News Release by:
Central Provident Fund Board
10 June 2009 --
Since 1 January 2008, interest rate for savings in the Special, Medisave and Retirement Accounts (SMRA) has been pegged to the 12-month average yield of the 10-year Singapore Government Security (10YSGS) plus 1%. The average yield of the 10YSGS over one year, from 2 June 2008 to 29 May 2009, plus 1% worked out to be 3.61%.
To help CPF members adjust to the floating SMRA rate, the Government will maintain the 4% floor rate for two years, from 1 January 2008 to 31 December 2009, if the 10YSGS yield plus 1% is below 4%. After 31 December 2009, the 2.5% floor rate will apply for all CPF accounts.
Hence, the SMRA interest rate from 1 July 2009 to 30 September 2009 will be 4% (floor rate).
Source [via]
In a separate article published on Today paper, Frontier Wealth Management director, Mark Yang, mentioned Singaporeans had to become more active in managing their own finances “without the CPF as a shield”.
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