CPF Medisave Required Amount to be raised to $38,500
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SINGAPORE: From January next year, the Medisave Required Amount (MRA) in the Central Provident Fund (CPF) will be raised to S$38,500 from the current S$32,000.
The MRA refers to the amount that must be set aside in the Medisave Account, after the CPF Minimum Sum requirement has been met.
The CPF Board said those who have met the CPF Minimum Sum and have an MRA shortfall at the point of withdrawal have to make a top-up to the Medisave Account.
This can be done with part of the balances from the Ordinary Account and/or Special Account to meet the prevailing MRA.
CPF said the requirement for members to set aside the MRA in their Medisave Account is to enable them to have enough savings to meet their healthcare needs during old age.
Central Provident Fund members will also continue to enjoy a risk free interest rate of four percent on their Special and Medisave Accounts (SMA) for the next three months, from 1 January to 31 March 2013.
The interest rate on their Retirement Accounts (RA) for the whole of next year will also remain at four percent.
The CPF Board said this was in line with the government's announcement in September that it would maintain the four percent per annum floor rate for interest earned on all monies in the Special and Medisave Accounts as well as savings in the Retirement Account until the end of next year.
Savings in the SMA currently earn either 4 percent or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1 percent, 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.
Since the average yield of the 10YSGS plus 1 percent, from 1 December 2011 to 30 November 2012, works out to be 2.49 percent, the SMA interest rate payable to CPF members from 1 January 2013 to 31 March 2013 will be maintained at the current floor of 4 percent, CPF said.
New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1 percent at the point of issuance, or 4 percent, whichever is the higher, adjusted yearly.
CPF said given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4 percent.
- CNA/al -
Forever moving higher and higher away from you.
Just when you thought you reached the min sum, it goes up. Again.
Doh.
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Singapore reserve money running dry issit???
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TAB.
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Not enuff money for Ho Jinx to play
Edited: Protip in Investing: Do not invest in anything that Ho Jinx invest in
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http://www.sammyboy.com/showthread.php?138213-Li-Ning-Another-government-investment-Black-Hole
They have also increased the losing stake in Olam.
Do they really know how to invest ? After losing billions of sg money ?
If there is a anti-Buffett, she fits the bill.
What they invested all flopped badly.
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Long term investment lah.
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see lah. its billions you know!
and every year we still vote them win?!
once the party's weaker, the howlian family wil lhave no say anymore.
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by the time i retire i'll end up owing these bastards money
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Since it's always going up, why not just stipulate $100K right away?
Save the reporting and admin work of telling us every year.
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Originally posted by Medicated Oil:
http://www.sammyboy.com/showthread.php?138213-Li-Ning-Another-government-investment-Black-Hole
They have also increased the losing stake in Olam.
Do they really know how to invest ? After losing billions of sg money ?
If there is a anti-Buffett, she fits the bill.
What they invested all flopped badly.
Li Ning...?
Ahhh, the china clothing company...
I heard the name appearing together with the same report on the principal from dunno wat school who was in the news recently for drinking kopi with CPIB over woman matters...
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Life is surreal.
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medisave got minimum amount????like everyones sick all day n needs hospitalisation and for the fun of it!!
hey u all sound like u suckered..pretty soon they will charge all sppreans to have ERP attached to neck in order to move anywhere because spore is too crowded n needs to have less people in one position!why not?they already put minimum sum on this medisave and other stuff......so doing weird stuff like thos n not having people stand outside parliament or strike etc etc or veto ius going ti have more weird policies....including ban chewing gum.
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Originally posted by charlize:
Life is surreal.
life is surrreal becuase u are probably high on marijuana or a can of glue. -
Originally posted by Army 21:
medisave got minimum amount????like everyones sick all day n needs hospitalisation and for the fun of it!!
hey u all sound like u suckered..pretty soon they will charge all sppreans to have ERP attached to neck in order to move anywhere because spore is too crowded n needs to have less people in one position!why not?they already put minimum sum on this medisave and other stuff......so doing weird stuff like thos n not having people stand outside parliament or strike etc etc or veto ius going ti have more weird policies....including ban chewing gum.
that's life here.
worse now.................... life under ah dou is ............................... much more stressful ................................
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civil war R'us?
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why no one write an article to overhaul and scrap CPF deduction and policies?
kutae
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wonders about song by red chilli peppers>>>> give it away now...............wonders if entire spore parliament should be replace by red hot chilli peppers band.think its more economically feasible if that happens.after all mp only organise rubbish throwing n electricity n water complaints etc etc .that job dont need mp or high pay.
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I think if the government didn't raise the retirement age of Singaporean workers from 45 to 55 and then later to 65 now, I seriously feel that the government wouldn't face this problems of ageing Singaporeans and their medical expenses. They should have let the Singaporeans to retire at the age of 55 which I think is reasonable and release the whole sum of their CPF to retired Singaporeans and let them decides what to do with their money. In the 70s and 80s, the CPF contributions used to be 25% from employees and 25% from the employers. Sometimes I feel that maybe the retirement age was increased probably there is insufficient funds in the CPF to pay up the retired Singaporeans of their CPF which their employers too had contributed to their workers' CPF to the government in the CPF. What I see now in my CPF is only figures on paper. What most working Singaporeans now want is the full payment of their CPF upon their retirement. That is our hard earn money throughout the years. I hope the opposition parties can use this agenda to win votes in the next general elections.
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thanks to ah pek f stop 2 policies, our birth rate very low. as suchthere will be insufficient young people to replce the odl and the dead. as such the percentage of youg over old people is getting smaller and smaller. so its logical to raise the retriement age. i agree with gahmen on this. we have to keep the people active. if you can you can also retire at age 20 or 30 or 40.
however with the retirement age, gahmen also tags the withdrawl of cpf with it. that's why lots of people get pissed. if they tweak the plicy to separte withdrawl of CPF from retirement age, i think its feasible and can appease the people. of course can go by fractional or percentage withderawl lah.
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because of their lousy policies people suffer plus now with that ah dou ..... worse and worst ......... si ah dou.
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Originally posted by troublemaker2005:
thanks to ah pek f stop 2 policies, our birth rate very low. as suchthere will be insufficient young people to replce the odl and the dead. as such the percentage of youg over old people is getting smaller and smaller. so its logical to raise the retriement age. i agree with gahmen on this. we have to keep the people active. if you can you can also retire at age 20 or 30 or 40.
however with the retirement age, gahmen also tags the withdrawl of cpf with it. that's why lots of people get pissed. if they tweak the plicy to separte withdrawl of CPF from retirement age, i think its feasible and can appease the people. of course can go by fractional or percentage withderawl lah.
Don't worry most retired Singaporeans know what to do with their money hence at this present moment the banks are thinking offering credit cards to retired Singaporeans. We can always work on contract basis or part time to keep ourselves active you know. -
Originally posted by SJS6638:
because of their lousy policies people suffer plus now with that ah dou ..... worse and worst ......... si ah dou.
like i worte, its the glue sticking the withdrawls to retriement age. its so easy to tweak yet those f-stop-2 croonies just cant get a proposal out from theior comfortable seats. -
STOP AT TWO CAMPAIGN WAS A BIG MISTAKE BY THE GOVERNMENT IN THE 80s. They even wanted to penalised the parents should they have a 3rd child and the 3rd child education wasn't guaranteed....
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Originally posted by zulkifli mahmood:
STOP AT TWO CAMPAIGN WAS A BIG MISTAKE BY THE GOVERNMENT IN THE 80s. They even wanted to penalised the parents should they have a 3rd child and the 3rd child education wasn’t guaranteed….
Cruelty at its peak.