPF obligations.</p><p>The <strong>“I Know My Employment Rights, I Do It Right.”</strong> outreach campaign (see <a href="#AnnexA">Annex</a> for details) will tackle non-compliance at its root for employers who are not familiar with their employment obligations as well as educate workers who may not be aware of their employment rights.</p><p>To tap on the power of the community and multiply the impact of the WorkRight initiative, the <strong>“I Know My Employment Rights, I Do It Right.”</strong> advertisements will also promote a <strong>hotline</strong> (1800-221-9922) which workers and members of the public can call to report EA or CPF Act non-compliance. They can also opt to email <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a>. The identity of the informant will be kept strictly confidential.</p><p><sup>1</sup>In the form of Workfare Income Supplement, Workfare Special Payment, Workfare Special Bonus and top-ups to the CPF Medisave account.</p><p><span class="subtopicheader"><strong>PUBLIC ENQURIES</strong></span><br>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188.</p>    <p><a name="Workright"></a> </p><div align="right"><a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a><strong>Annex A</strong></span></div><p> </p><p style="text-align:center;"><img src="/Assets/members/PublishingImages/WorkRight_Campaign27Sep12.jpg" alt="" style="margin:5px;" /> </p> Ten-Fold Increase in Number of Joint MOM & CPF Board Inspections from November 26/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2013
Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 20132014news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>One–Year Extension of 4% Floor Rate for all SMRA Monies</strong></span></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <br>Since 1 January 2008, savings in the Special, Medisave and Retirement Account (SMRA) have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. This is a market-based rate for instruments of comparable risk and duration, and will ensure that members receive fair and reasonable interest rates.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">To help members cope with the transition, the Government had committed to providing a 4% floor rate for SMRA interest for two years up to December 2009. This was subsequently extended in light of global economic conditions and the fact that interest rates had been exceptionally low. The 4% floor rate is currently due to expire on 31 December 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">In view of the continuing uncertainty in the global economy and low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all SMRA monies for another year until 31 December 2013. SMRA monies which form the first $60,000 of a member’s combined balances will therefore continue to earn a 5% interest rate.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">From 1 January 2014, the SMRA rates will be pegged to the 12-month average yield of 10YSGS plus 1%, subject to the statutory floor rate of 2.5% per annum that applies to all CPF accounts.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"></span> </p></td></tr><tr><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><strong>CPF Interest Rate for Special and Medisave Accounts from 1 October 2012 to 31 December 2012</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">CPF members will continue to enjoy a risk-free interest rate of 4% on their Special and Medisave Accounts (SMA) from 1 October 2012 to 31 December 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">The average yield of the 10YSGS plus 1%, from 1 September 2011 to 31 August 2012, works out to be 2.55%. Accordingly, the SMA interest rate payable to CPF members from 1 October 2012 to 31 December 2012 will be maintained at the current floor of 4%.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">This is in line with the Government’s announcement made in September 2011 to maintain the 4% p.a. floor rate for interest earned on all SMA monies and Retirement Account (RA) monies until 31 December 2012.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Please refer to <a href="#AnnexA">Annex A</a> for the 10-year SGS yield.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <span class="blackhighlight"><strong>Background information on other announcements related to CPF Interest rates for SMA and RA monies</strong></span></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong>Additional Interest of 1%</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings. If the member is above 55 years old and participates in the LIFE scheme, the additional 1% interest will also be payable on his annuity premium, less annuity payouts already made. The additional interest earned on the member’s LIFE annuity monies will be paid into his RA.