New infographic helps CPF members understand yearly statement better

SINGAPORE — Members of the Central Provident Fund (CPF) will find it easier to make sense of their Yearly Statement of Account with a new infographic that summarises their transactions.

This can be viewed online, but it will also be sent out by the end of February, to members who have not signed up to receive e-statements.

Thirty-one-year-old Fang Jiayun used to be confused by the endless list of numbers in her yearly statement, but she can now tell how much she has saved and where her money went at a glance. 

"By looking at this statement, (I now know that) most of my funds are going into housing, with a very small amount going into retirement," said Ms Fang. "Interestingly enough, under financial tips, it was also mentioned that I might want to consider utilising the Special Account. That's definitely something that I will think about."

Ms Fang is one of 3.7 million CPF members who are receiving new illustrated summaries of their annual transactions. The graphics show a breakdown of CPF contributions and the interest earned. Six categories also clearly indicate where the funds are spent on housing, healthcare, retirement, education, investment or others.

The CPF Board said it hopes the infographic will help members better understand their transactions and plan for the future.

"Really it's about retirement planning, because that's very important and the ultimate purpose of CPF," said CPF Board's director for Member Accounts Services, Ms Ong Woei Jiin. "In fact, for the illustrated summary, we have included customised messages which are personalised based on segments of CPF members."

For instance, if you are below 55 years old, you will get tips on building up your savings. Members above 55 will find out how they will benefit from their CPF savings in retirement, while members who have started getting their CPF Life payouts will get updates on how much they have received in total. CHANNEL NEWSASIA