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News Release by:
Central Provident Fund Board
31 May 2011 --
CPF Minimum Sum
The Ministry of Manpower announced in August 2003 that the CPF Minimum Sum (MS) will be raised gradually to reach $120,000 (in 2003 dollars) in 2013. The increase in MS, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement. In line with this policy, from 1 July 2011, the prevailing MS will be revised to $131,000, up from $123,000. Members who can set aside the MS fully in cash can apply to commence their monthly payouts of $1,170 when they reach their draw down age. The new MS will apply to CPF members who turn 55 from 1 July 2011 to 30 June 2012.
Medisave Minimum Sum and Medisave Contribution Ceiling
From 1 July 2011,
a. The Medisave Minimum Sum (MMS) will be raised to $36,000 from $34,500. Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.
b. The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is fixed at $5,000 above MMS and this would be increased correspondingly to $41,000, from $39,500.
As announced previously, any Medisave contribution in excess of the prevailing MCC 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 MS shortfall.
The revisions to MMS and MCC are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses, and have been adjusted for inflation.
CPF Board organises free talks monthly for members reaching 55
To help members reaching 55 better understand the MS and make informed choices about their CPF savings, CPF Board has been conducting free ‘Reaching 55’ talks every month for members.
The upcoming ‘Reaching 55’ talks are:
| Date: |
29 June 2011 (Wed) |
| Time: |
7.00pm – 8.30pm |
| Language: |
English |
| Venue: |
6 Shenton Way, DBS Building Tower 1, DBS Auditorium Level 3 |
| Date: |
14 July 2011 (Thu) |
| Time: |
7.00pm – 8.30pm |
| Language: |
Mandarin |
| Venue: |
79 Robinson Road, CPF Building, Conference Room Basement 1 |
Interested members may register at the CPF website, or at any AXS station.
Members with queries can call the CPF Call Centre at 1800-227-1188.
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