Martin Lee @ Sg

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 reach 55. The Minimum Sum stands currently at $123,000.

According to CPF, the requirement for members to set aside the MRA in their Medisave Account is to enable them to have enough savings to meet their healthcare needs during old age.

In order to cater for inflation, the MRA will be increased periodically.

This increase from $22,500 to $27,500 means a 22.2% increase…