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withdrawn.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
