government is reviewing the CPF interest rates

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An honorable member of the Coffee Shop Has Just Posted the Following:

Does this means HDB loans interest will go up?

Quote:
Manpower Minister Tan Chuan-Jin explained today that the government is currently reviewing the CPF interest rates and considering whether they should be changed.

Minister Tan was speaking at the CPF and Retirement Adequacy conference organised by the Institute of Policy studies.

He noted that many Singaporeans have raised concerns about the interest rates on the CPF and how this is impacting their retirement savings after taking into account inflation.

Minister Tan explained that inflation is a valid concern and they are currently looking at it and exploring how to best address these concerns in the long term.

He said that the government will soon make more announcements on any changes that they decide to make.

Another aspect of the CPF currently under review is the Minimum Sum scheme and how the amount is calculated.

Mr Tan said they are reviewing whether it should continue to be raised in relation to inflation and whether the formula for calculating inflation needs to be changed.

He explained that the Minimum sum is pegged with inflation so it goes up every year based on the inflation, as calculated by the Consumer Price Index.




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