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World Infromation / Blog : No.10131 : $99,600
In Reply to: From 1 July 07, what is the CPF Minimum Sum (MS)? posted by on June 25, 2007 at 09:54:27:
CPF members who turn 55 between 1 July 07 and 30 June 08 can withdraw his CPF after setting aside the CPF Minimum Sum (MS)$99,600 . CPF members who set aside the $99,600 fully in cash will receive a monthly payout of $790 from age 62 for about 20 years.
The CPF MS will be raised gradually to reach $120,000 (in 2003 dollars) in 2013.
If he has insufficient balance to set aside $99,600, 50% of his SA and OA savings will be used to set aside his CPF Minimum Sum (MS).
The CPF Board will create a new account called the Retirement Account (RA) to keep the money set aside by the CPF Minimum Sum (MS).
From 1 July 07, the Medisave Minimum Sum (MMS) will be increased from $28,000 to $28,500 and
the Medisave Contribution Ceiling (MCC) will be from $33,000 to $33,500.
Members will have to set aside the Medisave Minimum Sum (MMS)$28,500 , or the actual Medisave balance, whichever is lower, in their Medisave Account, when they withdraw their CPF at or after 55 years old.
Below age 55:
Medisave contribution in excess of the prevailing MCC will be transferred to the member’s Special Account
Above age 55 :
Medisave contribution in excess of the prevailing MCC will be transferred to his Retirement Account if he has a Minimum Sum shortfall.
For more information, please visit www.cpf.gov.sg