Category Archives for Financial Planning
Elderly Mislead by Sales Person from Bank
The following is a recent true story written by a friend of mine. It is a warning to be vigilant of what might happen to elderly or not so literate people when they try to perform simple banking like fixed deposits at certain banks. Never let your guard down. Friends, if your parents do their […]
DBS PayLah – Seamless Fund Transfers
DBS PayLah! is a new phone application by DBS that allows you to perform fund transfer easily without the need to know the bank account number of the recipients. How it works is that PayLah! acts as some kind of mobile wallet that is linked with your handphone number and DBS bank account. Your mobile number […]
Increase in CPF Minimum Sum, Medisave Minimum Sum and Medisave Contribution Ceiling 2014
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. CPF members who turn 55 between 1 July 2014 and 30 June […]
CPF Contribution to be Increased
As announced in Budget 2014, the CPF contribution will be increased by 1% for everyone. The increased contribution will go to Medisave. While companies will be receiving some kind of temporary top-up to help cope with this increase, self-employed personnel will have to fund this increase by themselves. There will also be in additional increase […]
POSB eMSA too Good to be True
Someone was asking me about the POSB eMSA where you can earn up to 2% p.a. on a special savings account with the requirement that you need to maintain an increasing balance every month by depositing additional money. It sounded too good to be true so I decided to investigate further by asking my friend […]