Interest rate on CPF Special, MediSave and Retirement accounts remains at 4% for Q3 2025
Savings in these accounts will earn the floor rate of 4 per cent a year in the third quarter, as the SMRA pegged rate remains below the floor rate, according to a joint statement by the CPF Board and Housing Board on May 22.
The interest rate is pegged to the 12-month average yield of the 10-year Singapore Government Securities, plus 1 per cent.
The interest rates for the Ordinary Account and for HDB housing loans remain unchanged at 2.5 per cent and 2.6 per cent, respectively.
CPF members below 55 years old will continue to earn an extra 1 per cent interest on the first $60,000 of their combined account balances, capped at $20,000 for the Ordinary Account.
Those aged 55 and above will continue to earn an extra 2 per cent interest on the first $30,000 of their combined balances, capped at $20,000 for the Ordinary Account, and an extra 1 per cent on the next $30,000.
The extra interest earned on the Ordinary Account will go into a member's Special Account or Retirement Account, said the statement.
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Straits Times
3 days ago
- Straits Times
Liquidators score victory to recoup over $900 million from scammer Ng Yu Zhi's associates
Sign up now: Get ST's newsletters delivered to your inbox Court documents state that Ng's three companies received about $1.09 billion, US$277.2 million and €980,000 (S$1.4 million) in investor funds. SINGAPORE - The liquidators for three companies of Ng Yu Zhi, the alleged nickel-trading fraudster at the centre of a $1.5 billion nickel trading scam, scored a legal victory on July 29 to recover more than $900 million from nine former directors and employees for their role in Singapore's biggest Ponzi scheme. In 2021, the liquidators of Envy Asset Management (EAM), Envy Global Trading (EGT) and Envy Management Holdings (EMH) sued Ng, former directors Lee Si Ye and Ju Xiao, and former employee Cheong Ming Feng. Court documents state that Ng's three companies received about $1.09 billion, US$277.2 million and €980,000 (S$1.4 million) in investor funds, supposedly for nickel trading. Of those sums, $593 million, US$192.2 million and €880,000 remain outstanding to investors. In a 180-page judgment issued July 29, the liquidators, who are represented by lawyers Daryl Fong and Lin Ruizi of Shook Lin & Bok, were awarded damages after Ms Lee, Mr Ju and Mr Cheong were found to have breached their duties as directors. They also received damages for fraudulent trading by Mr Ju. The trio were also ordered to pay back about $27 million in commission payments, profit sharing, bonuses, CPF payments, directors' fees and dividends. The High Court, however, ruled that the July 29 judgment is 'not binding' on Ng, who was made bankrupt in December 2022. Civil proceedings against the former managing director of EGT and EAM stopped as a result. Ng's criminal trial on 42 charges ended on July 7 after he opted not to take the stand. He had faced a total of 108 charges over offences including cheating, forgery, fraudulent trading, money laundering and criminal breach of trust. In awarding damages to the liquidators, High Court Judicial Commissioner Mohamed Faizal found that the nickel trading scheme did not exist and none of the investors' monies were used to buy nickel from Poseidon Nickel. This is the Australian firm that Ng claimed to have bought nickel from. Instead the funds were transferred to Ng through Envy Asset Management Trading (EAMT), paid as directors' fees to Ng and Ms Lee, and as commission payments, profit sharing fees to the defendants and other employees. The funds were also used to pay referral fees or 'profits' in excess of the invested principal to investors; and transferred or paid to other companies owned by Ng or his Envy companies, the judicial commissioner found. The High Court also found that the Envy companies were 'hopelessly insolvent and unable to pay their debts. Neither EGT nor EMH had any legitimate, revenue-generating business and there was no other meaningful business undertaken by the Envy companies.' There was also 'compelling evidence of the shocking level of ineptitude and nonchalance' on the part of Ms Lee, who allegedly helped Ng cover up details of fraudulent transfers of $416.5 million and US$17.7 million to his own bank accounts under false pretences, according to the ruling. She was found to be 'grossly negligent' but 'did not have actual knowledge' of the Ponzi scheme as she herself was being duped by Ng, with her own family members and loved ones also invested in the scheme, the judicial commissioner pointed out. As for Mr Ju, the High Court found that he was in breach of his directors' duties and liable for fraudulent trading, among other things. 'That he was willing to forge documents, fraudulently change the paid-up capital sums for EGT and mislead investors ... spoke to his entire approach to his role as a director and employee of the company. These actions also reflect his willingness to be complicit in whatever he was asked to do. This made a mockery of his duties as a director of EGT,' the judicial commissioner said. Mr Cheong, the ex-employee, knew that he was creating forgeries, and also became aware that these were being circulated to both internal employees and external investors, but the High Court found that he did not know that such actions were being done to prop up a sham scheme. For one thing , Mr Cheong was 'not particularly sophisticated and possessed a rather rudimentary understanding of the business'. His own investments 'started even before he joined the Envy companies and he had assisted some of his friends to do the same, which suggests that he himself bought into the logic of the purported nickel trading,' the judicial commissioner said. Regardless of whether Ms Lee, Mr Ju or Mr Cheong had knowledge of the Ponzi scheme, they were still ordered to return most of the monies they had received from the Envy companies. In a separate 62-page judgment released July 29, the High Court ordered six other former employees of the Envy companies to cough up more than $42 million in fictitious profits, commission payments, profit sharing and referral fees paid to them. This award is subject to a deduction of income tax payments made by these six employees. Former employees Lau Lee Sheng, Benjamin Teo Wei Wen, Ms Shen Xuhuai, Koh Hong Jie (Xu Hongjie), Guo Yujia and Jordan Chua Wei Jian were named defendants in this suit brought by the liquidators. The High Court allowed the liquidators to claw back monies paid to them after finding that the Envy companies 'were never under any obligation to pay the commission payments and profit sharing payments to the defendants because the (companies) never made any actual profit.'
