Asked 3w ago
What happens if my SA have more than that amount? Will I just earn 0 interest for the amounts exceeding the full retirement sum? Asking for my parents, who have no idea how all these works.
Hi Anon, all 181k receives 4% interest plus $600 (1% extra for first 60k), and the interest stays in the Special Account until age 55 when the FRS for that year is transferred to the Retirement Account where it'll continue to earn interest but will be then paid as CPF Life premium.
Balance SA above FRS at 55 will also continue earning base 4% interest but no bonus 1%.