Tuesday, May 31, 2011

CPF Minimum Sum

CPF Minimum Sum: CPF Minimum Sum Site News: The CPF Minimum Sum will be revised upwards to $131,000 from the previous $123,000 from July 1, announced the Ministry of Manpower (MOM) in a statement on Tuesday.

The new minimum sum will apply to CPF members who turn 55 from July 1 2011 to June 30 2012.
Those who can set aside the minimum sum fully in cash can apply to commence monthly payouts of $1,170 when they reach their draw down age.

The Medisave minimum sum will also be raised to $36,000 from the previous amount of $34,500. Members will be able to withdraw their Medisave savings in excess of the Medisave minimum sum at or after age 55.

The maximum balance a member can have in the Medisave account is fixed at $5,000 above the Medisave mimumum sum.Corresponding to the increase in the Medisave minimum sum, this ceiling would also be increased to $41,000 from $39,500.The CPF board said that the revisions, which have been adjusted for inflation, are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses.
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