Independent Singapore
5 days ago
- Independent Singapore
Remote work for Singaporean elders: How a 58 y/o man in SG secured his financial lifeline and retirement needs with just a laptop and Wi-Fi
SINGAPORE: When Lim Wei Ming sat at his Tanjong Pagar office one March morning, staring at his CPF retirement projections, he didn't see it as his golden years. Instead, he saw it as a financial black hole. Wei Ming saw his decades of dutiful saving and climbing the corporate ladder led to one cold, hard truth: even with the maximum Central Provident Fund (CPF) contributions, retirement in Singapore might be more sobering than celebratory. His calculations resulted in a modest S$2,800 monthly payout from CPF, compared to a real-world expense of nearly S$8,000, Maxthon quoted him as saying. Mortgage, mum's medical bills, daughter's overseas uni fees —all of that wasn't fiction. This is Singapore's retirement reality. But Lim, like hundreds of Singaporean seniors, discovered a game-changer: remote work. The remote work revelation What started as a pandemic necessity has evolved into a permanent, powerful solution, especially for older professionals. Remote work isn't just a lifestyle shift; it's a financial lifeline. For Singapore's pre-retirees and seniors, it's becoming the difference between scaling back or soaring ahead. The traditional model—work till 62, retire on CPF—is buckling under pressure. Today's retirees are living longer, facing higher costs, and often supporting both parents and adult children. It's the 'sandwich generation' crunch, Singapore edition. With CPF's Enhanced Retirement Sum now at S$426,000 and contribution rates increasing slightly for those aged 55–65, some progress has been made. But for many, it's still not enough to fund a 20-30-year retirement. That's where remote work comes in, with a dazzling array of benefits. Why remote work makes dollars and sense 🏦 1. Boosting CPF while you Zoom A 60-year-old who brings in S$4,000 a month remotely for five more years could add over S$50,000 to their CPF account. That's not pocket change—it could mean hundreds more per month in CPF LIFE payouts down the road. Add in compound interest at 4% (Special Account) and 2.5% (Ordinary Account), and remote work becomes an interest-generating engine. 🏘 2. Escape the CBD, embrace the world No office, no problem. Retirees are ditching the daily commute and expensive city rents for cosier, cheaper locales—some even across the Causeway. Whether it's a beachfront flat in Penang or a mountain view in Chiang Mai, they're stretching their dollars without sacrificing productivity. Even staying local, the savings add up—S$200 to S$400 a month in transport alone. That's before you count hawker lunches swapped for home-cooked meals and a farewell to overpriced work attire. 🧾 3. Sweetening the tax deal Singapore's territorial tax system means income earned abroad but not brought into the country is not taxable. Couple that with no capital gains tax and the ability to time when income is declared, and it becomes a tax playground for the financially savvy silver fox. 🏥 4. Keeping healthcare costs in check Working remotely means fewer MRT rides and fewer chances to catch something in a crowded lift. Add to that continued employer healthcare contributions and less pressure to tap into Medisave, and you've got a healthier, wealthier retirement runway. Flexible work law: The wind in their sails Since December 2024, Singapore employers are now required to formally consider flexible work requests, including remote options. Already, 76% of companies have hybrid policies in place. For older workers, this isn't just about convenience—it's empowerment. What jobs can you do? More than you think Sectors ripe for remote elder-preneurship include: Finance: Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Advisory, consulting, compliance—Singapore's financial brain trust is still in hot demand Tech: With fintech booming, part-time remote gigs abound With fintech booming, part-time remote gigs abound Education: Corporate training, language classes, mentoring roles Corporate training, language classes, mentoring roles Legal & Compliance: Regulation never sleeps Regulation never sleeps Marketing & Communications: Content creation doesn't care about your age—just your storytelling chops Singapore's English-speaking edge and reliable digital infrastructure make it a regional powerhouse for remote expertise. You've got the knowledge. You've got the tools. You've even got the timezone. Why stop now? The game plan for retirement 2.0 Phase 1 (Ages 50–55): Prep Mode Upskill in digital tools (Zoom, Canva, Google Workspace, etc.) Build your LinkedIn game Learn the ropes of freelancing, consultancy, or digital entrepreneurship Phase 2 (55–65): Transition Mode Negotiate hybrid work options Start building your client base Use remote work income to top up CPF and Medisave accounts Phase 3 (65+): Flex and Thrive Work part-time, stress-free Mix CPF LIFE payouts with flexible gigs Keep the brain engaged and the wallet happy What could you earn? In one conservative case study: A pre-retiree earns S$2,500/month remotely Lives 20% cheaper thanks to a remote lifestyle Adds S$60,000 to CPF