---
title: CPF Members Earned $22.4B in Interest in 2024
description: Join The Financial Coconut for insights on personal finance, investing, and wealth-building strategies. Start your path to financial literacy today!
image: https://www.thefinancialcoconut.com/hubfs/double-rainbows-over-singapore-s-sky-2026-03-13-04-24-36-utc.jpg
---

[Skip to content](https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024#main-content)

[![Full_COlour](https://www.thefinancialcoconut.com/hs-fs/hubfs/Full_COlour.png?width=456&height=80&name=Full_COlour.png)](https://www.thefinancialcoconut.com/)

- [Retirement Marketspace](https://retirementmarketspace.thefinancialcoconut.com/)
- [Events](https://www.thefinancialcoconut.com/events)
  
  Show submenu for Events 
  
    - [For Investors](https://tfcmysterymeetup.com/)
    - [For Business Owners & Creators](https://ipcreatorunite.peatix.com/)
    - [For Salaried Workers](https://www.thefinancialcoconut.com/thought-leadership-series)
    - [TFC Events](https://www.thefinancialcoconut.com/events)
- [Shows](https://www.thefinancialcoconut.com/tfc-shows)
  
  Show submenu for Shows 
  
    - [Wise and Shine](https://www.thefinancialcoconut.com/wise-and-shine)
    - [The Business Show](https://www.thefinancialcoconut.com/tfc-business-show)
    - [Chills with TFC](https://www.thefinancialcoconut.com/chills-with-tfc)
- [Blog](https://www.thefinancialcoconut.com/blog)
  
  Show submenu for Blog 
  
    - [Work Smart](https://www.thefinancialcoconut.com/worksmart)
    - [Invest](https://www.thefinancialcoconut.com/invest)
    - [Retire Well](https://www.thefinancialcoconut.com/retire-well)
    - [Business](https://www.thefinancialcoconut.com/business)

Open main navigation

Close main navigation

- [Retirement Marketspace](https://retirementmarketspace.thefinancialcoconut.com/)
- [Events](https://www.thefinancialcoconut.com/events)
  
  Show submenu for Events 
  
    - [For Investors](https://tfcmysterymeetup.com/)
    - [For Business Owners & Creators](https://ipcreatorunite.peatix.com/)
    - [For Salaried Workers](https://www.thefinancialcoconut.com/thought-leadership-series)
    - [TFC Events](https://www.thefinancialcoconut.com/events)
- [Shows](https://www.thefinancialcoconut.com/tfc-shows)
  
  Show submenu for Shows 
  
    - [Wise and Shine](https://www.thefinancialcoconut.com/wise-and-shine)
    - [The Business Show](https://www.thefinancialcoconut.com/tfc-business-show)
    - [Chills with TFC](https://www.thefinancialcoconut.com/chills-with-tfc)
- [Blog](https://www.thefinancialcoconut.com/blog)
  
  Show submenu for Blog 
  
    - [Work Smart](https://www.thefinancialcoconut.com/worksmart)
    - [Invest](https://www.thefinancialcoconut.com/invest)
    - [Retire Well](https://www.thefinancialcoconut.com/retire-well)
    - [Business](https://www.thefinancialcoconut.com/business)
- [Contact us](https://www.thefinancialcoconut.com/contact-us)

[Contact us](https://www.thefinancialcoconut.com/contact-us)

 Jul 16, 2025, 6:06:18 PM

# CPF Members Earned $22.4B in Interest in 2024

![Picture of Edward Tho](https://www.thefinancialcoconut.com/hs-fs/hubfs/Square%20(2)-Jun-01-2025-06-24-42-9139-PM.png?width=50&name=Square%20(2)-Jun-01-2025-06-24-42-9139-PM.png) [Edward Tho](https://www.thefinancialcoconut.com/blog/author/edward-tho)

Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024) [envelope icon](mailto:?body=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024) [Share this page](https://twitter.com/intent/tweet?url=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024)

