According to MOF, more than 1.85 million CPF members do not even have $20,000 in their CPF Ordinary Account.
MOF: “More than half of all CPF members earn 3.5% per year on all their Ordinary Account (OA) balances” (see image below).
In order to earn the stated interest rate on ‘all’ balances in the OA, a member’s OA cannot exceed $20,000.
Almost 2 million CPF members having less than $20,000 in their OA is a shockingly large figure. Even if retirees, foreigners and new workforce entrants are excluded, that still leaves hundreds of thousands of Singaporeans.
Since the CPF scheme has failed its retirement objective, it looks like PAP will need to come up with more help schemes to ‘help’ Singaporeans downgrade our homes.