CPF Minimum Sum to be raised from July

[nutbush]

http://www.channelnewsasia.com/news/singapore/cpf-minimum-sum-to-be/1098746.html

The CPF Minimum Sum will be raised to S$155,000, up from S$148,000, from 1 July. This will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015, the Central Provident Board (CPF) and the Manpower Ministry said in a joint statement.

PHOTOS

ENLARGECAPTION
SINGAPORE: The CPF Minimum Sum will be raised to S$155,000, up from S$148,000, from 1 July.

This will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015, the Central Provident Board (CPF) and the Manpower Ministry said in a joint statement.

Under the CPF LIFE Standard Plan, setting aside S$155,000 at age 55 provides a lifelong payout of about S$1,200 per month, the statement added.

The Medisave Minimum Sum will be raised to S$43,500 from S$40,500 from 1 July.

A member will need to have this amount in his Medisave Account and also meet the CPF Minimum Sum before excess funds can be withdrawn.

The Medisave Contribution Ceiling will be increased correspondingly to S$48,500 from S$45,500.

This is the maximum balance a member can have in his Medisave Account.

- CNA/xq

 

[sense]

2014: CPF Minimum Sum to be raised to $155,000 & No free lunch

CPF Minimum Sum to be raised to $155,000 from July 1
Published on May 8, 2014 10:51 AM

Singaporeans who turn 55 between July 1 this year and June 30 next year will have to set aside more retirement savings in their Central Provident Fund. The Minimum Sum will be raised to $155,000 for them, up from $148,000. Singaporeans who turn 55 between July 1 this year and June 30 next year will have to set aside more retirement savings in their Central Provident Fund (CPF). -- ST FILE PHOTO: CAROLINE CHIA

By Mok Fei Fei

SINGAPORE - Singaporeans who turn 55 between July 1 this year and June 30 next year will have to set aside more retirement savings in their Central Provident Fund (CPF).

The Minimum Sum will be raised to $155,000 for them, up from $148,000 for those turning 55 between July 1 last year and June 30 this year.

The amount will be set aside in their Retirement Account using savings first from their Special, and then Ordinary Accounts.

"In order to maintain its real value over time, the Minimum Sum increases to account for inflation," the CPF Board and Manpower Ministry (MOM) said in a joint statement on Thursday.

http://www.straitstimes.com/news/bu...-minimum-sum-be-raised-155000-july-1-20140508

 

[sense]

Re: 2014: CPF Minimum Sum to be raised to $155,000 & No free lunch

No free lunch...

The news below was 2 days before the CPF announcement. Singapore gov PR is lumber 1.

TITLE: All households to receive free N95 masks from this week
By Tan Qiuyi
POSTED: 05 May 2014 16:11
URL: http://www.channelnewsasia.com/news/singapore/all-households-to-receive/1095308.html

Starting on Tuesday, every household in Singapore will receive free N95 masks in their mailbox -- courtesy of a community programme by Singapore Power, SingPost, and Temasek Cares, the philanthropic arm of Temasek Holdings.

SINGAPORE: Starting on Tuesday, every household in Singapore will receive free N95 masks - right in their mailbox.

That's courtesy of a community programme by Singapore Power, SingPost, and Temasek Cares, the philanthropic arm of Temasek Holdings.

They will be distributing 1.2 million emergency preparedness "starter kits" to homes nationwide from May 6-12.

The next time a haze hits Singapore, there's unlikely to be a last-minute scramble for masks.

Staff at Singapore Power have been volunteering their time getting the 'Stay Prepared' starter kits ready for the power company's meter readers and technicians to deliver to households across the island in one week -- including the weekend.

V S Raju, deputy director of Metering Data Management at Singapore Power, said: "We want to make sure that we reach out to residents, who can actually be at home then, so we can have an opportunity to explain (the programme) to them if there's a need to."

Each starter kit contains three N95 masks. And on the back of the packet are useful numbers -- like the police, civil defence and dengue hotlines -- residents can call in case of an emergency.

The flat, folded masks may be unfamiliar as it's a one-year-old design by technology company 3M.

Helen Foo, general manager of Safety & Graphics Business at 3M Singapore, said: "It's very comfortable and easy to use, and it's flat and easy to store.

"So an N95 mask need not have to be a cup-shaped version. A flat-fold N95 mask can be just as effective as it is."

Organisers said 1.2 million kits will be distributed to reach every household.

Another 17,000 will be delivered to 144 charity homes, while 300,000 more are on standby.

But masks are just a small part of preparing for an emergency, said Temasek Cares chairman Richard Magnus.

"We want every single household to begin to think about 'where do I get additional N95 masks for other members of my family?' And once they form that habit of mind, then it will become intuitive to start preparing for unforseen events in Singapore. That's the intention too," he said.

Postal workers at Singapore Post will deliver the kits to HDB flats and high-rise apartments, while Singapore Power meter readers will cover the country's landed homes.

If kits cannot be delivered to a postal address, residents will receive delivery advice with information on where to collect their kits.

Singapore Power has also set up a hotline (1800-738-2000) for the public to get information about the delivery process. The hotline will operate from May 5 to May 24, 8am to 8pm daily.

