Average Cash Balances in CPF Members' Ordinary and Special Accounts at Age 55

Mr Laurence Lien asked the Acting Minister for Manpower what are the average cash balances in CPF Members' Ordinary and Special Accounts at age 55 in the last three years, broken down in CPF Members' employment income bands of $1,000.

Mr Tan Chuan-Jin: CPF members have been able to set aside more savings for their retirement with each successive cohort. The average balance in the Special Account (SA) for active members at age 55 has steadily increased for all income groups over the last three years. The average Ordinary Account (OA) balance for active members at age 55 is sensitive to housing and investment withdrawals, which have seen differing trends across income groups in the last three years.

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Table 1 shows the average cash balances for active members at age 55 in the SA and OA by income groups from 2009 to 2011.

We expect members' CPF balances at retirement to continue growing as educational profiles improve and lifetime incomes rise.