According to Singapore’s CPF Board, starting 30 Nov, a default daily online withdrawal cap of S$2,000, aimed at safeguarding CPF members aged 55 and above from scams, will be in place.
Members can adjust this limit between S$0 and S$200,000 online, with increased limits necessitating Singpass face verification and a mandatory 12-hour security delay.
Singapore’s retirement income system advanced two places to secure the 7th position among 47 systems in the 15th Mercer CFA Institute Global Pension Index. Leading in Asia, it maintains a position within the top 10 globally.
Meanwhile, the Netherlands, Iceland, and Denmark took the top positions on the list.
The CPF Special and MediSave Account (SMA) interest rate is increasing to 4.04% annually in Q4 this year, following a prior rise to 4.01% in Q3, the first since the 2008 4% floor rate, as announced by the CPF Board and HDB on 21 September.