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong>Interest rate for SMA monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Savings in the SMA currently earn either 4% or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, whichever is the higher. The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> <span class="blackhighlight"><br><strong>Interest Rate for RA Monies</strong></span></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"></td><td valign="top"></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4%, whichever is the higher, adjusted yearly.</td></tr><tr><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January. The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2012 to 31 December 2012 will be 4%, as announced on 19 December 2011.</p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top">For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. <table width="100%" border="0"><tbody></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><div align="right"> <a name="AnnexA"></a><span class="blackhighlight"><a name="AnnexA"></a>Annex A</span></div></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="2"><tbody><tr bgcolor="#dddddd"><td colspan="2"> <span class="blackhighlight"><strong>Computation of Interest Rate Peg</strong></span></td></tr><tr align="left" valign="top"><td width="75%">Average yield of 10YSGS from September 2011 to August 2012</td><td width="25%">1.55% (Note 1)</td></tr><tr align="left" valign="top"><td width="75%">Plus 1%</td><td width="25%"> <u>1.00%</u></td></tr><tr align="left" valign="top"><td width="75%">Computed Interest Rate Peg (yield of 10-Year SGS + 1%)</td><td width="25%"> <u><u>2.55%</u></u></td></tr></tbody></table></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Note:</td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">1. Source: Yields of 10-Year Singapore Government Securities are obtained from <a href="http://www.sgs.gov.sg/" target="_blank">www.sgs.gov.sg</a></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p align="center"> <span class="blackhighlight"><strong>10-Year SGS Yield from September 2011 to August 2012</strong></span><strong> </strong></p><p style="text-align:center;"> <img src="/Assets/members/PublishingImages/10YRSGS_26Sep12.jpg" alt="" style="margin:5px;" /> </p></td></tr><tr><td> </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td valign="top"> </td></tr></tbody></table><table width="97%" border="1" cellspacing="0" cellpadding="0"><tbody></tbody></table>Minimum 4% interest rate for Special, Medisave and Retirement Account monies to be extended until 31 December 201325/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2014
The CPF (Amendment) Bill 2012 Second Reading Speech by Acting Minister for Manpower Tan Chuan-Jin 2015news-categories-info/news-releases<table><tbody><tr><td><p>Mr Speaker, Sir, I beg to move, “That the Bill be now read a Second time.”<br></p></td></tr><tr><td><p> <br>Sir, this Bill will amend the CPF Act to effect changes to the Minimum Sum Topping-Up (MSTU) Scheme, refine the CPF housing refund policy, introduce a minimum age to make CPF nominations, as well as streamline the administration of CPF matters. These changes have been made in response to feedback or in response to the operational experience of the CPF Board. They will keep the CPF system efficient and relevant to the needs of Singaporeans.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>MINIMUM SUM TOPPING-UP SCHEME</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Let me begin with the changes to the Minimum Sum Topping-Up Scheme. This is a scheme that was introduced to help Singaporeans contribute to the retirement savings of their loved ones by topping up their CPF Special Account (SA) or Retirement Account (RA). Singaporeans who wish to save more for their own retirement can also make voluntary contributions to these accounts under the MSTU Scheme. Tax relief is given to those who make cash top-ups to their own CPF accounts or that of eligible recipients.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>To encourage more support within families, we widened the group of eligible recipients over the years. The MSTU Scheme now covers parents, grandparents, spouse and siblings. With a wider reach, the number of MSTU top-ups has increased from about 8,800 in 2007 to more than 38,000 in 2011. The total top-up amounts have also increased from $69m to $216m over the same period.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Expand the MSTU Scheme to cover parents-in-law and grandparents-in-law</p></td></tr><tr><td><p>Many members have found this scheme useful in boosting their retirement savings or those of their loved ones, and we have received suggestions to extend it so that they can also provide for their parents-in-law and grandparents-in-law. </p></td></tr><p><tr><td><p> </p></td></tr><tr><td><p>We have taken on board this request. In April this year, I announced that we would expand the MSTU Scheme to include parents-in-law and grandparents-in-law.  We will make a provision in Section 2 of the CPF Act so that the Minister may specify through regulations who are eligible to receive top-ups from CPF accounts under the MSTU Scheme. We will then amend the CPF regulations later this year to specify that parents-in-law and grandparents-in-law will be amongst this list of eligible recipients to receive CPF top-ups.