From July 1 this year, CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a minimum sum of S$148,000 in their Retirement Account.
The minimum sum for those who turned 55 last year was S$139,000.
In a statement on Tuesday, the CPF board announced the Medisave minimum sum for those turning 55 and above will also be raised from S$38,500 to S$40,500. This is the amount that a person needs to set aside in his old age for his own or his dependants’ healthcare expenses and basic MediShield and ElderShield premiums.
The maximum balance a member may have in his Medisave Account is set at $5,000 above MMS and this will be increased correspondingly to $45,500, from $43,500. Full story
