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CPF 4% floor rate extended

>> Sunday, September 6, 2009

Straits Times, 5 Sep 2009.
By Goh Chin Lian

Central Provident Fund (CPF) members will continue to get an interest floor rate of 4 per cent on their CPF SMRA savings for another year.

Manpower Minister Gan Kim Yong on Saturday cited unusually low interest rates in the current recession for the Government's decision to extend the minimum rate guaranteed for the Special, Medisave and Retirement Accounts (SMRA) until December next year.

'Without the 4 per cent floor, the computed interest rate on SMRA funds for the fourth quarter of 2009 would be 3.4 per cent. The rate is not likely to improve significantly by the first quarter of next year.'

This new rate, introduced since January last year, is pegged to the interest rate of 10-year Singapore Government Securities plus 1 percentage point.

Mr Gan said the extension of the floor rate of 4 per cent will apply to CPF Life funds as well until December next year.

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