Category Archives for CPF
Extension of Use of Medisave
Medisave is a national medical savings scheme introduced in April 1984 whereby part of our income is put into Medisave Accounts for the main purpose of meeting the future hospitalization needs of our own or our immediate family. Under the scheme, every employee contributes 6.5-9% (depending on age group) of his monthly salary to a […]
Property Valuation Limit and CPF Withdrawal Limit
If you depend on financing your home property loan using your CPF OA, do you know that you might be hit with a scenario where you can’t use your OA to pay for your housing many years down the road? (This does not apply to new HDB apartments purchased using a HDB loan) Here are […]
Medisave Contribution to Increase
Health Minister Khaw Boon Wan gave a hint of what is to come when he mentioned that more needs to be done to better serve Singapore’s aging population. This includes: increasing the Medisave contribution rate from the current 6-9.5% enhancing payouts for Eldershield to $800/month from the current $400/month (this will also mean increasing the […]
Extension of CPF Minimum Floor Rate
Currently, the interest rate for the Special Account, Medisave Account and Retirement Account (SMRA) is pegged to the 12-month average yield of the 10-year Singapore Government Security (10YSGS) plus 1%. The government had earlier guaranteed a floor of 4% on this interest till the end of this year. Two days ago, Manpower Minister Gan Kim Yong […]
Changes to CPF Minimum Sum and Medisave Limits
Some updates on recent and upcoming changes to Medisave and CPF Minimum Sum. CPF Minimum Sum The CPF Minimum sum will be raised from $106k to $117k from 1st July 2009. This is the amount of money you need to set aside in your combined CPF OA and SA balance before you can withdraw the […]