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Written Answer to PQ on CPF Interest Rates

NOTICE PAPER NO. 2182 OF 2023 FOR THE SITTING ON OR AFTER 19 SEPTEMBER
QUESTION NO. 4964 FOR WRITTEN ANSWER

MP: Ms Hazel Poa

To ask the Minister for Manpower for each year in the past five years, what is the overall average CPF interest rate across the different types of CPF accounts and balances.

Answer:

1. The overall average CPF interest rate (including Extra Interest1) across the different types of CPF accounts and balances from 2018 to 2022 has been close to 4% per annum.

FOOTNOTE

  1. To help boost retirement savings, the Government pays extra interest of 1% on the first $60,000 of a member’s combined CPF balances, which is capped at $20,000 for the Ordinary Account. For members aged 55 and above, the Government pays extra interest of 2% per annum on the first $30,000 and 1% per annum on the next $30,000 of their combined CPF balances (capped at $20,000 for the OA).