Budget 2024: Adjustments to the CPF system
01:45 Min
From 2025, the Central Provident Fund (CPF) Special Account of those aged 55 and above will be automatically closed and the monies — up to the Full Retirement Sum — will be transferred to their Retirement Account, with the balance going into the Ordinary Account. Deputy Prime Minister Lawrence Wong announced these changes on Friday (Feb 16) during the delivery of the budget statement.
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