Thank you 60% , we are RICHER again !!!

[Mee-Siam-Mai-Hum]

CPF minimum sum to be raised to $139,000

The CPF minimum sum will be revised upwards to $139,000 from the previous $131,000 from July 1 said the Ministry of Manpower (MOM) on Wednesday.

The new minimum sum will apply to CPF members who turn 55 from July 1, 2012 and June 30, 2013.

The Medisave minimum sum will also be raised to $38,500 from the previous amount of $36,000.


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 minimum sum.

Corresponding to the increase in the Medisave minimum sum, this ceiling would also be increased to $43,500 from $41,000.

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

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.

http://business.asiaone.com/Business/News/My+Money/Story/A1Story20120530-349337.html

 

[MeeSiamGirl]

Haizz....by the time i withdraw my cpf, i think the minimum sum will be $500k :(

 

[Jlokta]

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.

lumpar lah!! adjust for inflation kee lan.

must be some mother fucker lost money again so have to up sinkies CPF to cover up the losses.

 

[Cestbon]

Haizz....by the time i withdraw my cpf, i think the minimum sum will be $500k :(

NO wont have chance. They will revised to age 75.
Will u live that long!

 

[singveld]

CPF minimum sum to be raised to $139,000

No, thanks to the useless retired sinkies who spend all their money away on PRC spider spirit and then come to PAP and beg for money. PAP is trying to help the useless peasant sinkies. I hope they raise to 1 million dollars as min.

 

[laksaboy]

Some people are rich.

Some people are nigger rich.

Sinkies are Zorro rich.

Disappointment with the raising of the CPF minimum sum is merely caused by one thing: being brainwashed by the establishment into believing that the CPF is 'your money', 'helps with retirement etc.

Stop being deluded and see the CPF for what it really is: an indirect tax on your monthly disposable income to fund Ho Ching's gambling sprees.

 

[singveld]

Disappointment with the raising of the CPF minimum sum is merely caused by one thing: being brainwashed by the establishment into believing that the CPF is 'your money', 'helps with retirement etc.

Stop being deluded and see the CPF for what it really is: an indirect tax on your monthly disposable income to fund Ho Ching's gambling sprees.

it is just slight better than taxes. it is lee family monopoly money so they can play in the international market.

it is not sinkies money, that i agree,money are thing that you can use and spend as you like.

 

[Muthukali]

CPF Minimum Sum to be raised to S$139,000

SINGAPORE - Central Provident Fund (CPF) members who turn 55 between July this year and Jun 30 next year have to set aside a Minimum Sum (MS) of S$139,000, higher than the S$131,000 last year.

The CPF Board and Ministry of Manpower (MOM) said in a statement today that the MS has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life after retirement.

They said that since 2004, the MS has been increased by S$4,000 each year to reach S$120,000 in 2013, as recommended by the Economic Review Committee in 2003.

The actual increases in MS are also adjusted for inflation each year, and therefore have to be more than S$4,000 a year since the increase must account for inflation between 2003 and the time the increase is made.

The S$120,000 target in 2003 dollars is also adjusted for inflation between 2003 and the time the target is met, to preserves the real value of the target.

Based on inflation last year and incorporating the annual S$4,000 (in 2003 dollars) adjustment, the increase in MS due this year would have been S$12,000, which is relatively large compared with previous years.

In response to concerns over large increases in MS in any given year, the CPF Board and the MOM said they will spread out the remaining MS increases needed to reach the S$120,000 target over a longer period of four years. This means they will reach the target in 2015, instead of 2013.

With this change, the 2012 MS will be S$139,000, an increase of 6 per cent, or S$8,000, over last year. Without the change, the MS this year would have been S$143,000, or a 9-per cent increase, over last year.

Changes will also be made for contributions to the Medisave Minimum Sum (MMS) to help Singaporeans plan for their long-term healthcare needs.

From Jul 1, the MMS will be raised to S$38,500, from S$36,000 - an increase of 7 per cent.

The MMS is the amount that a person who turns 55 needs to set aside for hospitalisation expenses in subsidised Class B2 and C wards, subsidised outpatient treatment for selected chronic conditions and basic MediShield and ElderShield premiums.

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

Another change - also from July - is in the Medisave Contribution Ceiling (MCC).

This is the maximum balance a member may have in his Medisave Account, and it is set at S$5,000 above MMS and would be increased correspondingly to S$43,500, from S$41,000.

Any Medisave contribution in excess of the prevailing MCC will be transferred to the Special Account if the member is below age 55, or to his Retirement Account if he is above age 55 and has a MS shortfall. CHANNEL NEWSASIA

 

[streetsmart73]

Re: CPF Minimum Sum to be raised to S$139,000

no eye see!

 

[jw5]

Re: CPF Minimum Sum to be raised to S$139,000

Recently received an e-mail from cpf board about whether I could manage my cash flow.
Hahaha, just return me some of my cpf money, and I will be able to manage it much better.

 

[Unrepented]

I said before leow, one will need at least sgd500k worth of cash/liquid assets at retirement to carry on living until death.

No worries, by that time you can sell your hdb if you have one, top up the difference if your cpf is short of the minimum sum, and withdraw the balance over and above the minium sum, if they are at all any substantial amount. Then use this to rent a flat in your twinlight years and die with nothing.

