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ST Explains: Inflation raises calls for CPF interest rates to go up, but higher rates may not benefit everyone
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The CPF Act states that all savings are guaranteed the floor rate of 2.5 per cent a year.
PHOTO: ST FILE
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SINGAPORE – Inflation is showing no signs of abating and official estimates are that it will remain elevated in the first half of 2023 before slowing in the second half.
As inflation erodes the value of each dollar, there are concerns in many quarters that retirement savings will not be enough, and this has led to growing calls for the interest rates on savings in the Central Provident Fund (CPF), the national pension scheme, to go up.
