Budget 2015 - 'I can save more in CPF account'

Budget 2015 - 'I can save more in CPF account'

'I can save more in CPF account'

THE changes in the Central Provident Fund (CPF) system announced in the Budget yesterday will help workers such as Madam Tan Kar Tiau.

Madam Tan, a 52-year-old assistant teacher at a pre-school, earns about $1,500 a month. Her husband, Mr Khoo Hock Guan, 57, is a food and beverage supervisor. Their son, Mr Terrence Khoo, 24, is a student at the National Institute of Education.

Under the changes to the CPF system, Madam Tan's CPF contribution rate will increase by 2 percentage points.

When she turns 55, the interest rate on the first $30,000 of her CPF balance will increase by 1 percentage point as well.

This means that she will be able to get higher returns out of her CPF account, resulting in larger CPF Life monthly payouts when she turns 65.

"This is good for us, as next time I can save more in my CPF (account)," she said.

She also said that if she does hit the Minimum Sum and can withdraw a portion of her savings, she would choose to benefit from the higher interest rate.

"I want to keep the money for future use, like when I am older and cannot work for long hours," said Madam Tan.

The Straits Times / Top of The News              Published on Wednesday, 24 February 2015

By Isaac Neo

Budget 2015 - 'I can save more in CPF account'
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