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>The Income Tax Act will also be amended later this year to extend tax relief to members who make cash top-ups to the SA or RA of their parents-in-law and grandparents-in-law. Members who make cash top-ups to eligible family members will qualify for tax relief of up to $7,000. Members who make cash top-ups to their own SA or RA as well will qualify for an additional tax relief of $7,000.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>With these changes, Singaporeans will be able to make cash or CPF top-ups to their own SA and RA, to those of their spouses, siblings, parents, grandparents, and now parents-in-law and grandparents-in-law as well. This change will take effect on 1 January 2013.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Merge Other Top-up Schemes under the MSTU Scheme </p></td></tr><tr><td><p>Another enhancement we are making to the MSTU Scheme is to simplify the channels for making top-ups to a member’s own SA and RA. Currently, a member may top up his RA under the MSTU scheme. He may also top up his RA by making what is classified as a Voluntary Contribution, or VC for short. For top-up to the SA, a member can do so using his Ordinary Account (OA) savings under the OA-to-SA Transfer Scheme, or he could make a top-up using cash through the MSTU Scheme. (Note: All top-ups to family members, whether made via cash or CPF, are made under the MSTU Scheme.)</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Members have found the multiple channels confusing as they essentially achieve the same purpose. What makes things even more complicated is that the various schemes have differing top-up limits for recipients and varying terms and conditions for the use of the top-ups.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>To simplify the processes for members making voluntary contributions to their own SA and RA, we will merge the following channels, namely the VC to the RA, and the OA-to-SA Transfer Scheme, into the MSTU Scheme.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>The merger of the schemes, in itself, will not require an amendment to the Act. However, we will amend the Act and the regulations to align the top-up limits and terms and conditions of the various schemes.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Specifically, changes will be made to Section 18A of the Act to provide for the top-up limits for top-ups to the RA to be specified in the regulations instead of in the Act. We will then amend the regulations later this year to align the top-up limits and terms and conditions for all top-ups to the RA. The same will be done for all top-ups to the SA.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>With these changes, all top-ups to the SA or RA, whether it is made to oneself or to one’s family members, and whether it is made via cash or CPF, will now be made under the MSTU Scheme. This will simplify the topping-up process for members.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>For members above 55, they may receive top-ups to their RA up to the difference between the prevailing Minimum Sum and the amount they have in their RA, excluding amounts such as the interest earned and any government grants received, and excluding amounts that they have withdrawn. For younger members receiving top-ups into their SA, they will be able to receive top-ups up to the difference between the prevailing Minimum Sum, and the sum of their current SA cash balance and any SA investments they have under the CPF Investment Scheme.</p><p>Sir, with these enhancements, the MSTU Scheme becomes an even broader and more accessible avenue for Singaporeans to boost their retirement savings. We certainly hope more Singaporeans will take advantage of this scheme.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>REFINEMENTS TO THE CPF HOUSING REFUND POLICY</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, I will now move on to the next amendment that will give effect to refinements that we are making to the CPF housing refund policy. CPF members may use savings in their CPF Ordinary Account (OA) to purchase a property. When members sell off their property, we require them to refund the CPF savings that they have used for their property.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Current housing refund policy</p></td></tr><tr><td><p>Members who sell their property before age 55 are required to refund into their CPF account the principal amount that they had withdrawn for the property, including the prevailing OA interest that would have accrued on this amount, or P+I in short. This refund aims to restore the member to the position as if he had not withdrawn his CPF savings for the property. Members may still use the refunded amounts towards the purchase of their next property. </p></td></tr><tr><td><p> </p></td></tr><tr><td><p>The current housing refund requirements change when a member is past age 55. At age 55, a member is required to set aside the Minimum Sum (MS) from his existing CPF balances, and he may withdraw his CPF savings in excess of the MS after having also set aside the required amount in his Medisave Account for his healthcare needs. So when a member sells his property after age 55, only the amount needed to bring the member up to his MS must be refunded, since amounts above the MS can be withdrawn anyway. In other words, for a member who sells his property after age 55, he will refund his MS shortfall or his P+I, whichever is lower. Remaining proceeds from the sale of his property is received in cash.