- Joined
- Oct 26, 2008
- Messages
- 923
- Points
- 0
Posted: 31 May 2011 1111 hrs <table width="260" align="right" border="0" cellpadding="0" cellspacing="0"> <tbody><tr> <td width="20" align="right"> </td> <td width="240" align="right">
</td> </tr> <tr> <td valign="top" height="60"> </td> <td class="update" valign="top" height="80"> <table width="100%" border="0" cellpadding="0" cellspacing="0"> <tbody><tr> <td width="138" bgcolor="f6f6f6">Photos </td> <td width="47" bgcolor="f6f6f6">1 of 1</td> <td width="18" bgcolor="f6f6f6"><input disabled="disabled" id="btnPrev" value="<< Previous" src="http://www.channelnewsasia.com/images/butt_previous.gif" type="image" width="18" height="15"></td> <td width="19" bgcolor="f6f6f6"><input id="bntPlay" value="Play - Stop" src="http://www.channelnewsasia.com/images/butt_stop.gif" type="image" width="19" height="15"></td> <td width="18" bgcolor="f6f6f6"><input disabled="disabled" id="btnNext" value=" Next >> " src="http://www.channelnewsasia.com/images/butt_next.gif" type="image" width="18" height="15"></td> </tr> </tbody></table>
</td> </tr> <tr> <td> </td> <td class="update"> </td> </tr> <tr> <td> </td> <td>
</td> </tr> </tbody></table> <table width="510" border="0" cellpadding="0" cellspacing="0"> <tbody><tr> <td colspan="4"><hr size="1" width="510" align="left" color="#dddddd"></td> </tr> <tr> <td colspan="4" valign="middle" width="510" height="30">
</td> </tr> <tr> <td colspan="4"><hr size="1" width="510" align="left" color="#dddddd"></td> </tr> </tbody></table>
SINGAPORE: From July, the prevailing CPF minimum sum (MS) will be revised upwards to S$131,000, up from S$123,000. The CPF Board said the new MS will apply to members who turn 55 from July 1 2011 to June 30 2012.
It was announced in August 2003, that the minimum sum would be raised gradually to reach S$120,000 (in 2003 dollars) in 2013.
CPF Board said the increase in minimum sum, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement.
Members who can set aside the MS fully in cash can apply to commence their monthly payouts of S$1,170 when they reach their draw down age.
Also from July, the Medisave Minimum Sum (MMS) will be raised to S$36,000 from S$34,500.
Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.
The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is fixed at S$5,000 above MMS and this would be increased correspondingly to S$41,000, from S$39,500.
Any Medisave contribution in excess of the prevailing MCC 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 MS shortfall.
The revisions to MMS and MCC are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses, and have been adjusted for inflation.
-CNA/ac
</td> </tr> <tr> <td> </td> <td class="update"> </td> </tr> <tr> <td> </td> <td>
</td> </tr> </tbody></table> <table width="510" border="0" cellpadding="0" cellspacing="0"> <tbody><tr> <td colspan="4"><hr size="1" width="510" align="left" color="#dddddd"></td> </tr> <tr> <td colspan="4" valign="middle" width="510" height="30">
</td> </tr> <tr> <td colspan="4"><hr size="1" width="510" align="left" color="#dddddd"></td> </tr> </tbody></table>
SINGAPORE: From July, the prevailing CPF minimum sum (MS) will be revised upwards to S$131,000, up from S$123,000. The CPF Board said the new MS will apply to members who turn 55 from July 1 2011 to June 30 2012.
It was announced in August 2003, that the minimum sum would be raised gradually to reach S$120,000 (in 2003 dollars) in 2013.
CPF Board said the increase in minimum sum, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement.
Members who can set aside the MS fully in cash can apply to commence their monthly payouts of S$1,170 when they reach their draw down age.
Also from July, the Medisave Minimum Sum (MMS) will be raised to S$36,000 from S$34,500.
Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.
The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is fixed at S$5,000 above MMS and this would be increased correspondingly to S$41,000, from S$39,500.
Any Medisave contribution in excess of the prevailing MCC 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 MS shortfall.
The revisions to MMS and MCC are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses, and have been adjusted for inflation.
-CNA/ac
i think that's really too little. they should add another 0 and make it $1,310,000 since they are not sincere to return our cpf savings willingly when we hit 55yo, then might as well put the figures very much higher and make sure lesser cpf members would get their savings back when they are alive. and when they are dead, they confiscate it or convert the savings into cpf's trustees, then the dependents would be lan lan n don't get a cents without engaging legal help.
