CPF & Medisave minimum sums, Medisave contribution ceiling to be raised

[streetcry]

[h=2]From 1 July this year, the CPF minimum sum, Medisave minimum sum and Medisave contribution ceiling will be raised. CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a minimum sum of S$148,000 in their Retirement Account.[/h]

SINGAPORE: From 1 July this year, the CPF minimum sum, Medisave minimum sum and Medisave contribution ceiling will be raised.

CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a minimum sum of S$148,000 in their Retirement Account.


The minimum sum for 2012 was S$139,000.


The minimum sum has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life.


The minimum sum is targeted to reach S$120,000 in 2015.

The Medisave minimum sum will also be raised from S$38,500, to S$40,500 from 1 July 2013.


The Medisave minimum sum is the amount that a person turning 55 needs to set aside in his old age for his own or his dependants' healthcare expenses and basic MediShield and ElderShield premiums.


Members will be able to withdraw their Medisave savings in excess of the minimum sum at or after the age of 55.


Any Medisave contribution in excess of the current Medisave contribution ceiling will be transferred to the member's Special Account if he is below age 55 or to his Retirement Account if he is above age 55 and has a minimum sum shortfall.


The CPF Board said regular Medisave minimum sum adjustments are necessary to help Singaporeans meet their long-term healthcare needs.




- CNA/xq

 

[ChinChaiOne]

[h=2]

The minimum sum for 2012 was S$139,000.


The minimum sum has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life.


The minimum sum is targeted to reach S$120,000 in 2015.

I don't understand this part. From 138K and reach 120K ?

 

[streetcry]

[h=1]Changes in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling from 1 July 2013[/h]07 May 2013

CPF Minimum Sum

1. CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a Minimum Sum (MS) of $148,000 in their Retirement Account (RA). The MS for 2012 was $139,000.
2. The MS has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life post-retirement. The MS is targeted to reach $120,000 (2003$[SUP]1[/SUP]) in 2015.
   
   Medisave Minimum Sum and Medisave Contribution Ceiling
3. The Medisave Minimum Sum (MMS) is the amount that a person turning 55 needs to set aside in his old age for his own or his dependants' healthcare expenses and basic MediShield and ElderShield premiums. Regular MMS adjustments are necessary to help Singaporeans meet their long-term healthcare needs.
4. From 1 July 2013,
   
   a. The Medisave Minimum Sum (MMS) will be raised to $40,500 from $38,500. Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.
   
   b. The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is set at $5,000 above MMS and this would be increased correspondingly to $45,500, from $43,500.
5. Any Medisave contribution in excess of the current MCC will be transferred to the member's Special Account if he is below age 55 or to his RA if he is above age 55 and has a MS shortfall.

---

[SUP]1[/SUP] The $120,000 target in 2003 dollars is effectively $120,000, adjusted for inflation between 2003 and the time the target is met. Doing so preserves the real value of the target.

http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=499

 

[batman1]

Knnccb,job to be taken over by foreigners already,increase
similanjeow?knncccb !!!

 

[enterprise2]

I don't understand this part. From 138K and reach 120K ?

Forget about taking out CPF. When 55 u may even have to top up to reach the min sum!!

 

[MBSSLOTS]

Long time never come to sbf...still the same...hahaha...

Anyway, CPF min sum is a Ponzi scheme that is legalised by law! hahaha

 

[I_Hate_Pappies]

Long time never come to sbf...still the same...hahaha...

Where you went? Run road ah? :oIo:

 

[soIsee]

Not only is Sam Leong running low in funds and need donation money but Ho Chink and company need extra funds too!

Serve Sinkie right.

Btw who did YOU voted for?LOLOLOLOLOL

 

[Cestbon]

Not surprise with the news. As expected.
My own prediction on average for next 10 year CPF will up min sum by $5k each year.

 

[chootchiew]

Quite confuse with the CPF minimum sum.
It was stated that one can pledge 50% of their property value to offset the min sum.

So for the below e.g.

1) I have a fully paid pigeon hole valued at $300k
2) I have $50k in OA and $100k in SA when I turned 55

So if the min sum is $148k, can I pledge $148k from my property and withdraw my $50k (OA) and $100k (SA) when i turned 55 ?

 

[Froggy]

Excuse me may I ask a simple question?

"Who the fuck give them the right to raise this? did the people give PAP the right to do so? Do they need parliament debate and votes to pass this?"

TELL ME!

 

[winnipegjets]

Anyone knows the median cpf amount for those age 55 and above?

 

[garlic]

That's about the only thing Govt will care enough to "help" the people to adjust to inflation. We don't see wages increased in tandem with inflation.

 

[chootchiew]

Excuse me may I ask a simple question?

"Who the fuck give them the right to raise this? did the people give PAP the right to do so? Do they need parliament debate and votes to pass this?"

TELL ME!

The Emperor Shen Zi lor..good enough they never ask you to bow to receive this order to raise.

 

[laksaboy]

Stop giving a fuck to CPF or Medisave or any other form of locked up 'non-money' that you can't use to pay your bills or buy food. It's worthless.
It's hidden taxation.

You'll be happier that way.

 

[Leepotism]

Sinkies will discover to their horrors that there's only a one dollar coin in their CPF safe deposit box. All the money gone. That's why they need to increase the minimum sum every year. If PAP lose power one day, the skunks in white and Ho Ching and company will be jailed like Madoff.

 

[chootchiew]

Sinkies will discover to their horrors that there's only a one dollar coin in their CPF safe deposit box. All the money gone. That's why they need to increase the minimum sum every year. If PAP lose power one day, the skunks in white and Ho Ching and company will be jailed like Madoff.

The strange thing is everyone I asked is not in favour of their cpf $ being locked up. But yet it can be locked up. Is this a black magic or chanting that Leepotism used ??

 

[myfoot123]

CPF is Singaporean's money or PAP's? It seems PAP can deal with our CPF without our approval.

 

[escher]

Long time never come to sbf...still the same...hahaha...

Anyway, CPF min sum is a Ponzi scheme that is legalised by law! hahaha

Which is why smear of shit on sole of shoe LKY collected such a menagerie of pet kangaroos.
Any law LKY wants, he will get.
Laws to screw you , laws to fuck you , laws to get that 800++ billions into LKY Stinkapore sovereign funds and to pay his kangaroos and maggots in white.

ALL THE LAWS THAT HE WANT.
BECAUSE SINKIES IN THE PAST HAVE NO BALLS
AND MUST NOW BEND HEAD LOW LOW AND ARSEHOLE UP HIGH HIGH TO BE SCREWED AND FUCKED.

or

 

[tanakow]

The $120K is referring to the year 2003.
The $138K is referring to the year 2012.
The $138K in year 2012 is actually $120K in year 2003.

I don't understand this part. From 138K and reach 120K ?