Costing some S$4 million in total, the starter kit programme taps into a S$40 million Temasek Emergency Preparedness Fund launched in March.
- CNA/de

 

[kapkia]

huat huat huat ahhhh

 

[nutbush]

confirm migrate liao...:o

 

[laksaboy]

I don't care about the CPF... I consider it as another form of taxation.

But you can see how desperate they are to lock up the money for Ho Ching's gambling.

 

[kapkia]

confirm migrate liao...:o

talk east talk west... talk cock. . still in sinkiland

 

[chootchiew]

sinkie who turned 55 on 30Jun 2014 ought to celebrate .

 

[nutbush]

yalor...i tok cock...saiyonara...:kma:

talk east talk west... talk cock. . still in sinkiland

 

[BuiKia]

CPF Minimum Sum to be raised to $155,000 from July 1

song liao boh?

To cater to Singaporeans' rising expectations of what is considered a basic standard of living in retirement, the CPF Minimum Sum has been increasing for each group of members turning 55 yearly, to reach a target of $120,000 (in 2003 dollars) by 2015. In order to maintain its real value over time, the Minimum Sum increases to account for inflation.

In view of this, the Minimum Sum that will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015 is $155,000. This will be set aside in their Retirement Account using savings from their Special, and then Ordinary Accounts. The Minimum Sum for CPF members who turn 55 before 1 July 2014 remains unchanged.

The Minimum Sum provides CPF members with monthly payouts from the Draw-Down Age (DDA) . Setting aside more retirement savings means higher payouts when members retire. To illustrate, under the CPF LIFE Standard Plan, setting aside the full Minimum Sum of $155,000 at age 55 provides a lifelong payout of about $1,200/month, while $75,000 will provide about $620/month.

Medisave Minimum Sum and Medisave Contribution Ceiling to better cater for Singaporeans' long-term healthcare needs

The Medisave Minimum Sum is the amount a CPF member needs to set aside in his Medisave Account for his own and his dependants' healthcare expenses, as well as MediShield and ElderShield premiums during old age.

With Singaporeans living longer and the availability of better quality of medical treatment, Singaporeans will need to save more in their Medisave Accounts to help pay for their healthcare expenses. In addition, as Medisave is opened up to more uses, regular Medisave Minimum Sum adjustments are necessary to help Singaporeans better prepare for their long-term healthcare needs.

From 1 July 2014:

a) The Medisave Minimum Sum will be raised to $43,500 from $40,500. A member will need to have this amount in his Medisave Account and also meet the CPF Minimum Sum before excess funds can be withdrawn.

b) The Medisave Contribution Ceiling will be increased correspondingly to $48,500, from $45,500. This is the maximum balance a member can have in his Medisave Account.

Any Medisave contribution in excess of the current 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 CPF Minimum Sum shortfall.

Public enquiries

For more information, please visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188.

 

[laksaboy]

Re: CPF Minimum Sum to be raised to $155,000 from July 1

This is the third thread started on this piece of news.

 

[BuiKia]

Re: CPF Minimum Sum to be raised to $155,000 from July 1

Is it? Sorry...

 

[Sinkie]

Re: 2014: CPF Minimum Sum to be raised to $155,000 & No free lunch

So they're telling us that they're wearing the N95 masks when they rob you of your CPF?

 

[laksaboy]

Re: 2014: CPF Minimum Sum to be raised to $155,000 & No free lunch

So they're telling us that they're wearing the N95 masks when they rob you of your CPF?

You probably won't need to disguise yourself if the robbery is legal and officially sanctioned.

 

[sense]

Re: 2014: CPF Minimum Sum to be raised to $155,000 & No free lunch

Reminded me of Goh Chok Tong: “More Good Years”, “Gracious Living”, “Growing Old Graciously”, “Swiss Standard of Living”
http://sgismyhome.blogspot.sg/2013/02/beware-of-snake-oil-salesmen.html

 

[sochi2014]

Re: 2014: CPF Minimum Sum to be raised to $155,000 & No free lunch

HC losing money again in the investments?

Or money laundering activities have been accelerated and increased?

 

[Leongsam]

Re: 2014: CPF Minimum Sum to be raised to $155,000 & No free lunch

So they're telling us that they're wearing the N95 masks when they rob you of your CPF?

CPF is not being stolen. All the government is doing is ensuring that a small minimum sum is set aside and the amount is adjusted for inflation periodically which is the prudent thing to do.

Singaporeans are at liberty to withdraw part of or all the rest of their CPF funds (beyond the minimum sum) at 55.

My cousin withdrew a big chunk of his savings at the end of last year after turning 55. There were no restrictions regarding what he could do with the money. He is free to spend it as he pleases.

 

[nutbush]

Are you able to withdraw your cpf when you reach 55 years of age?

SINCE THE CB GAHMENT INCREASE THE MIN SUM OF $155,000, ARE YOU ABLE TO WITHDRAW???

 

[Leongsam]

Re: Are you able to withdraw your cpf when you reach 55 years of age?

SINCE THE CB GAHMENT INCREASE THE MIN SUM OF $155,000, ARE YOU ABLE TO WITHDRAW???

Yes you can withdraw everything beyond this small minimum sum at 55. There are no restrictions.

 

[nutbush]

Re: Are you able to withdraw your cpf when you reach 55 years of age?

boss, are you sure? i only have roughly 100K, i dun satisfy the minimum sum requirement.:o

Yes you can withdraw everything beyond this small minimum sum at 55. There are no restrictions.