Category Archives for CPF
Special Needs Saving Scheme for CPF Starts
About two months after it was officially announced, the Special Needs Savings Scheme by MCYS was launched this month. Under this scheme, beneficiaries will be able to get a monthly payout (of at least $250) from their deceased parents’ Central Provident Fund (CPF) savings instead of getting it in a lump sum. A parent’s CPF […]
Increase in Medisave Required Amount 2012
The CPF board announced yesterday that the Medisave Required Amount (MRA) will be raised from the current $27,500 to $32,000 from 1 January 2012 onwards. This is a 16% increase. Since 1 January 2004, CPF members who turn 55 and are able to meet the CPF Minimum Sum are required to set aside the MRA […]
New CPF Special Needs Saving Scheme
A new CPF Special Needs Saving Scheme will be launched in early 2012 for parents who have children with special needs. This comes six years after the scheme was originally proposed. Under the scheme, the funds in the parent’s CPF accounts can be disbursed to their special needs child on a monthly basis, instead of […]
Extension of CPF SA Minimum Interest Rate
The CPF Board announced last Friday that the minimum floor rate of 4% in the Special, Medisave and Retirement Account (SMRA) will be extended by another year to the end of 2012. Since 2008, the SMRA rates were supposed to be pegged to the 12-month average yield of the 10-year Singapore Government Securities (10YSGS) plus 1% subject […]
CPF Nomination Loophole
As a followup to this story about missing CPF money, my colleague Wilfred emailed the CPF board to confirm their policy regarding the confidentiality of nominees. This is what he received: As the Board is under a duty to CPF members to maintain the confidentiality of the information belonging to our CPF members hence we […]