Singapore Central Provident Fund (CPF) Special Account Closes from January 2025

The Central Provident Fund (CPF) Special Account will soon cease to exist for those aged 55 and older.

Singapore’s CPF Special Account (SA) is a mandatory savings scheme under the Central Provident Fund (CPF) system, aimed at helping citizens save for retirement, housing, and healthcare.

Eligible for CPF, SG 

• Singapore Citizen or Permanent Resident employee who earns total wages of more than $50 per month.

Which are the three types of CPF accounts?

1. Ordinary Account (OA)
2. Special Account (SA)
3. MediSave Account (MA)

How can I withdraw money from my CPF special account?

• You can withdraw anytime from 55.
• The amount you can withdraw depends on your birth year and the age you are making the withdrawal.
• If you have met the FRS, you can withdraw any amount in your Ordinary and Special Accounts (OA and SA).

What is the maximum balance in CPF special account?

• Medisave Contribution: up to $63,000 (as of 2021)
• Special Account: up to S$186,000 (as of 2021).

What are the new CPF changes for 2024?

All CPF members below 55 have three accounts: Ordinary Account, Special Account and MediSave.

1. CPF contribution rates for those aged 55 to 65 will increase by a further 1.5 % points in 2025.
2. Maximum amount that CPF members can put into their Retirement Account (RA) will increase to S$426,000.
3. CPF Special Account (SA) will close for those aged 55 and above

• SA savings will be transferred to the RA up to the Full Retirement Sum
• Remaining SA savings will be transferred to the Ordinary Account

Features of CPF Special Account

• Excess funds will go to the Ordinary Account which offers an interest rate of 2.5 per cent a year.
• The Special, Retirement and MediSave accounts currently earn per-annum interest of 4.14 per cent.
• The Enhanced Retirement Sum will be pegged to four times the Basic Retirement Sum from Jan 1, 2025, up from the current three times.

For example:

If your Basic Retirement Sum is S$106,500 (US$79,200) in 2025, then

the Full Retirement Sum is twice the Basic sum = 106,500 x 2 = S$213,000 and the revised Enhanced Retirement Sum will be S$426,000.

For more information, please visit: www.cpf.gov.sg

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