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Huat Ah ... MInimum sum increased next year 2014 to $ 161,000
- Thread starter Flozzy
- Start date
Do you know what is the most scary part about what he said about the MSS?
He said:
Mr Lee also touched on the CPF Minimum Sum - the amount needed to ensure a steady income stream in old age - and stressed that the sum is not excessive when one considers the payouts. It is currently S$155,000, and Mr Lee says the Minimum Sum will go up to S$161,000 next year, but he does not expect major increases beyond that.
From the CPF website http://mycpf.cpf.gov.sg/CPF/my-Cpf/reach-55/Reach55-2.htm.
How much is the Minimum Sum?
Setting aside the Minimum Sum (MS) when you reach 55 ensures that you have some regular income from age 65 to live on in your retirement.
The MS was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2015. These amounts will be adjusted yearly for inflation.
If you are unable to set aside your full MS in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your MS.
Isn't it supposed to mean the CPF MSS will stop increasing after 2015? So what does "beyond that" means?
He said:
Mr Lee also touched on the CPF Minimum Sum - the amount needed to ensure a steady income stream in old age - and stressed that the sum is not excessive when one considers the payouts. It is currently S$155,000, and Mr Lee says the Minimum Sum will go up to S$161,000 next year, but he does not expect major increases beyond that.
From the CPF website http://mycpf.cpf.gov.sg/CPF/my-Cpf/reach-55/Reach55-2.htm.
How much is the Minimum Sum?
Setting aside the Minimum Sum (MS) when you reach 55 ensures that you have some regular income from age 65 to live on in your retirement.
The MS was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2015. These amounts will be adjusted yearly for inflation.
If you are unable to set aside your full MS in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your MS.
Isn't it supposed to mean the CPF MSS will stop increasing after 2015? So what does "beyond that" means?
Youll get option to sell organs wives n dotted n backside later, all taxable of cos.
Assloong as there is money to b gained for them, nothing is impossible. Just look at latin america day legalised drugs also can.
Indeed the most ingenius,legalized PONZI scheme of the century! The next new edition of Bible will include CPF & CHC.
PAP is bestest. Just like tonychat...bestest too
Tonychat is different. He and his family really got screwed by UMNO since 1949. Until he tak boleh tahan and run to Singapore to seek refuge (while his family back home in Malaysia still get screwed by their 46.75% majority Government).
now he is getting screwed by PAP....do you really want it????
[video=youtube;if4CekZnY6I]http://www.youtube.com/watch?v=if4CekZnY6I[/video]
A low class pariah like him get screwed by everyone in Singapore. He is just a worthless piece of shit.
That is the reason why he only dare to KPKB behind his PC about Singaporeans and Singapore.
In real life, he behave like a mouse!! I think even the Banglas and maids shout at him, he also keep quiet!
SINGAPORE - Those who turn 55 from July 1 next year must set aside $161,000 in their Central Provident Fund accounts, up from the $155,000 Minimum Sum for this year's cohort. But after that, there will be no more major increases in the Minimum Sum, said Prime Minister Lee Hsien Loong in his National Day Rally speech on Sunday night.
Another sly move, no further increase in minimum sum, that is up til GE2016. He lied before,he will lie again. The fake apology prior to GE2011, population increase.... sinkies eyes got stamped yet again..
Another sly move, no further increase in minimum sum, that is up til GE2016. He lied before,he will lie again. The fake apology prior to GE2011, population increase.... sinkies eyes got stamped yet again..
The plan was to raise the minimum sum from $80k in 2003 to $120k (in 2003 S$ before inflation) in 2013, after which the minimum sum will be pegged to inflation.
Because of the 2008 financial crisis, the $120k target was pushed back from 2013 to 2015 and the increments were made more gradual between 2008 and 2015.
So nobody should be surprised by this increase in the Minimum Sum, it has already been announced more than decade ago. If you calculate in inflation, $161k next year will be the equivalent of $120k in 2003.
The good news, of course, is that this increment should be the last of the large increments since the $120k (2003 S$) target has been hit. Future years the Minimum Sum increment should be smaller.
Unless of course, they pass something in parliament to make further increases in the Minimum Sum.
No, the CPF MSS will continue to increase after 2015, but this increase will be pegged to inflation.
So based on Singapore's average inflation of 2.9% for the past few decades, you can expect the minimum sum to increase from $161000 in 2015 to ~$165500 in 2016, but of course this will vary depending on the actual inflation for the year.
so whats the point of investing in cpf then?i thought the whole point of investing is to beat inflation and preserve purchasing power plus achieve a real return on top of that......if we are just shifting the goal post and putting money in then whats the point?i want to beat inflation i can simply purchase a bunch of TIPs treasury bonds(i put 100k into TIPS,every year i get the prevailing interest rate plus inflation rate).not only the CPF cant beat inflation the government is asking us to make up the shortfall....what the fuck kind of deal is that??
not to mention they are pegging inflation to 5% a year thats insane....it shows the cost of living is rising drastically or the government is not doing its job right of keeping inflation low and not fucking things up.
not to mention they are pegging inflation to 5% a year thats insane....it shows the cost of living is rising drastically or the government is not doing its job right of keeping inflation low and not fucking things up.
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Yeah right. I'll believe it when I see it.
You can talk a good game, peppered with flowery words, but at the end of the day, only your actions, what you do, counts.
the whole deal os to feed the whole bunch of Scholars who are abusing the peoples trust.
Increase to 168 la. Lucky number.
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