[![Follow The Financial Coconut](https://no-cache.hubspot.com/cta/default/46975693/interactive-182431637553.png)](https://cta-service-cms2.hubspot.com/web-interactives/public/v1/track/redirect?encryptedPayload=AVxigLL2CjCe42iR2RH2MpVX0Ej%2BKJQ%2F3A0Z7pXnUs35To%2Bo6nbKcpBVq9I98X5NUungVEwfs5YCKuM%2FaP97VxIITkTlihT57%2F%2F4XDW9rT3VR4MatSLDi%2BMU5mbQqihfX3LRRz83ij8K19OiD8UXy8sdct4t0Q%3D%3D&webInteractiveContentId=182431637553&portalId=46975693)

 

 

In 2024, CPF members collectively earned **$22.4 billion in interest (including $1.9 billion in extra interest)**, reflecting the robust performance of Singapore’s Central Provident Fund (CPF) system.

This milestone underscores the CPF’s role as a cornerstone of financial security for Singaporeans, supporting retirement, healthcare, and housing needs.

Let’s explore the key highlights, initiatives, and impacts of CPF’s performance in 2024.

## Overall CPF Performance in 2024

![](https://www.thefinancialcoconut.com/hs-fs/hubfs/image-png-Jul-16-2025-09-58-30-8253-AM.png?width=577&height=438&name=image-png-Jul-16-2025-09-58-30-8253-AM.png)

![](https://www.thefinancialcoconut.com/hs-fs/hubfs/image2-png.png?width=480&height=171&name=image2-png.png)

- **Total Membership:** 4.2 million members, with 2.1 million active contributors.
- **Members’ Balances:** Reached **$609.5 billion**, a **6.7% increase** from the previous year.
- **Interest Credited:** $22.4 billion, including **$1.9 billion in extra interest** to boost retirement savings.
- **Withdrawals:** $37.2 billion withdrawn by members for various purposes, including housing and healthcare.
- **Contributions Collected:** $55.8 billion in CPF contributions, reflecting steady employment and wage growth.
- **Employer Compliance:** Recovered **$746.3 million** in owed or late contributions, ensuring fair treatment for workers.

 

## **Key Retirement Initiatives**

### **Majulah Package (2024)**

- **$9 billion disbursed** to support **1.6 million Singaporeans** born on or before 1973. 
    - Includes: 
          - **Earn and Save Bonus**: Encourages savings through matched contributions.
          - **Retirement Savings Bonus**: Boosts retirement accounts.
          - **MediSave Bonus**: Strengthens healthcare savings.

 ![closeup-of-the-flag-of-singapore-on-a-table-during-2026-03-09-02-57-43-utc](https://www.thefinancialcoconut.com/hs-fs/hubfs/closeup-of-the-flag-of-singapore-on-a-table-during-2026-03-09-02-57-43-utc.jpg?width=3000&height=2000&name=closeup-of-the-flag-of-singapore-on-a-table-during-2026-03-09-02-57-43-utc.jpg)

 

**CPF Salary Ceiling Increase**

- Raised from **$6,300 to $6,800** in January 2024, with plans to reach **$8,000 by 2026**.

### **CPF LIFE Payouts**

- Over **165,000 members** are now receiving monthly payouts under CPF LIFE, ensuring lifelong income during retirement.

### **Top-Ups and Matched Retirement Savings Scheme (MRSS)**

- **875,000 top-ups** totaling **$4.8 billion**, a **14% increase** from 2023.
- Under MRSS, **$61 million matched** for **103,000 members**, with **9 in 10 receiving the maximum $600**.

### **Enhanced Retirement Sum (ERS)**

- Increased from **3× to 4× Basic Retirement Sum**, effective **1 January 2025**, boosting retirement adequacy.

### **Closure of Special Accounts (SA)**

- Implemented on **19 January 2025**, affecting **~1.4 million members aged 55+**. 
    - SA savings transferred to the **Retirement Account (RA)** to streamline retirement planning.

