Purpose and account interest
CPF is a compulsory employer-and-employee funded savings system for retirement, housing and healthcare. Workfare and senior MediSave top-ups can supplement savings. The reviewed MOM overview lists OA interest of 2.5% and SA, MediSave and RA interest of 4%; actual quarterly rates and bonus-interest allocation must be checked with CPF Board. It describes up to 5% on the first S$60,000 of combined balances below age 55, and up to 6% on the first S$30,000 plus up to 5% on the next S$30,000 at 55 and above.
Retirement sums and withdrawal conditions
Age 55 is the initial lump-sum withdrawal age; age 65 is the payout eligibility age for members born after 1953. The Basic Retirement Sum supports basic living costs. A Singapore property lease lasting to at least age 95 may allow withdrawal above that sum. At 55, up to S$5,000 can be withdrawn even if the Basic Retirement Sum is not met. Cohorts reaching 65 from 2023 can withdraw up to 20% of RA savings available at 65, less the unconditional S$5,000. Retirement sums vary by cohort to account for inflation and living standards.
Account structure: current correction
MOM’s overview describes contributions to OA, SA and MediSave and transfers into RA at 55. Read that description alongside CPF Board’s later account change: SA accounts for members aged 55 and above closed on 19 January 2025, with retirement savings transferred to RA up to the cohort Full Retirement Sum. Follow the linked CPF Board announcement for current account allocation.
Related topics and services
Official documents and references
- CPF Board: Special Account closure ↗
- Interest rates ↗ Government source
- retirement sums applicable to you ↗ Government source
- CPF website ↗ Government source