SINGAPORE: There will be changes to the CPF Minimum Sum, the Medisave Minimum Sum and the Medisave contribution ceiling from July 1.
The CPF Board said the new CPF Minimum Sum will be S$106,000 â€“ up from S$99,600 currently. CPF Members who set aside this amount will get a monthly payout of S$910 from age 64 for about 20 years.
The new Medisave Minimum Sum will be S$29,500, up from S$28,500.
The Medisave contribution ceiling, which is the maximum balance a CPF member may have in his Medisave account, will be raised from the current S$33,500 to S$34,500.
Any amount in excess of this will be transferred to the Special Account if the member is below 55 years old.
The CPF Board said these revisions are to ensure that Singaporeans have sufficient savings for their retirement and to meet their hospitalisation expenses.
The amounts have also been adjusted for inflation.