Members may also transfer these savings from their OA to their RA up to this year’s enhanced retirement sum (ERS) to earn the higher interest rate of 4% per annum. The transfer is not reversible. It can be made anytime but must be processed by January this year if they wish to earn the higher interest rate from the same month onwards.
The Central Provident Fund (CPF) announced, on Jan 19, that it has closed the Special Accounts (SAs) for CPF members aged 55 years and above. Prime Minister Lawrence Wong, who was deputy prime minister (DPM) then, announced the closures of the SAs in his Budget 2024 speech on Feb 16, 2024.
The closure of the SA means CPF members’ savings, up to their cohort's full retirement sum (FRS), will be transferred to their retirement account (RA). Any remaining savings from the SA have been transferred to their ordinary accounts (OAs) where they will earn 2.5% interest per annum.