## **![CPFB | Closure of CPF Special Account – so what's next?](https://www.cpf.gov.sg/member/infohub/educational-resources/closure-of-cpf-special-account-so-what-next/_jcr_content/root/container_58825609/container_copy_copy__488319030/image_copy_185983416.coreimg.jpeg/1712195475821/closure-of-cpf-sa-%282%29.jpeg)**

## **Workfare & Platform Workers**

| Category | Key Details | Insights |
| --- | --- | --- |
| **Workfare Income Supplement (WIS)** | - **$879.1 million** disbursed in 2024. - Qualifying income cap raised from **$2,500 to $3,000**, effective 1 January 2025, benefiting lower-income workers. | The increase in the income cap aims to support more lower-income workers, enhancing their financial stability. |
| **Platform Workers CPF Contributions** | - From 2025, mandatory CPF contributions for platform workers born on or after **1 January 1995**. - **25% of older workers opted in voluntarily,** as of February 2025. - **CPF Transition Support (PCTS):** Monthly cash grants provided to ease the transition. | Mandatory contributions reflect a shift towards greater financial security for platform workers, supported by transition grants. |

## **Healthcare Contributions and Utilisation**

### **MediShield Life Enhancements**

- Effective **April 2025**, includes: 
    - Higher claim limits.
    - Coverage for outpatient and home-based care.
    - **$4.1 billion government support** over three years, including **$3.4 billion in MediSave top-ups**.

### **![Over RM13.17bil in government support for Singaporeans as MediShield Life premiums go up | The Star](https://apicms.thestar.com.my/uploads/images/2024/10/15/2966068.webp)**

### **MediSave Grants for Newborns**

- **$126.1 million granted** in 2024 to support healthcare savings for newborns.

### **MediSave Withdrawals**

- **$1.43 billion** for direct medical expenses.
- **$1.57 billion** for insurance premiums.

### **Claims Approved**

- **1 million claims** under MediShield Life.
- **11,100 members** claimed under CareShield Life and ElderShield.

![double-rainbows-over-singapore-s-sky-2026-03-13-04-24-36-utc](https://www.thefinancialcoconut.com/hs-fs/hubfs/double-rainbows-over-singapore-s-sky-2026-03-13-04-24-36-utc.jpg?width=3000&height=2000&name=double-rainbows-over-singapore-s-sky-2026-03-13-04-24-36-utc.jpg)

## **Housing Utilisation**

| Category | Key Details | Insights |
| --- | --- | --- |
| **Housing Utilisation** | - **Total CPF Ordinary Account (OA) Withdrawals for Housing:** **$25.8 billion**. - **HDB:** $14.6 billion (750,000 members). - **Private/Executive Condominiums (EC):** $11.2 billion (276,000 members). | A substantial portion of CPF withdrawals is directed towards housing, with HDB being the preferred option. |
| **Home Protection Scheme (HPS)** | - **558,000 members covered**, with **781 claims processed** in 2024. - Total sum assured: **$104.4 billion**. | The HPS provides critical coverage, indicating its role in financial security for homeowners. |
| **Dependants’ Protection Scheme (DPS)** | - **2.1 million members covered**, with **3,000 claims processed**. - Total sum assured: **$146.3 billion**. | The DPS offers significant financial protection for dependants, ensuring security for a large member base. |

## **CPF Investment Scheme (CPFIS)**

- **Invested OA Savings:** $23.2 billion (1 million members).
- **Invested SA Savings:** $4.9 billion (228,000 members).

## **Additional Support Measures**

- **Silver Support Scheme:** $643.2 million disbursed to **265,000 seniors**.
- **Account Closures (Non-SC/Non-PR):** $4.1 billion withdrawn by **45,000 individuals**.

## **Government Disbursements via CPF**

- **Assurance Package:** $2.4 billion to **1.4 million Singaporeans**.
- **GST Voucher Scheme:** $2.3 billion to **3 million citizens**.
- **One-off MediSave Bonus:** $1.1 billion to **1.6 million citizens**.
- **Majulah Package:** 
    - $597 million to **800,000 members** in Retirement/Special Accounts.
    - $1.2 billion to **1.4 million members** in MediSave.

