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CPF Minimum Sum to be raised to $155,000 from July 1

Published on May 8, 2014 10:51 AM
 
Singaporeans who turn 55 between July 1 this year and June 30 next year will have to set aside more retirement savings in their Central Provident Fund. The Minimum Sum will be raised to $155,000 for them, up from $148,000. Singaporeans who turn 55 between July 1 this year and June 30 next year will have to set aside more retirement savings in their Central Provident Fund (CPF). -- ST FILE PHOTO: CAROLINE CHIA

SINGAPORE - Singaporeans who turn 55 between July 1 this year and June 30 next year will have to set aside more retirement savings in their Central Provident Fund (CPF).

The Minimum Sum will be raised to $155,000 for them, up from $148,000 for those turning 55 between July 1 last year and June 30 this year.

The amount will be set aside in their Retirement Account using savings first from their Special, and then Ordinary Accounts.

"In order to maintain its real value over time, the Minimum Sum increases to account for inflation," the CPF Board and Manpower Ministry (MOM) said in a joint statement on Thursday.

 
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