‘The CPF Minimum Sum will be raised to S$155,000, up from S$148,000, from 1 July.
This will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015, the Central Provident Board (CPF) and the Manpower Ministry said in a joint statement....
The Medisave Minimum Sum will be raised to S$43,500 from S$40,500 from 1 July.
A member will need to have this amount in his Medisave Account and also meet the CPF Minimum Sum before excess funds can be withdrawn.
The Medisave Contribution Ceiling will be increased correspondingly to S$48,500 from S$45,500’ CNA
The govt is so proactive and caring. They know that your money will be eaten away by inflation. So they will constantly monitor how much you have in your CPF savings and if they think you would not have enough they will top it up for you, by using your own money. What am I saying? Oh, it means more of your savings cannot be touched when you want to withdraw them at the moving withdrawal age of 55/62 or maybe 65/72 in the future.
I would believe that if this is a govt pension scheme, if there is a govt pension scheme, the amount of pension will also be increased proportionally so that the pensioners will be getting the real monetary value they were supposed to get when they retired. So those old civil servants and ex teachers should be getting adjustment to their pension payouts. Got or not? Any pensioners reading this can confirm or not? With inflations running away in the loose, your few hundred dollars of pension would worth only a fraction of their real value in the past.
And for those who are drawing half a million or quarter of a million dollar pension, think they will be adjusted for inflation or not?
This govt really deserves to be paid out of this world salary for being so meticulous and forward looking and caring towards its citizens. All the citizens will not have a care when they retired at 80 or 90. There will be a pot of gold at the end of the rainbow waiting for them, due to the good planning and grace of the govt. Say a word of thanks to the ministry managing this CPF Minimum Sum Scheme. If the saying that people with good heart, good intent, a heart of gold, will go to heaven, these people definitely will go to heaven. St Peter will be at the Golden Gate to receive them personally.
What is the point of having so much money when one is about to die? What is the point of saving and saving when one is supposed to work till one drops dead?
Chua Chin Leng AKA RedBean
*The writer blogs at http://mysingaporenews.blogspot.com/