The CPF Board paid out $21 billion in interest on CPF balances, an increase of 6.1 per cent from $19.8 billion in 2022.
Mr Bryan Chan, senior solutions specialist at wealth advisory firm Providend, said the average interest rate works out to 3.68 per cent, derived from expressing the total interest of $21 billion paid in 2023 as a percentage of the total CPF balances of $571 billion for the year. This works out to a simple average of $552 a month for each of the 513,000 CPF members eligible for payouts.Ms Yong Ying-I, chairwoman of the CPF Board, said in the report that, since June 2023, the minimum monthly payout for seniors on the Retirement Sum Scheme had been raised from $250 to $350 per month.
They may have continued to receive additional contributions to their CPF accounts – for example, if they are seniors who are still working. CPF Life provides monthly payouts to CPF members for as long as they live, even after the savings in their Retirement Account have been depleted.