Breaking: CPF Special Account Increases in Rates For the First Time in 15 Years… to 4.01% P.A.

Wake up, CPF just increased its interest rates! In the third quarter of 2023, CPF Special Account’s interest will increase from 4% p.a. to a generous 4.01% p.a. Thanks to Sole Guy for sharing.

The rate of 4% p.a. has not been changed since 2008 and CPF members would no doubt be extremely grateful for the huge increase in rates. For a whole three months!

While some may say that this is a mere 0.01% increase, I take umbrage at that assertion. It is actually a 0.01 percentile point increase from 4%, meaning to say the percentage increase is technically a staggering 0.25%.

What do you mean this logic should also be applied to the GST hike? No no, that was a change. The only hikes we have are done at Bukit Timah.

Should have topped up my SA

Anyway, a genius once said that compound interest is the 8th wonder of the world, and this rate increase would surely make it the 8.01th. For every S$10,000 you have in your SA, you get an additional dollar each year! Assuming this rate lasts for a year, that is. Do I hear fish instead of meat for your cai fan?

I have hence been very mistaken not to top up my CPF SA above and beyond my mandatory contributions. Oh well, time to repent on missing out on getting so much more returns on my retirement savings.

We love chicken wings

In a period of time where cost of living is surging and everything is more expensive, even the smallest chicken wing is a treat. Derisory? Never heard of that word before.

Besides, maybe a small chicken wing means we give back less of a chicken?

Right?

The writer has been voting for PAP since 2015… which is why he isn’t complaining. Please don’t POFMA 🥺

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