Category Archives for CPF
Increase in CPF Limits
The following information from CPF provides details of the latest revisions to various CPF minimum amounts: From 1 July 2011, the prevailing CPF Minimum Sum (MS) will be revised to $131,000, up from $123,000. Members who can set aside the MS fully in cash can apply to commence their monthly payouts of $1,170 when they […]
Missing CPF Monies?
I was reading a comment online the other day made by a person X that upon his wife’s demise, the CPF proceeds were not paid to him (can’t find the source now). He checked with the parents of his spouse and they did not receive anything too. CPF mentioned that the proceeds were paid out […]
Increase in Medisave Required Amount
From 1st January 2011, the Medisave Required Amount (MRA) will be raised from the current $22,500 to $27,500. The MRA is the minimum amount you are required to have in your Medisave before you are allowed to withdraw the rest of your OA or SA CPF savings (in excess of the Minimum Sum) when you […]
Changes to CPF Nomination by Muslims
The Fatwa Commitee of the Majlis Ugama Islam Singapura has issued a fatwa which recognises CPF nomination made by Muslims as a valid form of gift. According to an earlier fatwa issued in 1971, a CPF nominee was only considered a trustee and had to distribute the proceeds according to faraidh or the Islamic Law […]
Minimum 4% Interest to be Extended
Since 1 January 2008, savings in the Special, Medisave and Retirement Account (SMRA) have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%. Based on this formula, the interest rate would have been about 3.5% today. To help […]