## **Member Engagement and Service Excellence**

### **Digital and Physical Interactions**

- **115.8 million website interactions**.
- **10.3 million digital/social media engagements**.
- **Frontline Stats:** 
    - 253,000 over-the-counter visits.
    - 622,000 calls handled, with **98% customer satisfaction**.
    - 88,000 correspondences processed.
    - 15,000 WhatsApp enquiries.

### **Innovations**

- **Visual Voice Tool:** Launched for deaf/hard-of-hearing members.
- **PLAN with CPF Portal:** Introduced in September 2024 for personalized financial planning.
- **“Life’s Supermart” Exhibition:** Attracted **6,500 visitors**, with **89% showing interest** in financial planning.

## [**![CPFB | How do I use the PLAN with CPF dashboard?](https://www.cpf.gov.sg/servicevforcesite/servlet/rtaImage?eid=ka0IW0000003sAL&feoid=00NIW000000NVUe&refid=0EMIW000002mrk1)**](https://www.cpf.gov.sg/service/article/how-do-i-use-the-plan-with-cpf-dashboard)

## **Sustainability and Internal Initiatives**

### **Sustainability Progress**

- **Net Zero Target:** By 2045.
- **Greenhouse Gas Emissions:** Reduced by **31%** from 2020 baseline.
- **Energy Utilisation:** Reduced by **36%**.
- **Water Efficiency:** Improved by **4%** (excluding DCS prep: **11%**).

### **Volunteering**

- **27,000 top-ups/CPF nominations** supported by CPF volunteers.
- **75% increase** in active volunteers.

## **Conclusion:**

The **$22.4 billion in interest credited** to CPF members in 2024 reflects the system’s effectiveness in securing financial futures for Singaporeans.

Through targeted initiatives like the Majulah Package, enhanced retirement sums, and expanded healthcare coverage, the CPF continues to adapt to evolving needs.

With strong member engagement, sustainability efforts, and innovative digital tools, the CPF remains a trusted pillar of Singapore’s social safety net.

## **Key Takeaways:**

- **$609.5 billion total balances**, up **6.7%** from 2023.
- **Majulah Package** and **CPF LIFE** ensure retirement adequacy.
- **Healthcare enhancements** and **housing withdrawals** address critical needs.
- **Digital innovations** and **volunteerism** strengthen member engagement.

##### Reference: [CPF](https://www.cpf.gov.sg/content/dam/web/member/infohub/documents/CPF)[Annual Report](https://www.cpf.gov.sg/member/infohub/reports-and-statistics/annual-reports/key-cpf-statistics-2024)2024 

Let us know what you think about this topic, and what do you want to hear next.

You can now be our community contributor and make a [pitch ](https://thefinancialcoconut.com/contact/)to have your favourite personality be on our show.  
Join our [community group](https://linkin.bio/thefinancialcoconut/?fbclid=PAZXh0bgNhZW0CMTEAAaY2-JSYItZawSUnNP4YhAicLp0H2wXwx8EBmQgbzOJrjA6YRiPWXtFDSH4_aem_t1DMRY5jrSAapreaSX9ntw) and drop us your insights on this topic.

 

### Stay ahead in your financial journey! Sign up for our newsletter to receive insights, tips, and strategies from The Financial Coconut

Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024) [envelope icon](mailto:?body=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024) [Share this page](https://twitter.com/intent/tweet?url=https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024)

[![](https://isomer-user-content.by.gov.sg/366/7c52f3d4-9f2d-456b-ae96-e74af6df2428/18_attractive%20lakefront_render_small.jpg)](https://www.thefinancialcoconut.com/blog/singapore-property-market-2026-why-prices-are-slowing-while-land-supply-hits-a-decade-high)

