CPF minimum sum to be revised upwards to S$131,000

[pinky]

my friend told me she wrote off her CPF as bad debts already :frustrated: :mad:

[verykiasu2010]

pinky:

my friend told me she wrote off her CPF as bad debts already :frustrated: :mad:

well, that is called 'managing expectation'....i should consider that ....

[Daddy D]

Does all these CPF $$ contribute towards our national reserve?

If yes, wonder what's the percentage?
If no, then CPF is damn rich... or rather CPF's CEO, cos' his salary is not under review?

http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=342

\"01 December 2010
1.Mr Yee Ping Yi, who is currently 2 Deputy Secretary in the Manpower Ministry, will be seconded to the CPF Board as its Chief Executive Officer (CEO) with effect from 1 January 2011 for a three-year term. ..\"

[raysusan]

[quote]The PAP regime has increased the CPF minimum sum (MS) from $123,000 to $131,000 from July onwards to prevent Singaporeans from withdrawing their hard-earned savings for their twilight years. The new MS will apply to unfortunate Singaporeans who turn 55 from July 1 2011 to June 30 2012.


The Medisave Minimum Sum (MMS) will also be raised to $36,000 from $34,500 and the Medisave Contribution Ceiling (MCC) which is fixed at $5,000 above the MMS would be increased correspondingly to $41,000 from $39,500.

Only members who have the MS in their CPF account as cash can apply to commence their monthly payouts of $1,170 when they reach their draw down age.

The PAP regime claims that “the revisions to MMS and MCC are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses, and have been adjusted for inflation.”

With the CPF savings of most Singaporeans tied up in mortgage loans used to finance over-priced HDB flats, few of them will have the required minimum sum in their CPF when they reach 55 years of age.

Singaporeans are likely to end up ‘asset rich’, but ‘cash poor’ in their golden years like this 80 year old toilet attendant interviewed in the video below as the PAP regime continues to lock in the hard-earned savings of Singaporeans in CPF to prevent burdening itself:[/quote]http://www.youtube.com/watch?v=KYYMtK5_F4w&feature=player_embedded#at=412

[BlueBells]

Changes to policies takes time to implement. Given that it is only about a month after the GE, I don’t think this is sufficient time to review and revise policies. Besides, the minimum sum upwards revision is probably based on the policy started some years back, and they can’t just drop it now…

[pinky]

when initially announced, it was to be increased to $120,000 by 2013 so now it's $11,000 more and brought forward by 2 years :siao: :stompfeet:

[radiantmum]

pinky:

when initially announced, it was to be increased to $120,000 by 2013 so now it's $11,000 more and brought forward by 2 years :siao: :stompfeet:

I believe they did state upfront that $120k was in TODAY'S DOLLAR. Hence after factoring inflation effects, it's $131k now liao.

Still I am not happy too ;-<

1st it's my money.
2nd dont keep re-drawing the aging withdrawal date. THAT in itself is even scarier :nailbite:

[pinky]

radiantmum:

pinky:

when initially announced, it was to be increased to $120,000 by 2013 so now it's $11,000 more and brought forward by 2 years :siao: :stompfeet:

I believe they did state upfront that $120k was in TODAY'S DOLLAR. Hence after factoring inflation effects, it's $131k now liao.

Still I am not happy too ;-<

1st it's my money.
2nd dont keep re-drawing the aging withdrawal date. THAT in itself is even scarier :nailbite:

wow if factor in inflation, it may reach $150,000 very soon :roll:

[daddy2007]

WCW:

:yikes: huh? alrdy $ not enough still want suck us... only say the pros, nv mention abt the cons...

since when the $ in our CPF is ours?

[daddy2007]

MMM:

Also, why can't they leave us to take care of our own hard earn monies. Not everyone need help to take care of monies????

They should have the option of letting people to manage their own money or let Garment manage it. Maybe some simple test of a personal financial literacy will enable one to have the option to manage one's CPF money