CPF Minimum Sum increases to $155,000 on 1 July 2014

Singa­por­eans who turn 55 years old between 1 July 2014 and 30 June 2015 will have to set aside $155,000 in their retire­ment accounts, up from the exist­ing $148,000.

Accord­ing to CPF Board, $155,000 is equi­val­ent to $117,500 in 2003 dol­lar terms. There­fore, by next year, the CPF Min­im­um Sum will be able to reach the $120,000 in 2003 dol­lar terms. From 2016 onwards, the CPF Min­im­um Sum will only be adjus­ted upwards based on infla­tion rate.

The Medis­ave Min­im­um Sum will be raised to $43,500 from 1 July 2014. Only amount in excess of the CPF Min­im­um Sum and the Med­siave Min­im­um Sum can be with­drawn from the CPF accounts at age 55.

Cor­res­pond­ingly, the Medis­ave Con­tri­bu­tion ceil­ing will also be increased from $45,500 to $48,500 with effect from 1 July 2014.

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