## [Singapore Property Market 2026: Why Prices Are Slowing While Land Supply Hits a Decade High](https://www.thefinancialcoconut.com/blog/singapore-property-market-2026-why-prices-are-slowing-while-land-supply-hits-a-decade-high)

[![](https://www.thefinancialcoconut.com/hs-fs/hubfs/singapore%20parents%20worry%20about%20money-png.png?height=200&name=singapore%20parents%20worry%20about%20money-png.png)](https://www.thefinancialcoconut.com/blog/why-do-smart-singaporeans-still-fall-for-scams-inside-2026s-nanning-scheme-and-pump-and-dump-wave)

## [Why Do Smart Singaporeans Still Fall for Scams? Inside 2026's Nanning Scheme and Pump-and-Dump Wave](https://www.thefinancialcoconut.com/blog/why-do-smart-singaporeans-still-fall-for-scams-inside-2026s-nanning-scheme-and-pump-and-dump-wave)

[![](https://www.thefinancialcoconut.com/hs-fs/hubfs/petrol%20price%20september%202026.jpeg?height=200&name=petrol%20price%20september%202026.jpeg)](https://www.thefinancialcoconut.com/blog/can-singaporeans-still-get-cheap-petrol-in-johor-bahru)

## [Can Singaporeans Still Get Cheap Petrol in Johor Bahru?](https://www.thefinancialcoconut.com/blog/can-singaporeans-still-get-cheap-petrol-in-johor-bahru)

[![](https://www.thefinancialcoconut.com/hs-fs/hubfs/fifty-singapore-dollars-banknote-2026-01-08-06-46-27-utc.jpg?height=200&name=fifty-singapore-dollars-banknote-2026-01-08-06-46-27-utc.jpg)](https://www.thefinancialcoconut.com/blog/singapore-savings-bonds-yields-hit-a-14-month-high-should-you-switch-from-t-bills)

## [Singapore Savings Bonds Yields Hit a 14-Month High: Should You Switch From T-Bills?](https://www.thefinancialcoconut.com/blog/singapore-savings-bonds-yields-hit-a-14-month-high-should-you-switch-from-t-bills)

[retire well](https://www.thefinancialcoconut.com/blog/tag/retire-well), [CPF](https://www.thefinancialcoconut.com/blog/tag/cpf)

## Let us know what you think of this post

## Related posts

[![](https://dam.mediacorp.sg/image/upload/s--Jl4cnYdt--/c_fill%2Cg_auto%2Ch_676%2Cw_1200/f_auto%2Cq_auto/v1/tdy-migration/20210901_ili_dr_tan_see_leng-3.jpg?itok=QBJNWQHj)](https://www.thefinancialcoconut.com/blog/tan-see-leng-may-day-message)

[work smart](https://www.thefinancialcoconut.com/blog/tag/work-smart), [Singapore Budget](https://www.thefinancialcoconut.com/blog/tag/singapore-budget), [Singapore General Election](https://www.thefinancialcoconut.com/blog/tag/singapore-general-election)

## [2025 May Day Message: Dr. Tan See Leng on the Future of Work in Singapore](https://www.thefinancialcoconut.com/blog/tan-see-leng-may-day-message)

In his May Day 2025 speech, Dr. Tan See Leng, Minister for Manpower, delivered a compelling message...

[Read more](https://www.thefinancialcoconut.com/blog/tan-see-leng-may-day-message)

[![](https://gutzymedia.s3.ap-northeast-2.amazonaws.com/wp/2024/02/16164726/DPM-Wong-CPF1.jpg)](https://www.thefinancialcoconut.com/blog/voluntary-cpf-top-ups-strategy)

[Personal Finance](https://www.thefinancialcoconut.com/blog/tag/personal-finance), [CPF](https://www.thefinancialcoconut.com/blog/tag/cpf)

## [Voluntary CPF Top-ups Strategy: Maximising Tax Relief While Building Retirement Wealth](https://www.thefinancialcoconut.com/blog/voluntary-cpf-top-ups-strategy)

The Central Provident Fund (CPF) system in Singapore is a cornerstone of the nation’s social...