</p><p>While the current refund rules for members over 55 avoid collection of housing refunds in excess of MS, there may be certain scenarios involving more than one co-owner, where the refunds required of the co-owners may not match the amount of CPF each co-owner used to pay for that property. When this arises, co-owners can decide to distribute the cash proceeds among themselves such that the total of the cash proceeds and CPF refunds for each co-owner matches the amount that each co-owner had contributed towards payment of the property.</p><p>However, where the co-owners are no longer on good terms, the distribution of cash proceeds becomes more contentious and the co-owners may not always be willing to consider the amount that the other party has contributed towards the property. In cases where the property is sold at a loss, there may not be any cash proceeds for distribution. This is when the current housing refund requirements may create some unhappiness among members. Some of the Members of this House would have received appeals of such nature.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>New housing refund policy</p></td></tr><tr><td><p>We are therefore refining the housing refund policy to address this issue. We will now require members aged 55 and above to refund their P+I. This means the same refund rule will apply to all members regardless of their age. This refinement will ensure co-owners receive CPF refunds that are commensurate with their usage of CPF savings for the property. Sections 21, 21A and 21B of the Act will be amended to give effect to the new housing refund policy.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Where the P+I refund exceeds the MS shortfall for members aged 55 and above, they need not worry that the new refund rule makes them retain in their CPF a higher amount than what is necessary. The refunded amount will first be used to set aside their cohort Minimum Sum in their RA and the required Medisave amount in their MA, and the excess can be withdrawn. This is no different from the existing requirement that applies to all members past age 55 who wish to withdraw their OA and SA savings in excess of the MS.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Under the new housing refund rule, for members aged 55 and above, any remaining housing refunds after setting aside the required amounts (in the RA and MA) will be automatically disbursed to the member in cash, unless he chooses to retain it in his CPF accounts. Changes will be made to section 15 of the Act to give effect to this policy. The majority of members can expect to receive the disbursed funds within one to two weeks of the crediting of the housing refunds into their CPF accounts.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, the new housing refund policy will ensure that the distribution of proceeds from the sale of property reflects the CPF usage among the co-owners, while at the same time not require older members to retain in their CPF more refunds than are necessary. The new housing refund policy will take effect on 1 January 2013.</p><p> </p><table><tbody><tr><td><p>MINIMUM AGE FOR MAKING CPF NOMINATIONS</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Let me move on to the next amendment relating to the introduction of a minimum age for making CPF nominations.</p><p>CPF members may make nominations to have their CPF savings disbursed to their nominees upon their demise. CPF savings belonging to members who pass away without having made a nomination will be distributed to their next-of-kin in accordance with intestacy laws.</p><p>CPF Board has, in the past, allowed CPF members of any age to make nominations. The absence of an age restriction meant that even very young CPF members could make a nomination. This is not common, since young CPF members would not have started work and would generally not have any CPF savings. But there were young CPF members who had CPF savings as a result of top-ups made by their parents, and thereafter made nominations.</p><p>CPF members should be of sufficient maturity when they make decisions with regard to their CPF savings. We have therefore decided to set a minimum age of 16 years for making CPF nominations. This is in line with the minimum age to work under the Employment Act. Section 25(1) of the Act will be amended to give effect to this change. </p><p>The amendment will take effect in the later part of this year. As for members who had previously made nominations when they were still minors, a related amendment will be made to ensure that their nominations remain valid, such that they need not come forward to make a new nomination. Nevertheless, should they wish to do so, they may approach CPF Board to make a new nomination anytime as all of them are already above the age of 16.