[News] CPF minimum sum $155000 from july 2014
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Originally posted by Hope4singapore:
Source : http://www.todayonline.com/singapore/cpf-minimum-sum-rise-s155k-july
Quote --- SINGAPORE — The CPF minimum sum will be raised to S$155,000 for those who turn 55 between July 1 this year and June 30 next year, the CPF Board and the Ministry of Manpower (MOM) announced in a statement today (May 8).
This is S$7,000 more than last year’s minimum sum of S$148,000.
“To cater to Singaporeans’ rising expectations of what is considered a basic standard of living in retirement, the CPF minimum sum has been increasing for each group of members turning 55 yearly, to reach a target of $120,000 (in 2003 dollars) by 2015. In order to maintain its real value over time, the minimum sum increases to account for inflation,” said the CPF Board and MOM.
From July 1, the Medisave Minimum Sum will also be raised to S$43,500 from S$40,500, while the Medisave Contribution Ceiling will be increased correspondingly to S$48,500, from S$45,500.
Unquote--- Info taken from Today online credits: http://www.todayonline.com/
The increase in CPF is for the good of people. Most people do not save enough for old age and retirement. So CPF was started as compulsory savings in 1955 (? - not sure). At that time, the retirement age was 55 because people on average only lived to 65 years old.
That was why they set CPF withdrawal age to 55. But now, we live much longer - 84 on average. We cannot retire at 55 now. Retirement age must go up and so should the CPF withdrawal age.
This is very unpopular because people are used to withdrawing at 55 and retiring. Howe Yung Choong wanted to raise the retirement age slowly as our life expectancy increases. But that was so unpopular that it was shelved.
Now the situation is becoming critical. Our life expectancy is now 84. So there is no choice but to have a minimum sum after 55. This is in line with the orignial aim of CPF - compulsory savings.
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In before.
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Originally posted by hastings:
The increase in CPF is for the good of people. Most people do not save enough for old age and retirement. So CPF was started as compulsory savings in 1955 (? - not sure). At that time, the retirement age was 55 because people on average only lived to 65 years old.
That was why they set CPF withdrawal age to 55. But now, we live much longer - 84 on average. We cannot retire at 55 now. Retirement age must go up and so should the CPF withdrawal age.
This is very unpopular because people are used to withdrawing at 55 and retiring. Howe Yung Choong wanted to raise the retirement age slowly as our life expectancy increases. But that was so unpopular that it was shelved.
Now the situation is becoming critical. Our life expectancy is now 84. So there is no choice but to have a minimum sum after 55. This is in line with the orignial aim of CPF - compulsory savings.
Yes.