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Business Times
22-05-2025
- Business
- Business Times
CPF Special, MediSave and Retirement Accounts' interest rate remains at 4% for Q3 2025
[SINGAPORE] The interest rate for the Central Provident Fund's (CPF) Special, MediSave and Retirement Accounts (SMRA) will remain at 4 per cent per annum in the third quarter of 2025 – the same as the second quarter. This is because the SMRA pegged rate continues to fall below the floor rate of 4 per cent, said the CPF Board in a joint statement issued with the Housing and Development Board (HDB) on Thursday (May 22). The SMRA interest rate is pegged to the 12-month average yield of 10-year Singapore Government Securities plus 1 per cent, and is subject to the floor rate. Similarly, the Ordinary Account's (OA) interest rate also remains at the floor rate of 2.5 per cent per annum for the third quarter, as its pegged rate remains below the floor rate. As a result, the concessionary interest rate for HDB housing loans, pegged at 0.1 per cent above the OA interest rate, will remain unchanged at 2.6 per cent a year. All CPF members will continue to earn extra interest on their CPF savings. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Members aged 55 and above will earn an extra 2 per cent interest on the first S$30,000 of their combined balances, capped at S$20,000 for the OA, and an additional 1 per cent on the next S$30,000. Those aged below 55 can expect to earn an extra 1 per cent interest on the first S$60,000 of their combined balances, also capped at S$20,000 for the OA. The extra interest earned on the OA balances will go into the member's Special Account (SA) or Retirement Account (RA). For members aged 55 and above who have joined CPF Life, extra interest will continue to apply to their combined CPF balances, including the savings used for CPF Life.
Straits Times
08-05-2025
- Health
- Straits Times
Forum: Strengthen preventive education to lower healthcare costs
F or most diseases and injuries, prevention is always the best treatment. It is especially relevant to Singapore's ageing population and given the rising costs of healthcare. Well-established research shows that the prevalence of certain health conditions and injuries can be significantly reduced through structured preventive measures. Take falls as an example. Comprehensive programmes that include individual risk assessments, home safety screening, health education and balance exercises have been shown to effectively reduce fall risk and associated fractures by 20 to 40 per cent. The Health Promotion Board (HPB) and the Ministry of Health have made commendable efforts in fall prevention. For instance, over 50,000 seniors participated in HPB's community exercise classes in 2019, and programmes like Rolling Good Times have shown measurable improvements in seniors' balance, strength and cognitive function. These are strong local examples of how preventive strategies can work, yet participation numbers remain modest compared with the size of Singapore's senior population. Furthermore, preventive programmes can and should be extended to areas such as dementia care, chronic pain and osteoarthritis management. To be aligned with the goals of the Healthier SG initiative, hospitals, polyclinics and community healthcare providers should be encouraged to develop more preventive educational programmes. One of the key barriers, however, is funding. These programmes can be supported by allowing targeted populations to use their MediSave for such services, or extending SkillsFuture credits to cover preventive health classes provided by hospitals or polyclinics. These measures can significantly lower the prevalence of several health conditions and healthcare costs in the long run. Prevention is not only cost-effective, but also strengthens communities and supports a sustainable healthcare system. Christopher Lo Chi Ngai Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
28-04-2025
- Health
- Straits Times
GE2025: SDP calls for nationalising mental health care, universal healthcare at Woodlands rally