</p></td></tr></tbody></table></td></tr><tr><td></td></tr><tr><td><p>Conclusion</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, the amendments in this Bill will encourage members to make voluntary top-ups into the CPF for themselves and their loved ones, refine our CPF housing refund policy to ensure that CPF housing refunds are consistent with the amounts contributed by each co-owner to the property, and introduce a minimum age for making CPF nominations. Several other changes intended to clarify and streamline the administration of the CPF Act will also be made. Altogether, these represent our effort to ensure that the CPF system continues to be relevant in meeting the needs of Singaporeans.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p>Sir, I beg to move.</p></td></tr><tr><td><p> </p></td></tr><tr><td><p> <a href="/Employers/News/news-categories-info/news-releases/2016">Media Factsheet: Simplifying CPF Top-Ups</a><br><br><a href="/Employers/News/news-categories-info/news-releases/2017">Media Factsheet: Revised Housing Refund Policy</a></p></td></tr></p></tbody></table>The CPF (Amendment) Bill 2012 Second Reading Speech by Acting Minister for Manpower Tan Chuan-Jin 9/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2015
Simplifying CPF Top-Ups2016news-categories-info/news-releases<table bordercolor="#d3d3d3" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="27"></td><td height="27" align="left" valign="top" colspan="2"><p> <em><span class="subtopicheader"><br>- Merger of Top-up schemes under Minimum Sum Topping Up Scheme </span></em></p></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <em><span class="subtopicheader">- Aligning Top-Up Limit and Terms and Conditions</span></em></p> <em><span class="subtopicheader"></span></em></td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p> <br>As part of an ongoing review to simplify processes and make it easier for members to boost their CPF savings through top-ups, two CPF top-up channels will be merged into the existing Minimum Sum Topping Up (MSTU) Scheme. The two channels are:<br>  a) Voluntary Contributions (VC) to a member’s Retirement Account (RA); and<br>  b) Top-ups made under the Ordinary Account-to-Special Account (OA-to-SA) Transfer scheme.</p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>This simplification will align the top-up limit and terms and conditions of the various top-up channels. The changes will take effect by the end of the year. </p><p> <strong>The New Aligned Top-Up Limits</strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">For top-ups into the SA, members will be able to receive top-ups up to the prevailing Minimum Sum, minus the sum of their SA cash balance and SA savings which they have used for investment.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>For top-ups into the RA, members will receive top-ups up to the prevailing Minimum Sum, minus their RA cash balance. The RA cash balance excludes amounts such as interest earned, government grants received and amounts that members have withdrawn.</p><p> </p><table bordercolor="#d3d3d3" border="1" cellspacing="2" cellpadding="1" style="width:594px;"><tbody><tr bgcolor="#dddddd"><td> <strong>Recipient’s age</strong></td><td> <strong>Existing MSTU top-up limit</strong></td><td> <strong>New MSTU top-up limit</strong></td></tr><tr><td> <strong>Below 55 years old (top up to SA)</strong></td><td style="text-align:left;"><p> <strong>Prevailing Minimum Sum less:<br>   • Ordinary Account (OA) savings<br>   • Special Account (SA) savings<br>   • OA savings withdrawn for CPFIS    </strong> <strong>(OA for CPFIS)<br>  </strong><strong> • SA savings withdrawn for CPFIS      (SA for CPFIS)</strong></p></td><td valign="top"> <strong>Prevailing Minimum Sum less:<br>   • SA savings<br>   • SA for CPFIS</strong></td></tr><tr><td> <strong>55 years old and above (top up to RA)</strong></td><td> <strong>Prevailing Minimum Sum less:<br>   • OA savings<br>   • SA savings<br>   • Retirement Account (RA)* balances<br>   • OA for CPFIS<br>   • SA for CPFIS</strong></td><td valign="top"> <strong>Prevailing Minimum Sum less:<br>   • RA* balances</strong></td></tr></tbody></table><p> </p></td></tr><tr><td height="2" valign="top"></td><td height="2" valign="top"><p>*Refers to the cash set aside in the RA, excluding amounts such as interest earned since 55, any government grants received, and amounts withdrawn.