Medisave Required Amount increases to S$32,000 from Jan
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SINGAPORE: From January next year, the Medisave Required Amount (MRA) will be raised to S$32,000, higher than the current S$27,500.
The MRA refers to the amount that must be set aside in the Medisave Account, after the CPF Minimum Sum requirement has been met.
Those who have met the CPF Minimum Sum and have a MRA shortfall at the point of withdrawal have to make a top-up to the Medisave Account with part of the balances from the Ordinary Account and/or Special Account to meet the prevailing MRA.
The Central Provident Fund (CPF) Board, which announced the change on Monday, also said members will continue to enjoy a risk-free interest rate of 4 per cent on their Special and Medisave Accounts (SMA) between January 1 and March 31, 2012.
The interest rate is also set at 4 per cent for the Retirement Account (RA) - from January 1 to December 31, 2012.
This is in line with the government's announcement made in September 2011 to maintain the 4 per cent per annum floor rate for interest earned on all SMA monies and RA monies until December 31, 2012.
The CPF Board said savings in the SMA currently earn either 4 per cent or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1 per cent, whichever is the higher.
The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.
The average yield of the 10YSGS plus 1 per cent from December 1, 2010 to November 30, 2011, works out to be 3.19 per cent.
The SMA interest rate payable to CPF members from January 1 to March 31, 2012 will be maintained at the current floor of 4 per cent.
- CNA/cc -
All the bad news quickly comes out because the focus is on mrt now.
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look for increase in other things soon too!
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GST increase?
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repairs to the MRT will cost money... you think they will risk the profit margin to repair when they can tax the shit out of the people instead?
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If profit margin falls by a huge amount, people will think they really stinged a lot on repairs and maintenance previously.
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Originally posted by charlize:
If profit margin falls by a huge amount, people will think they really stinged a lot on repairs and maintenance previously.
but they did right?
i mean, they inspected it.. like.. 10 years ago?
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later they will have another fare hike to make up for the loss of money for train repair and maintenance, shareholders huat ah!
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crazy. why must put $32000 of your own money when you cannot touch it ?
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Originally posted by the Bear:
but they did right?
i mean, they inspected it.. like.. 10 years ago?
I don't know why the news reported this 10 year thing.
It makes her look bad because she joined like around 10 years ago?
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Originally posted by benqepson:
crazy. why must put $32000 of your own money when you cannot touch it ?
You have a choice not to put meh?
Even TDs or self employed people have to top up the medisave account every year with their own funds.
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Saw is kind to stay on to put things right. hahahahahha!
Chaos continues .... ........
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Originally posted by benqepson:
crazy. why must put $32000 of your own money when you cannot touch it ?
cos government say singaporean dunno how to manage their own money lor.. -
Originally posted by I-like-flings(m):
cos government say singaporean dunno how to manage their own money lor..hanor, hanor.
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Originally posted by I-like-flings(m):
cos government say singaporean dunno how to manage their own money lor..Govt squeeze here squeeze there..... WTF.
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Inflation at 5%, Medisave interest at 4%, earning negative interest.
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they have billions of $ in medisave accounts belongs to holders....
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Originally posted by βÎτά:
Inflation at 5%, Medisave interest at 4%, earning negative interest.
very good lah... if i invest myself.. it will be -5% lor.. so PAP the best!!!!p.s. but i never pay CPF one.....
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Why the rules keep changing over the years? I am confused now. So when can we touch our hard earned money? How much can we take out and at what age? Could someone enlighten me please?
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Originally posted by allkosong:
Why the rules keep changing over the years? I am confused now. So when can we touch our hard earned money? How much can we take out and at what age? Could someone enlighten me please?
First day living in Sg?
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Originally posted by allkosong:
Why the rules keep changing over the years? I am confused now. So when can we touch our hard earned money? How much can we take out and at what age? Could someone enlighten me please?
extrapolating from what is happening, you can take out after they cremate your cold lifeless body
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Originally posted by the Bear:
extrapolating from what is happening, you can take out after they cremate your cold lifeless body
They might introduce a death tax next time.
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Originally posted by the Bear:
extrapolating from what is happening, you can take out after they cremate your cold lifeless body
I wonder if they charge GST.
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Originally posted by charlize:
They might introduce a death tax next time.
They use to have, it's called estate duty.
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http://theonlinecitizen.com/2011/12/how-many-singaporeans-have-131000-in-cpf-at-55/
Who after paying off the 30 year HDB mortgage loan has this kind of money?