[Read more](https://www.thefinancialcoconut.com/blog/voluntary-cpf-top-ups-strategy)

[![](https://static1.straitstimes.com.sg/s3fs-public/articles/2015/02/09/53454353e_2x.jpg?VersionId=UVNxXkKNiNRgoQV0zYoS98s6cc7U1igI?w=860)](https://www.thefinancialcoconut.com/blog/retirement-incomes-at-each-life-stage)

[retirement planning](https://www.thefinancialcoconut.com/blog/tag/retirement-planning), [Personal Finance](https://www.thefinancialcoconut.com/blog/tag/personal-finance), [CPF](https://www.thefinancialcoconut.com/blog/tag/cpf)

## [2025 Strategies for Singaporeans: Building Diverse Retirement Incomes at Each Life Stage](https://www.thefinancialcoconut.com/blog/retirement-incomes-at-each-life-stage)

Singaporeans are living longer, with life expectancy reaching 83.9 years in 2024. Rising healthcare...

[Read more](https://www.thefinancialcoconut.com/blog/retirement-incomes-at-each-life-stage)

[![Logo_White](https://www.thefinancialcoconut.com/hs-fs/hubfs/Logo_White.png?width=111&height=69&name=Logo_White.png "Logo_White")](https://www.thefinancialcoconut.com/)

[facebook-f icon](https://www.facebook.com/financialcoconut/) [linkedin-in icon](https://sg.linkedin.com/company/the-financial-coconut) [TikTok icon](https://www.tiktok.com/@thefinancialcoconut?lang=en) [instagram icon](https://www.instagram.com/thefinancialcoconut/) [Follow us on Facebook](https://www.youtube.com/channel/UCREEmSahtQyTBjJudI6kgmg) [Follow us on Facebook](https://open.spotify.com/show/6ndJZx2bk8jYgQHAXIwg1C) [Follow us on Facebook](https://podcasts.apple.com/sg/podcast/the-financial-coconut-podcast/id1487004505)

6 Shenton Way, OUE Downtown 2, #07-13, Singapore 068809

Copyright © 2025

- - [About Us](https://www.thefinancialcoconut.com/about-us)
    - [Events](https://www.thefinancialcoconut.com/events)
    - [Shows](https://www.thefinancialcoconut.com/tfc-shows)
    - [Blog](https://www.thefinancialcoconut.com/blog)
- - [Work Smart](https://www.thefinancialcoconut.com/worksmart)
    - [Invest](https://www.thefinancialcoconut.com/invest)
    - [Business](https://www.thefinancialcoconut.com/business)
    - [Retire Well](https://www.thefinancialcoconut.com/retire-well)
- - [Contact Us](https://www.thefinancialcoconut.com/contact-us)
    - [Work With Us](https://www.thefinancialcoconut.com/workwithus)
    - [Ask Our Experts](https://www.thefinancialcoconut.com/ask-us)
    - [Make Your Pitch](https://www.thefinancialcoconut.com/make-your-pitch)
    - [Service and User Agreement](https://www.thefinancialcoconut.com/service-agreement)
    - [Privacy Policy](https://www.thefinancialcoconut.com/privacy-policy)

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Edward Tho",
    "url" : "https://www.thefinancialcoconut.com/blog/author/edward-tho"
  },
  "dateModified" : "2026-03-20T18:26:15.428Z",
  "datePublished" : "2025-07-16T10:06:18.000Z",
  "headline" : "CPF Members Earned $22.4B in Interest in 2024",
  "image" : [ "https://www.thefinancialcoconut.com/hubfs/double-rainbows-over-singapore-s-sky-2026-03-13-04-24-36-utc.jpg" ],
  "mainEntityOfPage" : {
    "@id" : "https://www.thefinancialcoconut.com/blog/cpf-annual-report-2024",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://www.thefinancialcoconut.com/hubfs/Full_COlour-2.png"
    },
    "name" : "The Financial Coconut"
  }
}
```