Tan See Leng: CPF Special Account closure not for “saving interest monies”

Leong Mun Wai, NCMP from Progress Singapore Party, asks the Finance Minister, how much more the government is currently paying to the special accounts because of the difference in interest rates between the Special Account and the Ordinary Account.

He also asked if the government consider grandfathering the special accounts for Singaporeans who are above 55 years old now going forward, in light of the SA being discontinued for those above 55 in 2025.

Manpower Minister Tan See Leng chimed in, stating the decision to close Central Provident Fund (CPF) SAs for individuals aged 55 and over is not aimed at reducing interest payouts or “locking up money”.

[LeeSkJohn-svwi]

The matter is not about interest but the fact that someone can manipulate your money according to his wishes. Not your choice.

[lynnc]

Minister Tan tried to explain that the closing SA move is not aimed at reducing payouts / locking up money is no use because it indeed has the effects....Those impacted are retirees who expect CPF to be a solid retirement provider for their golden years...The announcement is too abrupt for them, totally unexpected of CPF / govt to do this....

[J-Young_photography]

dropping the excess monies from 4 to 2.5%. that is not saving monies? LOL. I thought I was living in that big bigcountry

[LonganLee]

I beg to support the SA REmoval cos i already amassed tens of millions and it does not affect me🎉🤭😁😁🤝🙏🙏

[torrhthc]

Monkhill guy should just shut up. The more he say, the more people he offends

[chinchowpowpook]

He is here to entertain us…but I rather watch Netflix