Singapore in Brief

CPF Returns “Unfair”, Say More than 50% of Singaporeans

A survey by research group, Blackbox, has found that 51% of Singaporeans believe that CPF does not give a fair return on their savings. More than 1000 Singaporeans were polled. Only 65% were of those polled said they were satisfied with the CPF system.

 

Blackbox also found that lower and middle income earners in Singapore felt most strongly that they were getting unfair returns on their CPF. The current interest rate that CPF offers is 2.5% on Ordinary Account, and 4% on Medisave, Special, and Retirement Accounts.

 

Deputy Prime Minister Tharman Shanmugaratnam defended the rate of return of CPF in parliament. He said that while the CPF does not give the highest returns, it provides fair returns, one of the safest returns in the world.

 

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