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Silent on the fact that the ordinary account interest rate is a paltry 2.5% pa, which if it's true that Temasick is returning 18% pa, is BLATANT LEEGALIZED CORRUPTION!
Jun 15, 2010
CPF interest rate stays at 4%
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CENTRAL Provident Fund (CPF) members will continue to receive interest of 4 per cent a year on their Special and Medisave Accounts (SMA) savings from July 1 to Sept 30, the CPF Board announced on Tuesday.
Since January 1 2008, savings in the SMA have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1 per cent, adjusted quarterly.
As announced previously, the Government will maintain the 4 per cent per annum minimum rate for interest earned on all Special and Medisave Accounts (SMA) monies and Retirement Account (RA) monies until Dec 31. Beyond this date, interest rates on all CPF account monies will be subject to a minimum rate of 2.5% per annum.
For the period June 1 2009 to May 31 this year, the 12-month average yield of the 10YSGS plus 1 per cent worked out to be 3.59 per cent, said the CPF. Since this rate is below the minimum rate of 4 per cent, the SMA interest rate from July 1 to Sept 30 will remain at 4 per cent a year.
Jun 15, 2010
CPF interest rate stays at 4%
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CENTRAL Provident Fund (CPF) members will continue to receive interest of 4 per cent a year on their Special and Medisave Accounts (SMA) savings from July 1 to Sept 30, the CPF Board announced on Tuesday.
Since January 1 2008, savings in the SMA have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1 per cent, adjusted quarterly.
As announced previously, the Government will maintain the 4 per cent per annum minimum rate for interest earned on all Special and Medisave Accounts (SMA) monies and Retirement Account (RA) monies until Dec 31. Beyond this date, interest rates on all CPF account monies will be subject to a minimum rate of 2.5% per annum.
For the period June 1 2009 to May 31 this year, the 12-month average yield of the 10YSGS plus 1 per cent worked out to be 3.59 per cent, said the CPF. Since this rate is below the minimum rate of 4 per cent, the SMA interest rate from July 1 to Sept 30 will remain at 4 per cent a year.
