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Written Answer to PQ on CPF Extra Interest

NOTICE PAPER NO. 3445 FOR THE SITTING ON 18 FEBRUARY 2025
QUESTION NO. 6552 FOR WRITTEN ANSWER

MP: Mr Chua Kheng Wee Louis

To ask the Minister for Manpower for each year over the past ten years, what is the number and percentage of (i) CPF members and (ii) active CPF members who are earning an extra 1% on the first $60,000 of their CPF combined balances that forms the entire sum of their CPF monies.

Answer:

1. Members’ Central Provident Fund (CPF) balances have grown over the past 10 years. From 2015 to 2024, the number and proportion of active1 CPF members2 who have at least $60,000 of combined CPF balances3 and received the maximum extra interest amount have increased from 1.1 million to 1.6 million, or from 54% to 74%. The corresponding number and proportion for all CPF members2 have increased from 1.3 million to 2.2 million, or from 40% to 52%.

FOOTNOTE

  1. An active CPF member refers to a person who has at least one contribution paid for him for the current or any of the preceding three months. The figures exclude the self-employed who are not employees concurrently.
  2. Singapore Citizens and Permanent Residents.
  3. Capped at $20,000 for the Ordinary Account.