over 8 years Saves S$96,000 on living costs Total benefit is a cool S$156,000 In an optimistic scenario? Earn S$4,000/month consulting from across the border Slash living costs by 40% Build up S$280,000 in eight years That's not retirement. That's reinvention. From survival to strategy This isn't just theory. Singaporeans like Wei Ming and his colleague Sarah—both in their 50s—have turned this model into reality. They've swapped stress for strategy, and their daily commutes for consulting gigs. By leveraging Singapore's global brand and regulatory know-how, they now earn more, save more, and live more. From Singapore to Kuala Lumpur or Penang, or even Bali or Krabi, a growing community of Singaporean 'remote retirees' is proving that you don't have to retire from work—you just need to rethink or reinvent how and where you work. The world is your office Let's be clear: remote work isn't a luxury anymore—it's a necessity. It's the CPF booster, the health preserver, the tax hack, and the lifestyle upgrade wrapped into one. And in the face of a demographic tsunami, rising costs, and longer lifespans, it might just be the only lifeboat that floats. So if you're staring at your CPF projections with dread—or just sick of the daily jam on the PIE—take a page from Wei Ming's playbook. The world is your office, and your legacy doesn't have to come with a retirement countdown clock. All you need is Wi-Fi, expertise, and the will to hit 'Join Meeting.' In other news, which may also be of interest to senior citizens to give it a shot for your financial lifeline and retirement needs planning, a Singaporean couple has transformed their home into a multi-stream income engine, generating over S$3,000 to S$5,000 a month through practical, proven side hustles that are perfect for 2025. In a video that has been making waves among aspiring entrepreneurs, Darien (the hubby) breaks down 10 legitimate side hustles that Singaporeans can start right now. Some require skills, others need hustle, but all are achievable. Photo: YT screengrab/@darienandjoanna You can read more about them and find out how you too could turn your home into a money-making machine while you bake sourdough, play with dogs, or teach a workshop — all without stepping out of your front door over here: 'We make S$5000/month!' — Singaporean couple turns their S$1M condo into a passive income machine with 10 side hustle recommendations, working from home
New Paper
18-07-2025
- New Paper
Authorities helping 29 Jollibean workers recover unpaid salaries
Soya milk chain Jollibean has agreed to pay the salaries it owed 22 employees in instalments and the Ministry of Manpower is investigating the company for offences under the Employment Act. The Employment Claims Tribunals (ECT) has also ordered the employer to pay salaries to three employees while another four cases are still either undergoing mediation or waiting for a decision by ECT. This brings the total of workers receiving help for unpaid salaries to 29, said the Tripartite Alliance for Dispute Management (TADM) and MOM in a reply to The Straits Times on July 12. The agencies were responding to reports of unpaid salaries and late payments that occurred sporadically since December 2024. MOM will continue to extend help to affected employees. "We would like to remind employers to pay salaries and CPF (Central Provident Fund) contributions on time to their employees," TADM and MOM said in the joint statement. They added that employees in Singapore who are not paid salaries on time can file their claims with TADM, which will assist workers in recovering their salaries either through mediation or referring the case to the ECT, which has legal powers to order employers to pay owed salaries to their workers. Employees who require assistance can contact TADM at Jollibean Foods director Shahrul Nazrin Mohd Dahlan was reported in the media to have said that the company has a new owner and it is working closely with the authorities to resolve salary issues by the end of July. A counter staff The Straits Times spoke to on July 11 said her wages had been unpaid for May and June, and her salary for December 2024 delayed by around three weeks. She had to dip into her savings for rent and personal expenses, said the Chinese national in her late 40s, adding that other front-line staff were also owed salaries. "There was no forewarning; It would have been reassuring if the management had at least warned us that the company was struggling but hopes to turn things around under new owners." The agencies were responding to reports of unpaid salaries and late payments that occurred sporadically since December 2024. ST PHOTO: KUA CHEE SIONG Employment lawyer Goh Seow Hui told The Straits Times that workers are taking a risk if they stay on their jobs despite salary arrears that a company promises to resolve after an ownership transition. "The employer's promises do not improve the worker's legal position. If there are better alternative opportunities available, the worker is better off resigning and making a legal claim for the salary arrears." An ongoing ownership transition is not a justifiable reason for salary arrears, added Ms Goh, a partner at Bird & Bird ATMD.
