|
|
|
|
|
|
|
|
|
|
|
| Changes To CPF Minimum Sum, Medisave Minimum Sum And Medisave Contribution Ceiling |
|
|
|
|
Current |
From 1 July 2005 |
CPF Minimum Sum
The prescribed amount which has to be set aside by members turning age 55 on or after 1 July of each year in their Retirement Account. It ensures members of a monthly income to meet their basic needs during retirement until the cash balance (including accrued interest) is exhausted. |
$84,500 |
$90,000 |
Medisave Minimum Sum
The prescribed amount retained in a member's Medisave Account upon withdrawal at age 55 and thereafter. The amount is adjusted yearly to take into account the inflation of healthcare costs
|
$25,500 |
$27,500 |
Medisave Contribution Ceiling
It is the maximum amount retained in a member's Medisave Account. |
$30,500 |
$32,500 |
Reformed Medishield Kicks In On 1 July 2005
From 1 July 2005, CPF members can enjoy better protection against large Class B2/C bills under the reformed MediShield.
The Board has already sent out a mail package to inform all CPF members covered under basic MediShield of the revised premium rates and details of the enhanced benefits offered by the reformed MediShield.
Those who want higher coverage at Class A/B1 wards and/or private hospitals can apply directly to any private insurer who offers a Medisave-approved private integrated plan. The integrated plan consists of basic MediShield protection and enhanced coverage by the private insurer.
CPF members covered under MediShield Plus will not be affected until October this year when the plan is restructured into privately-run integrated plans. More details will be announced in the third quarter of the year once the changes are finalized.
Return Of Title Deeds To CPF Members
Effective 15 September 2004, CPF members with no outstanding bank mortgages on their properties bought with CPF savings can keep their title deeds.
Previously, the title deeds of private properties and HDB flats where CPF savings were used would be given to the Board for safe-keeping once the housing loans with the banks were redeemed.
By returning the title deeds to members who have fully paid up their mortgages, there will be less red tape and faster turnaround time for those who wish to use their properties for additional mortgages. The Board can still secure the CPF savings used under the CPF charge lodged earlier with the Singapore Land Authority (SLA). When members sell their properties, they are required to refund the required CPF amount to their CPF accounts before they can apply for discharge of the CPF charge.
The existing title deeds safeguarded by the Board before 15 September 2004 are being released to members in phases because of the high volume involved.
As the title deed to a property is a very important document, CPF members should consider keeping it in a bank’s safe deposit box or in a safe.
Top Up Your Loved One’s CPF Minimum Sum
Enhance the financial security of your loved ones by topping up their Minimum Sum. From 1 July 2005, you can use your CPF Ordinary Account savings to top up the Retirement Account of your loved ones if the net balances in your Ordinary and Special Accounts (including the CPF savings used for investments) are more than 1.5 times of the prevailing Minimum Sum. Previously, you can do so only if you have more than 2 times of the prevailing Minimum Sum.
What's more, if you top up in cash, you will be able to enjoy tax relief up to $7,000 per year. The amount in the Retirement Account currently earns an interest of 4% per annum. For more information on the tax relief, please go to www.iras.gov.sg. For more information on the CPF Minimum Sum Topping-Up Scheme please go to www.cpf.gov.sg.
|
|
|
|
|
|
|
|
| Do you have a complex enquiry or application on your CPF which cannot be done online or via the phone and needs to be personally attended to by our Customer Service Officer?
Instead of having to join the queue when you need to come to the Board, you can now schedule an appointment with our Customer Service Officers in our Main Office at Robinson Road using our newly set up e-Appointment system at www.cpf.gov.sg. This new initiative is another of the Board’s efforts to improve our services to our members. |
|
|
|
|
|
|
|
|
Kick-start your retirement planning at the my cpf & me 2005 roadshow to be held on 1 to 3 July 2005 at the HDB Hub. You can expect to find an interesting array of online tools and games to help you in retirement planning. Leading financial institutions will also be present to showcase their solutions on investments, home financing and much more.
You can also sign up for the Retirement Planning seminar where industry experts will provide practical advice on understanding retirement planning, investment management, mortgage financing, insurance protection and estate planning. So mark it down in your calendar and we will see you at the my cpf & me 2005!
my cpf & me 2005 Roadshow
Date : 1 – 3, July 2005
Venue : HDB Hub, Toa Payoh Cental
Admission is free.
Retirement Planning Seminar
Date : 2 July (English session), 16 July (Chinese session)
Venue : HDB Auditorium
Fee : $10 per person (includes refreshments and a goody bag)
To register for the seminar, please go to www.cpf.gov.sg or call NTUC Media, the event manager, at Tel: 6236 0555. |
|
|
|
|
|
| |
|
CPF was started in July 1955 as a compulsory savings scheme for all workers, ensuring basic necessities for all Singaporeans upon retirement. Over the years, it has evolved into a comprehensive social security system, meeting the population’s needs in retirement, housing, healthcare, family protection and investment.
To mark our 50th Anniversary, we will be producing a commemorative book on CPF history and organising an International Conference on Social Security in July. We have also launched an Anniversary Webpage at www.cpf.gov.sg which features video messages of Prime Minister Lee Hsien Loong, and Minister for Manpower Dr Ng Eng Hen. We invite you to trace the Board’s historical milestones, view an interactive flashback of the Board’s achievements over the last 50 years, or send us a congratulatory message, just like what some members have done below.
| “Congratulations for a job well done! I'm sure every Singaporean has benefited through your various programs in your 50 years of service to our nation!” |
~ Mrs Corinne Low
Resident from Siglap |
| |
| “Congratulations on your 50th anniversary! May CPF ‘live’ long and continue to provide Singaporeans with happy and contented retired lives.” |
~ S. Sriram
Resident from Tampines |
| |
|
|
|
|
|
|
|
|
| |