ZUUm-out Friday: Your retirement savings, a caught mouse & a new live auction site
Here’s the news we think you need to remember this week.
The Central Provident Fund Board announced Friday that it will be maintaining the 4% interest floor rate on the Special, Medisave and Retirement accounts, up to end December 2018. The decision was made based on the current low interest rate environment.
The interest rates on the Ordinary Account (OA) and the concessionary interest rate for HDB loans will continue to be at 2.5% and 2.6% respectively, up to end December 2017.
CPF members will still enjoy the extra 1% interest on the first $60,000 of their combined balances – including a cap of $20,000 from the OA till the end of the year.
CPF members who are 55 years old and older, will also earn an additional 1% extra interest on the first $30,000 of their combined balances.
First online live auction site in Singapore
MoneyMax Financial Services has partnered Tokyo Stock Exchange listed Aucnet to develop Singapore’s first live e-auction platform, for luxury branded items, diamond, and gold products.
MoneyMax will be the majority shareholder of the joint venture company, SG e-Auction, with a 51% equity stake. Aucnet will hold the remaining 49% equity stake.
The B2B platform will offer an alternative to the traditional auctions held by pawnbrokers for unredeemed items. Business buyers and sellers within the region will be able to make real time bids through the platform, without being physically present in Singapore.
Aucnet is a Japan based real-time auction platform company, and its platform has seen over S$4.2 billion in transactions in FY16 alone.
The Mouse has been hunted
The OCBC MouseHunt was officially concluded on Friday when a Mr Ting located the mouse token at lamp post No. 28, near Marina South Pier.
$50,000 in cash was at stake in the month long game, hosted by mobile application Sqkii and sponsored by OCBC. The game involved participants waiting for clues released three times a day, to hunt the mouse.
Happy weekend everyone!