There is a reason for hdb to appreciate in 'their" model.

Alternatively, pass the hdb to your kid, live on whatever savings you have until 65 (if they don't shift the eligible age by then), or pick cardboards unitl then, wait for the misery monthly sum and have a meal or two a day, and try not to fall ill

But why this has to be:(

Haizz....by the time i withdraw my cpf, i think the minimum sum will be $500k :(

 

[zeddy]

Re: CPF Minimum Sum to be raised to S$139,000

A cleaner at my work place just received her work force bonus letter.. In that letter, its stated that she gets $332 but KNN only $98 will be credited to her bank account and the rest of the amount into her CPF.. WTF.. $98 can buy what fuck? Those scums should have just given her the full amount.. :oIo: :oIo:

 

[JigSAW]

Re: CPF Minimum Sum to be raised to S$139,000

A cleaner at my work place just received her work force bonus letter.. In that letter, its stated that she gets $332 but KNN only $98 will be credited to her bank account and the rest of the amount into her CPF.. WTF.. $98 can buy what fuck? Those scums should have just given her the full amount.. :oIo: :oIo:

Yes they got give ma, PAPER GAIN.

 

[tonychat]

Re: CPF Minimum Sum to be raised to S$139,000

Sinkie getting their ass screw again. Sinkie deserve it for being a coward ball-less losers. Yeah..I am still waiting for the Sinkie govt to hit till 200k. Then I open a champagne. Sinkie...ass pain or not..still can endure? Still coward? Wahahahah

 

[cockie]

Must be the 他妈谢lost money big time.
This is really too much and is enough, for the 60% - please think properly next term.

 

[streetcry]

goodbye your hard earned cpf $money

CPF & Medisave Minimum Sum to be raised

SINGAPORE: The Minimum Sums for both the CPF and Medisave accounts are set to be raised.

CPF members who turn 55 between this July (2012) and June next year (2013) will have to set aside S$139,000, up from the S$131,000 in 2011.

The CPF Board and Ministry of Manpower (MOM) said the amount has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life after retirement.

They said that since 2004, the MS has been increased by S$4,000 each year to reach S$120,000 in 2013, as recommended by the Economic Review Committee in 2003.

The actual increases in MS are also adjusted for inflation each year.

The S$120,000 target in 2003 dollars is effectively S$120,000, adjusted for inflation between 2003 and the time the target is met.

Doing so preserves the real value of the target.

Based on 2011 inflation and incorporating the annual S$4,000 (in 2003 dollars) adjustment, the increase in MS due this year would have been S$12,000, which is relatively large compared with previous years.

The Medisave Minimum Sum (MMS) will also be raised from S$36,000 to S$38,500 from July 1 - making it an increase of 7 per cent.

The ministry said the move will help Singaporeans plan for their long-term healthcare needs.

The CPF Board and MOM said they'll spread out the remaining MS increases needed to reach their S$120,000 target over a longer period of four years.

This means they'll reach the target in 2015, instead of 2013.

With this change, the 2012 MS will be S$139,000, an increase of 6 per cent, or S$8,000, over 2011.

Without the change, the 2012 MS would have been S$143,000, or a 9 per cent increase, over 2011.

Changes will also be made for contributions to the Medisave Minimum Sum (MMS) to help Singaporeans plan for their long-term healthcare needs.

From July 1, the MMS will be raised to S$38,500, from S$36,000 - an increase of 7 per cent.

The MMS is the amount that a person who turns 55 needs to set aside for hospitalisation expenses in subsidised Class B2 and C wards, subsidised outpatient treatment for selected chronic conditions and basic MediShield and ElderShield premiums.

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

Another change - also from July - is in the Medisave Contribution Ceiling (MCC).

It's the maximum balance a member may have in his Medisave Account.

This is set at S$5,000 above MMS and would be increased correspondingly to S$43,500, from S$41,000.

Any Medisave contribution in excess of the prevailing MCC will be transferred to the Special Account if the member is below age 55, or to his Retirement Account if he is above age 55 and has a MS shortfall.

In a blog post, Minister of State for Manpower Tan Chuan-Jin said that the minimum sum exists to help Singaporeans set aside enough to meet a basic level of needs in retirement.

That sum needs to be adjusted to account for inflation and also members' growing expectations of their quality of life during retirement.

Mr Tan added that it is encouraging to note that despite the rising minimum sum, the percentage of active CPF members meeting their minimum sum at age 55 has improved over the years.

In 2011, nearly one in two CPF members (45 per cent) met their minimum sum, compared to about two in five members in 2007 (36 per cent).

He added that among those starting work now, about 70 to 80 per cent should be able to attain the current level set for the minimum sum in cash (adjusted for inflation), by the time they retire, even after they have withdrawn money for a home.

- CNA/ck/cc

 

[chonburifc]

Re: goodbye your hard earned cpf $money

WTF! Why only announce this after the BE?

 

[bryanlim1972]

Re: goodbye your hard earned cpf $money

WTF! Why only announce this after the BE?

it another con to lock up our CPF monies, because they can't afford to pay it out. the cat is out of the bag...

http://christopherbalding.com/2012/...-role-of-the-monetary-authority-of-singapore/