SDP's deputy head of policy James Gomez put forth the party's proposals at the rally at Woodlands Stadium on April 28. ST PHOTO: MARK CHEONG SINGAPORE – The Singapore Democratic Party (SDP) is calling for mental health to be a critical component of the national healthcare system, in a bid to stem a 'deepening mental health crisis' in Singapore. Its deputy head of policy James Gomez put forth the opposition party's proposals at the SDP rally for Marsiling-Yew Tee GRC at Woodlands Stadium on April 28. These include formal mental health leave, increasing financial support for caregivers, expanding green spaces, a nationwide mental health education campaign to encourage people to seek help early, and building community wellness centres. '(The) bulk of mental health services are mostly in the private sector, and are unaffordable for ordinary Singaporeans,' Dr Gomez said, pointing out that 22 ( out of Singapore's 26) polyclinics offer mental health services, while there are more than 100 private clinics addressing mental health. As a result, he said many Singaporeans have 'no option but to seek costly private options they simply cannot afford, or avoid mental health care altogether'. The SDP candidate for Sembawang GRC pointed out five root causes of mental health issues in Singapore – 'uncontrolled' immigration, fierce competition for jobs due to foreign labour, rising cost of living, cyber bullying, and the burden of caregiving placed on working adults. He added that SDP's policy proposals in these areas lay the groundwork for addressing the root causes of mental health issues. Also on the healthcare front, SDP chairman Paul Tambyah reiterated his call for universal healthcare, which the party detailed in its manifesto. SDP has proposed a 'single-payer system', leading Health Minister Ong Ye Kung to call on the party to clarify its policy. Mr Ong said on April 26 that such a system would either mean relying on government subsidies and abolishing national health insurance scheme MediShield Life, or relying purely on national health insurance and doing away with subsidies. Singapore's current framework for healthcare payments uses a combination of subsidies, MediShield Life, MediSave – a mandatory medical savings scheme – and MediFund, a financial assistance scheme. At the rally – the party's fifth in six days of hustings – Professor Tambyah said that subsidies would not be needed in a single-payer system, which would mean 'huge savings'. Based on the party's proposal, every citizen would have a national health insurance card and pay a fixed premium out of their Central Provident Fund savings, said Prof Tambyah, adding that programmes like the Community Health Assist Scheme and Pioneer Generation and Merderka Generation schemes would be merged to 'cut wasteful duplication'. Other speakers called on voters to cast their ballots for the SDP as a check on the ruling PAP. Referencing the scuppered Income-Allianz deal, which came under public scrutiny after questions were raised about Income Insurance's ability to continue its social mission after the sale to the German insurer, another SDP candidate for Sembawang GRC, Ms Surayah Akbar, said there was no transparency and consultation with stakeholders. 'Unchecked power is reckless. The PAP's idea of accountability is, 'don't worry, we supervise ourselves'. It's no different to students marking their own exams and rewarding themselves with F1 and Taylor Swift concert tickets,' said Ms Surayah. Multiple SDP candidates also sought to assure voters that estate and infrastructure upgrading works would not be affected should the opposition be voted in. Sembawang GRC candidate Damanhuri Abas referenced the manifestos and town plans that have been rolled out in various GRCs. He said: '(The PAP) gives you five-year town plans that are actually routine works of the URA (Urban Redevelopment Authority) and HDB – non-partisan government agencies – timed perfectly for the election.' Inequality also emerged as a theme of the night, with multiple candidates making references to the 'privileged elite'. Party secretary-general Chee Soon Juan, who is contesting Sembawang West SMC, listed more than 10 foreigners who had purchased multimillion-dollar properties such as good class bungalows (GCBs) here, as well as PAP ministers who live in or who have sold their GCBs. SDP secretary-general Chee Soon Juan speaking at Woodlands Stadium during the party rally on April 28. ST PHOTO: MARK CHEONG 'When billionaires come in by the hundreds and snap up expensive properties in Singapore, they raise land prices. And when land prices go up, they drive up property prices and the cost of living for us,' he said. He added that while generational wealth can be accrued through the transfer of freehold properties, Housing Board flats must be returned to the HDB at the end of their 99-year lease. 'As the PAP keeps stoking the spectre of race and religion that will split our society, it is the widening inequality between the rich and the rest of us that will tear our society apart,' he said. 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CNA
28-04-2025
- Health
- CNA
GE2025: Ong Ye Kung says he can best serve Sembawang GRC residents if he is both MP and minister