</p><p>Example:</p><p> </p><table bordercolor="#d3d3d3" border="1" cellspacing="2" cellpadding="1"><tbody><tr bgcolor="#dddddd"><td> <strong>Recipient </strong>    </td><td> <strong>Existing top-up limit</strong>                               </td><td> <strong>New top-up limit</strong></td></tr><tr><td valign="top"> <strong>Mr Tan, 50 years old</strong>                </td><td valign="top"><p> <strong>Prevailing Minimum Sum:</strong> $139,000</p><p> <strong>OA</strong> = $60,000<br><strong>SA</strong> = $40,000<br><strong>OA invested under CPFIS</strong>= $20,000<br><strong>SA invested under CPFIS</strong> = $10,000</p><p> <strong>Amount he can receive as top-ups in SA</strong> = $9,000</p></td><td valign="top"><p> <strong>Prevailing Minimum Sum</strong>: $139,000</p><p> <strong>SA</strong> = $40,000<br><strong>SA invested under CPFIS</strong> = $10,000</p><p> <strong>Amount he can receive as top-ups in SA</strong> = $89,000</p></td></tr><tr><td valign="top"> <strong>Mdm Lim, 60 years old</strong></td><td valign="top"><p> <strong>Prevailing Minimum Sum:</strong> $139,000</p><p> <strong>OA</strong> = $20,000<br><strong>SA</strong> = $5,000<br><strong>SA invested</strong> = $10,000<br><strong>OA invested</strong> = $20,000<br><strong>RA Balance*</strong> = $80,000</p><p> <strong>Amount she can receive as top-ups in RA</strong> = $4,000</p></td><td valign="top"><p> <strong>Prevailing Minimum Sum</strong>: $139,000</p><p> <strong>RA*</strong> = $80,000</p><p> <strong>Amount she can receive as top-ups in RA</strong> = $59,000<br></p></td></tr></tbody></table><p> </p><p>*Refers to the cash set aside in the RA, excluding amounts such as interest earned since 55, any government grants received, and amounts withdrawn.</p><p>These changes simplify the topping-up process for members. The increase in top-up limits also means that members can receive more top-ups under the MSTU scheme to enhance their retirement income.</p><p> <strong>About the Minimum Sum Topping Up (MSTU) Scheme</strong></p><p>The MSTU scheme was introduced in 1987 to encourage members to make cash top-ups or transfers from their CPF accounts to SA and RA of their loved ones to help them set aside more for retirement. Members who wish to save more for their own retirement may also make cash top-ups to their accounts under the MSTU scheme. Top-ups made will be reserved for members’ retirement. Members can draw down the top-up monies in the form of monthly payouts under the Minimum Sum Scheme or CPF LIFE, when they reach their draw down age.</p><p>Anyone who makes a cash top-up to his own CPF account and/or receives a cash top-up from his employer will receive up to $7,000 of tax relief, and up to another $7,000 for cash top-ups to eligible family members in a calendar year. Eligible family members currently refer to parents, grandparents, spouses and siblings. This will be extended to parents-in-law and grandparents-in-law from 1 January 2013. For members who make top-ups to their spouse or siblings, they are eligible for the tax relief if their spouse or siblings have an annual income below $4,000 or are handicapped.</p><p>In 2011, there were about 38,200 MSTU transactions, with top-ups amounting to $215.6 million. </p><p> <strong>About Voluntary Contributions (VC) to the RA</strong></p><p>Since 1995, members were allowed to make a Voluntary Contribution (VC) to their own RA using their Ordinary and Special Account savings or cash. It was a complement to the MSTU scheme, as it allowed for higher top-up limits but without tax relief.</p><p>In 2011, 5,000 top-ups amounting to $60.7million were made to the RA through the VC channel. This is in addition to the top-ups made to the RA under the MSTU scheme.   </p><p> <strong>About OA-to-SA Transfer scheme </strong></p><p>Members below 55 years old can transfer their OA savings to their SA to build up their retirement savings and enjoy the higher SA interest rate. In 2011, 16,800 transfers amounting to $150.8 million were made.</p><p> <strong>Public Enquiries </strong></p><p>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </p></td></tr><tr><td> </td></tr><tr><td> </td></tr></tbody></table>Simplifying CPF Top-Ups9/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2016
Revised Housing Refund Policy2017news-categories-info/news-releases<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="2" valign="top"></td><td height="2" valign="top"> <br>CPF members who use their CPF monies to purchase their property are required to make refunds into their CPF accounts when they sell their property.  </td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">Under the current housing refund policy, CPF members who are below age 55 are required to refund the principal amount withdrawn for the property with accrued interest when they sell their property. This is known as the P+I. For members aged 55 and above who sell their property, they are required to refund the lower of P+I or their Minimum Sum Deficiency (MSD), which is the amount required for them to fully meet their Minimum Sum (MS). As CPF members aged 55 and above are only required to set aside their MS for retirement, this refund rule ensures that such members refund only what is required to bring them up to their MS.