Central provident fund income at 4.39%

The Social Security Fund (FSS) has announced that the interest income for the year 2023 has been credited to the government-managed sub-accounts of the non-mandatory central provident fund system. These sub-accounts have an annual interest rate of approximately 4.39%. The interest income for the government-managed sub-accounts is generated through time deposits with banks and is calculated daily. The calculation takes into account the daily balance of the account owner’s sub-account during the income calculation period and the number of interest-bearing days and the income is distributed once annually.