employer contribution rate was reverted to match the employee rate until the 1997–1998 Asian Financial Crisis, and thereafter lowered to 10% for workers 55 years or younger. Since then, the employer contribution rate has been gradually increased. Employers currently contribute 3 fewer percentage points of salaries over S$750 for employees up to 55 years old. Overview Accounts and interest rates Employees and employers are required to make monthly contributions to the following CPF accounts: Ordinary Account (OA) – for housing, pay for CPF insurance, investment and education. Special Account (SA) – for old age and investment in retirement-related financial products. Medisave Account (MA) – for hospitalisation and approved medical insurance. The OA and SA is combined to form the Retirement Account (RA) when one turns 55. The RA is used to meet basic needs during old age. The CPF savings earn a minimum interest of 2.5% for OA and 4% for other accounts. In addition, the first $60,000 in the combined CPF balances, with up to $20,000 from the Ordinary Account, will earn an extra 1% interest. CPF contribution rates As of 2018, the employer's CPF contribution is 17% for those up to age of 55 and decreases to 7.5% for those 65 and above. The employee's CPF contribution is 20% up to age 55, above 55 to 60 years of age 13%, above 60 to 65 to 7.5%, and decreases to 5% for those 65 and above. Retirement Schemes CPF Minimum Sum The CPF Minimum Sum (MS) Scheme requires all members to set aside a minimum sum of CPF savings in the RA for retirement needs upon reaching 55 years old. CPF savings from the OA and SA would be transferred to the RA for this purpose. Members whose savings are in excess of the MS and Medisave minimum sum would be allowed to withdraw them in cash. For members with insufficient savings in the RA, their property bought with their CPF savings will be automatically pledged to make up up to half of their MS. Members would receive a monthly stipend from their RA at the start of their draw down age until it is depleted. The MS has been continuously increased over the years to account for inflation and longer life expectancies. CPF members who turn 55 between 1 July 2014 and 30 June 2015 will need to set aside a Minimum Sum of $155,000 in their