SINGAPORE: Health Minister Ong Ye Kung said on Monday (Apr 28) he will watch over the welfare of Sembawang and Woodlands town residents from Cabinet if elected, as he pointed out the benefits of having an MP who is also a minister. He gave an example, saying that as health minister, he drove the implementation of Age Well SG, expanded the network of Active Ageing Centres and gave more funding to each centre. When he saw that the Sembawang Active Ageing Centres became better resourced from the Ministry of Health (MOH), he worked with volunteers to expand the range of activities for seniors. 'It is extremely satisfying when I can see the policies made in MOH in Outram Road land in Sembawang and benefitting the residents here,' said Mr Ong, whose People's Action Party (PAP) team will be contesting Sembawang GRC against the Singapore Democratic Party (SDP) and the National Solidarity Party (NSP). 'I cannot do this if I am not the minister for health, and the MP of Sembawang at the same time. The SDP thinks it is a problem. I think they are trying to hoodwink you. I can best serve you when I am both a Minister and an MP." Speaking at PAP's rally in Sembawang, Mr Ong highlighted the improvements made by MPs to Sembawang over the years, including building the Bukit Canberra community hub, which also houses Singapore's largest Active SG gym. The empty field in Admiralty is now Yusof Ishak Mosque and home to a regional hospital, the Woodlands Health hospital and more projects are in the pipeline, he said. This includes developing the area around the future Johor Bahru-Singapore Rapid Transit System (RTS) station in Woodlands to provide new homes, entertainment, recreation, community facilities, parks and workplaces. 'One thing (the SDP) says, I think is disingenuous, they say all these plans and projects that I just described to you, they are going to happen anyway, because the PAP will be the government. 'Whoever is the MP, never mind. Choose (the SDP), and all these things that I just mentioned will still happen,' he said. 'Really, I don't think SDP can come here for one month and make such sweeping statements.' Besides Mr Ong, the other four PAP candidates at Sembawang GRC are Mr Vikram Nair, Ms Mariam Jaafar, Mr Gabriel Lam and Mr Ng Shi Xuan. All five candidates, along with Ms Poh Li San - PAP candidate at Sembawang West SMC - were at the rally held at a field beside Sun Plaza. During his speech, Mr Ng said he asked Mr Ong if there is scope for people with 'very healthy balances' to use more of their MediSave. This came after Mr Ng said he spoke to a senior resident who posed him the question. '(Mr Ong) said he has an open mind and it's something the ministry has been studying. So many healthcare policies have been transformed under Min Ong; I hope we have a policy for this one soon,' said Mr Ng. Ms Mariam outlined improvements to Sembawang GRC that the team is hoping to implement if elected. She said they would focus even more on youths in Sembawang, launching new community scholarships for those who make a positive impact on the community, regardless of their background. They are also looking to expand the Store@Woodlands Programme, which provides food and essential items to low-income and vulnerable families. 'To me, being your MP is more than about making speeches inside parliament, it's about making your lives better outside of parliament, today and in the future,' said Ms Mariam. Mr Lam said that if he is elected to parliament, he would like to see more support for ex-convicts. He would do so by helping their families, providing the former offenders – which he called 'overcomers' – with the right employment opportunities and issuing refurbished laptops to their children who might not be able to afford new devices. During her speech, Ms Poh, who is up against SDP's Chee Soon Juan in Sembawang West SMC, said that this is not a time for "political experiments". 'It deserves a proven person. Someone who's been here with you. Someone who knows what is at stake," said Ms Poh, who represented the Sembawang West division of Sembawang GRC after the last election. The recent electoral boundary changes saw the creation of Sembawang West SMC from Sembawang GRC. She acknowledged that Dr Chee is passionate and has walked a long political path, but has not served 'a community from within'. 'Passion alone does not build playgrounds, nor support seniors, nor comfort a struggling family.' She said that Sembawang West was only just getting started. 'We are ready for the next chapter. We need a clear path forward. We need chapter two of Sembawang West to be bold, compassionate and rooted in experience.'