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Over the past few years, the CPF Board has received feedback that the current housing refund policy has resulted in refunds required of the co-owners that do not match the amount of CPF savings they had used to pay for the property.</p><p> <strong>New Housing Refund Policy</strong></p></td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top">To ensure that the distribution of proceeds from the sale of property reflects the amount of CPF savings used by each co-owner, refinements will be made to the current housing refund policy for transactions where the legal completion is on or after 1 January 2013.</td></tr><tr><td> </td></tr><tr><td height="2" valign="top"> </td><td height="2" valign="top"><p>Specifically, we will require all members to refund the P+I into their CPF when they sell their property, regardless of their age. This means that for members below age 55, there is no change in the housing refund policy. However, for members aged 55 and above, the full P+I refund will now also be made (instead of just the MSD), with the refund used to set aside the Minimum Sum that is applicable to them in their RA and the required amount in their Medisave Account (MA). Any remaining housing refunds will be automatically disbursed to the member in cash. This is consistent with the existing requirement that applies to all members past age 55 when they apply to withdraw their OA and SA savings in excess of the MS.</p><p>This refinement will ensure that housing proceeds received from the sale of the property are distributed in a manner that is proportional to or reflects the amount that each co-owner had contributed towards the property, while at the same time not require older members to retain in their CPF more refunds than are necessary.</p><p>The example below illustrates the difference between the current policy and the revised policy that will take effect on 1 Jan 2013.</p><p> <strong>Example:<br></strong>Mr and Mrs Tan are co-owners of a 3-room HDB flat and they have contributed equal amounts of CPF savings to pay for the flat. They are selling their HDB flat for $300,000 and have an outstanding housing loan of $120,000.</p><table bordercolor="#d3d3d3" border="1" cellspacing="0" cellpadding="0"><tbody><tr bgcolor="#dddddd"><td>                                    </td><td valign="top"> <strong>Mr Tan, 56 years old<br>P+I = $80,000<br>MSD = $20,000</strong></td><td valign="top"> <strong>Mrs Tan, 54 years old<br>P+I = $80,000<br></strong></td></tr><tr><td><p> <strong>Existing housing refund rule</strong></p><p> <strong>Required refund for:<br>1) members > 55: MSD or <br>    P+I, whichever is lower<br>2) members < 55: P+I<br></strong></p></td><td valign="top">Required CPF Refund = $20,000</td><td valign="top">Required CPF Refund = $80,000</td></tr><tr><td> </td><td colspan="2"><p>Computation of cash proceeds:<br>Selling price: $300,000<br>Less outstanding housing loan: $120,000<br>Less total CPF refund: $100,000<br>Cash proceeds left: $80,000</p><p>Assuming Mr and Mrs Tan split the remainder cash proceeds in a way that ensures each of them receives a total amount (in CPF and cash) that is commensurate with what they had contributed, Mr Tan and Mrs Tan will receive $70,000 and $10,000 in cash respectively. They will each receive a total amount of $90,000 (in CPF and cash).</p><p>Mr Tan: $20,000 (CPF) + $70,000 (cash) = $90,000<br>Mrs Tan: $80,000 (CPF) + $10,000 (cash) = $90,000</p><p>However, assuming Mr and Mrs Tan be unable to agree on the above outcome, and they end up splitting the cash proceeds equally among themselves, each member will receive $40,000.  The total CPF and cash received by each will be unequal.  </p><p>Mr Tan: $20,000 (CPF) + $40,000 (cash) = $60,000<br>Mrs Tan: $80,000 (CPF) + $40,000 (cash) = $120,000<br></p></td><td></td></tr><tr><td><p> <strong>New housing refund rule</strong></p><p> <strong>Required refund for members, regardless of age: P+I</strong></p></td><td valign="top">Required CPF Refund = $80,000<br></td><td valign="top">Required CPF Refund = $80,000</td></tr><tr><td> </td><td colspan="2"><p>Computation of cash proceeds:<br>Selling price: $300,000<br>Less outstanding housing loan: $120,000<br>Less total CPF refund: $160,000<br>Cash proceeds left: $20,000</p><p>Assuming Mr Tan and Mrs Tan split the cash proceeds equally among themselves, each member will receive $10,000.</p><p>Mr Tan: $80,000 (CPF) + $10,000 (cash) = $90,000<br>Mrs Tan: $80,000 (CPF) + $10,000 (cash) = $90,000</p><p>For Mr Tan, the CPF refund of $80,000 will be credited into his CPF account and used to make up his MSD and Medisave Required Amount. Thereafter, the excess housing refunds will be automatically disbursed to him.</p></td><td></td></tr></tbody></table><p> <strong>Public Enquiries</strong></p><p>For more information, please visit <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a> or call the CPF Call Centre at 1800-227-1188. </p><p> <br> </p></td></tr><tr><td> </td></tr></tbody></table>Revised Housing Refund Policy9/9/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2017

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