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

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

Postby Daddy D » Tue May 31, 2011 2:47 pm

http://www.channelnewsasia.com/stories/ ... 39/1/.html

"SINGAPORE: From July, the prevailing CPF minimum sum (MS) will be revised upwards to S$131,000, up from S$123,000. The CPF Board said the new MS will apply to members who turn 55 from July 1 2011 to June 30 2012.

It was announced in August 2003, that the minimum sum would be raised gradually to reach S$120,000 (in 2003 dollars) in 2013.

CPF Board said the increase in minimum sum, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement...."

Bummer.... just when I thought "they" are going to do more listening....
"They" talked about the pros (to have sufficient savings)... what about the cons??? Or just conveniently ignore...


:stupid: :mad: :stupid: :mad:

Daddy D
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Re: CPF minimum sum to be revised upwards to S$131,000

Postby verykiasu2010 » Tue May 31, 2011 3:18 pm

Letter to PM Lee

Dear Sir

After appointing Gerald Ee to head a committee to review ministerial pay, can you also appoint a kiasuparents committee to review the minimum sum of CPF ?

It is no joke that CPF has become known as Coffin Purchasing Fund!
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Re: CPF minimum sum to be revised upwards to S$131,000

Postby raysusan » Tue May 31, 2011 3:30 pm

What kind of logic is this?
So what if those pple who never reach that amount?

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

Postby Edureach » Tue May 31, 2011 3:49 pm

Together with min sum for medisave at $36,000 and drawn down age at 65 from 2018, many simply cannot retire.

Must continue to work and work and address people as sirs/madam inorder to survive.


Guess for many private hse-dwellers, pray for enbloc and downgrade to HDB in their early fifties.

Alternatively, learnt the art of speculation at your own risk.

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

Postby kwokwc » Tue May 31, 2011 3:50 pm

verykiasu2010 wrote:Letter to PM Lee

Dear Sir

After appointing Gerald Ee to head a committee to review ministerial pay, can you also appoint a kiasuparents committee to review the minimum sum of CPF ?

It is no joke that CPF has become known as Coffin Purchasing Fund!


:rotflmao: :rotflmao:

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

Postby hquek » Tue May 31, 2011 4:04 pm

I find it contradictory that govt sees no issue in promptly revising CPF min sum up and up based on inflation adjustment to reach 120K in 2003 figures; but dither dither when it comes to adjusting for the income ceiling of 8K for new HDB flats (this has been in place for 17 years?).

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

Postby Edureach » Tue May 31, 2011 4:16 pm

Unless you are a high flyier or have multiple sources of income, when reaches 40, must keep away from all open house invitations.

Otherwise, cannot see your cpf, imagine min sum every year up min 5k to 8k. Ten years from now, min sum approx $200k and $50K for medisave?

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

Postby kwokwc » Tue May 31, 2011 4:34 pm

Edureach wrote:Otherwise, cannot see your cpf, imagine min sum every year up min 5k to 8k. Ten years from now, min sum approx $200k and $50K for medisave?


Not surprising if it hits that level. It is just a matter of time when our CPF is consider as the money left for our kids when we die...

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

Postby MMM » Tue May 31, 2011 4:35 pm

That sounds bad..... Yes, I thought they would do more listening????

We currently have a property that is mainly financed through CPF and it's rented out. Was telling hubby that with the regulation changes to CPF, even if we sell off the house and decide to do another investment, the main bulk of our monies will end up stuck in CPF.... Don't know can live LONG ENOUGH to see it one day since the age is always adjusting.

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????

In our case, we concluded that it's probably better that we keep the property and continue to rent out as we are like encashing on our CPF every month instead.

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

Postby hquek » Tue May 31, 2011 4:36 pm

WCW wrote:to say in a very bad way, the $ goes to the 15K mthly??


I personally feel it's not fair to say things like that. CPF is still our money - albeit it feels more like painting...can see, cannot touch.

The $ we pay in taxes....arrrrhhh, that's a different kettle of fish...I'll say that goes towards the 15k.

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