CPF Members Earned $22.4B in Interest in 2024

• 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.

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.

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.

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.

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 Annual Report 2024 

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