Thursday, May 8, 2014

CPF Minimum Sum Will Be Increased From 1st July 2014

CPF Board
If you have not already know, MOM (Ministry Of Manpower) and CPF Board has jointly announced that the CPF Minimum Sum  has been increased to S$155,000 (from the current S$148,000). This is to take care for the inflation.

This is applicable to CPF members who turn 55 between July 1 this year and June 30 next year. In other words, members who turn 55 before July 1 this year remains unchanged. Also, the Medisave Minimum Sum will be raised to $43,500 (from $40,500) with effect from July 1 this year.

Personally view that this is a prudent measure by the CPF Board. There is still quite a while before I can "cash-out" my CPF money (if I choose to) but such measure will ensure that I have enough fund to enjoy a peaceful retirement (finger crossing).


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