Online Citizen
27-04-2025
- Politics
- Online Citizen
Pritam Singh criticises NTUC-PAP ties, says PAP candidates can still serve workers if unelected
SINGAPORE: Speaking at The Workers' Party rally on 26 April 2025, Pritam Singh took aim at the longstanding symbiotic relationship between the National Trades Union Congress (NTUC) and the People's Action Party (PAP). Singh urged voters to support Workers' Party (WP) candidates Andre Low in Jalan Kayu and Kenneth Foo in Tampines Changkat at the upcoming general election. Singh stated that Labour Chief Ng Chee Meng and NTUC Assistant Secretary-General Desmond Choo, both contesting single seats, would likely continue their work in the labour movement even if they were not elected. Addressing the crowd at Temasek Junior College in Tampines during WP's second rally, he said the two PAP candidates would continue to serve workers with the support of 'rank-and-file unionists and workers who are truly the backbone of NTUC'. NTUC as a 'Guaranteed Trampoline' for Losing PAP Candidates Referring to the NTUC as a 'guaranteed trampoline' for defeated PAP candidates, Singh highlighted the unique advantage afforded to ruling party politicians through their relationship with the labour movement. 'It is the safest trampoline for a politician anywhere in Singapore, and maybe anywhere in the world, but you must be a PAP candidate to earn the right to bounce on it,' Singh remarked, rounding off a nearly three-hour-long rally. Singh encouraged voters to allow Ng and Choo to focus fully on union work by not electing them into Parliament. This, he argued, would enable them to generate fresh ideas or even implement ideas proposed by the WP. 'We need to give the PAP candidates more time for their NTUC work, so they can come up with new ideas, or maybe even implement WP ideas,' Singh added. Criticism of SkillsFuture Jobseeker Support Scheme Portrayal Earlier in his speech, Singh criticised a social media portrayal of Ng's role in launching the new SkillsFuture Jobseeker Support scheme. He reminded the audience that the WP had also advocated for similar initiatives to support lower- and middle-income Singaporeans who had lost their jobs through retrenchment or business closures. Attacks on PAP's 2025 Election Manifesto Singh further condemned the PAP's 2025 election manifesto, citing a lack of substance and specific policy proposals. He pointed out critical gaps, particularly on issues of housing affordability, the decaying leases of Housing and Development Board (HDB) flats, and the roll-out of the Voluntary Early Redevelopment Scheme (VERS). He said many families were purchasing resale flats with only 60 or 70 years left on the lease, sometimes at prices nearing or exceeding one million dollars. Yet the PAP's manifesto, he stressed, said 'nothing at all' about how these concerns would be addressed. Workers' Party's Alternative Proposals Highlighted In contrast, Singh said WP's manifesto advanced practical ideas on alleviating high rental costs for businesses and offering more flexibility for seniors using MediSave, Singapore's national medical savings scheme. 'Singapore is a far more complex society now, and it will always need fresh thinking. Yet we have a PAP manifesto without specific policy ideas. I believe it is because PAP wants Singaporeans to sign a blank cheque,' Singh argued. Singh also emphasised the need for Parliament to foster rational, responsible, and respectable debate rather than merely serving as a 'rubber stamp'. He cautioned that voting in PAP candidates with close ties to NTUC would not promote genuine scrutiny or accountability. Citing the proposed S$2.2 billion sale of Income Insurance to German multinational Allianz, which was abandoned following public backlash, Singh observed that no PAP labour MPs had filed questions or contributed to the parliamentary debate when the issue arose. 'Elected PAP MPs who champion NTUC… should fight hard in Parliament when NTUC issues are raised, particularly issues that Singaporeans are concerned about,' he said. Singh reassured voters that WP's candidates, if elected, would work diligently on the ground and manage town councils effectively in the constituencies they contested. 'Tampines wins, Tampines Changkat wins, Jalan Kayu wins, Singapore wins, everybody wins,' he declared. Firm Rejection of Foreign Interference Towards the end of his speech, Singh addressed remarks made earlier by Prime Minister Lawrence Wong regarding Facebook posts from two Malaysian politicians and a former Internal Security Act detainee. These posts had been blocked for alleged attempts to interfere in Singapore's election. Singh categorically rejected any foreign interference in Singapore's domestic politics. 'My colleagues and I categorically reject the involvement of any foreign element whatsoever in our domestic politics. Singapore is our business. Nobody else's,' he said. Singh concluded by reiterating his vision for a race-neutral Singapore. 'I passionately believe in a race-neutral Singapore, where we are judged not by our race or the colour of our skin, but by our deeds and our common humanity,' he said. Echoing this sentiment, WP Vice-Chair Faisal Manap, who is leading the party's Tampines GRC team, made a similar pledge. 'I am a minority candidate, a Malay/Muslim. Regardless, I will serve the residents of Tampines GRC – regardless of race, language or religion – equally and to the best of my ability,' Faisal said in his rally speech. Former NTUC Income CEO urges Jalan Kayu voters to demand accountability from Ng Chee Meng over failed Income-Allianz deal Separately, Former NTUC Income CEO Tan Suee Chieh has appealed to Jalan Kayu voters to hold Ng Chee Meng accountable for his leadership role in the failed 2024 sale of Income Insurance to Allianz. In an open letter, Tan disclosed that he had privately written to Ng and NTUC President K Thanaletchimi but received no response. He also highlighted his public efforts to raise concerns, which Ng allegedly did not address. Tan urged voters to seek answers, stressing that speaking up is an essential duty in safeguarding Singapore's future.
