Increase in CPF and Medisave Minimum Sums to $198,500 may far exceed mandate given for such raise

Minimum Sum increased to $155,000

The CPF Board and Manpower Ministry (MOM) said in a joint statement on May 4 that the CPF Minimum Sum will be raised to $155,000 for Singaporeans who turn 55 between July 1 this year and June 30 next year, up from $148,000. The Government agencies reasoned that the increase was needed to maintain the Minimum Sum’s real value over time and to account for inflation.

Inflation 2.4%, but minimum sum increased 4.7%?

Our question is, “since for the whole of 2013, CPI-All Items inflation averaged 2.4 per cent, sharply lower than the 4.6 per cent in 2012 – Why is it that the minimum sum is being increased by 4.7%?”

Medisave Minimum Sum increased by 7.4% to $43,500?

Similarly, why is the Medisave Minimum Sum being increased by a whopping 7.4%, from $40,500 to $43,500?

No debate in Parliament?

As we understand, the mandate to increase the minimum sum was supposed to end last year – shouldn’t such an important issue as to whether it should continue to increase – be debated in Parliament?

How many have $198,500?

How many Singaporeans who reach age 55 will have $198,500 in their CPF? About 1 in 8 Singaporeans?

Minimum Sum target exceeded by $40,202?

We believe that the original mandate to increase the Minimum Sum to $120,000 in 2003 dollars was for the Minimum Sum only. Now, with the inclusion of the Medisave Minimum Sum – the total sum of $198,500 to be retained at age 55 may already far exceed it.

Since “the $155,000 Minimum Sum is equivalent to $117,500 in 2003 dollar terms” – the equivalent of $120,000 in 2003 dollars is now $158,298. So, the sum total of $198,500 may already be $40,202 in excess of the original minimum sum target mandated by Parliament about a decade ago.

 

SY Lee and Leong Sze Hian

 

 

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34 Responses to “Increase in CPF and Medisave Minimum Sums to $198,500 may far exceed mandate given for such raise”

  • C'est la vie:

    *****
    May I just remind the readers here and the other many million souls that drifts obediently on the island, that the god aka as lky made it abundantly clear; “we will do what is right, never mind what the people think”.

    It was never countered nor rejected then, and therefore …………….
    **
    *****

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  • Amos: 1 PAP: 0:

    This just proves again that PAP is a failure. Minimum sum increased despite stagnant wages over the last decade since LHL became PM. Amos is lucky. He does not have to put up with this kind of crap from PAP. He is really a very big “winner”, not a “loser” as claimed by Cynical Investor.

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  • lan:

    CpeeF not people money: my name is paKar.And i said so;so does Mt Bodok who permitted Botak
    Damn it

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  • flabbergasted:

    Did anyone find out why Government Investment Corporation (GIC) is now GIC Pte LTD ?

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  • now u know ure goin' 2 die ah?:

    how about increasing the “real value” of people’s salaries over time to account for inflation?

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  • Rabble-rouser:

    But the joke on the PAP is how many have $198,500 in their CPF & Medisave accounts? The last 20 years (1997 – 2017) have been hard on the Middle-aged S’poreans. Unlike the Milleniums, the Middle-aged S’poreans faced many obstacles in re-engaging in employment & career progression. Many had fallen in the cracks re-emerging in low-skill employment & ‘jiak-ka’kee’ commission jobs like agents & sales jobs.
    At the end of it, most probably incoming retirees would have to pledge their HDB flats to the CPF!

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  • Esteves:

    If WP again do not raise the issue, we need to let the WP voters be aware of their poor performance costing the tax payers 16k a pop for the 6 or more pops .

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  • opposition dude:

    I have less than 80k in my OA, I know I won’t ever hit 200k by the time I turn 60.

    Brain washing over the decades has led many to believe that CPF is a good scheme. I would rather work and be paid in cheques deposited into my account rather than give CPF any of my money.

    After all since I cant get back 100% of my money then it’s all see but cannot touch so what is the use?

    Try telling all this to the older generation and watch their bewilded looks, they will start telling you that you are stupid, that CPF is good, can get monthly payout etc.

    But of course they would say that, these people are daft after all.

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  • oxygen:

    CPF PAST 55 IS THEFT OF PRIVATE PROPERTY – contrary to all statutory and common law application of trusteeship. There is no such a thing as perpetual trusteeship to mortality anywhere else in the world.

    Politics stole the last bowl of rice of elderly of the PG.

    SHAME SHAME SHAME.

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  • rukidding:

    Cancer is so common nowadays !

    Just like everybody to know that you can “without” the Special Accounts and others if you have contracted Cancer.

    Just get your doctor to write the report !

    Don’t wait until you almost die or dying then start to “apply for release of the sum”

    Worst still,…many do not know and do nothing about it and if you lucky got do nominations then your nominated person lucky. But what if you did not do any ?

    Are you going to be so silly and “borrow” $$$ from others to “fund” your medical expenses or funeral cost ?

    If you have both Pte Insurance cover,…you still can apply to get your cpf sum an “early release” on medical grounds !

    Don’t be stupid and “let your own $$$ get stuck there” and even start to “borrow $$$” from Ah Long,…thinking those $$$$ inside Cpf is “locked and prevented” !

    I did mine…and yes..I got “them out”…but I am still alive after 5 years from receiving it.

    Jus sharing with those who are unaware !

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  • KNN:

    HELLO ADMIN!!!

    This is an old 2015 article!!!

    CPF Min Sum is now $166,000

    And Medisave Min Sum is now $52,000

    Total $218,000 (for 2017 ONLY!!!)

    EVERY YEAR WILL GO UP BY 10% !!!!

    YOU SINKIES ALL DESERVE IT!!! YOU DIE YOUR BIZ!!!! HAHAHA!!!!

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  • old man:

    fxxking leech..Con People Funds..i heard they issued court demand nd fines to self-employed that refused to contribute to medi-save too.

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  • prison island:

    If I am not wrong wef from July 2017 the minimum sum is $171,000.00 and medisave minimum sum is $52,200.00; the above article is old news.

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  • Clown Prince:

    Look at your statement everyday and enjoy!!!

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  • LIONS:

    if the daft G had parked our CPF MONEY with WARREN BUFFETT instead of letting our money managed by some monkeys,both local $cholars n FTs from GIC N TH,we would have been FILTHY RICH!

    THE MORE GIC N TH LO$E,THE MORE SGS NEED TO PUT INTO MIN SUM N THE MORE PRICE HIKES THERE WILL BE!

    It seems SGS are paying ‘GOLD’ for monkeys when such monkeys shud be eating swills???

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  • Get real:

    Somebody must have been “gambling” away with our monies n lost big somewhere…
    Thats why suddenly every price, rate, taxes, levies all going up up n away!
    WTH!! Daylight robbery.

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  • Rip off:

    That means every working adult will never ever get every cent out from their cpf account even if on their death beds at 100yo..
    Coz much of it went into medishield premiums and medisave.
    What a rip off.

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  • Sperm is Sperm:

    Who here believes an average sporean’s life will be better going forward ?

    Thumbs down if you think BETTER.
    Thumbs UP if you think Worse.

    Of course this poll excludes CRONIES who earns easily money.

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  • BuyMeBakKutTeh:

    Hope when TCB get elected as EP he can ask all these questions… but Amos Yee can ask it now… Amos n HHH… where are you both?

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  • Pokerr:

    They have no money to pay you because they lost 9 billion dollars in UBS investment

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  • Bebe:

    Lost a lot in UBS mah; have to squeeze more from the dafts.
    Every increase in CPF or medishield minimum sum is a default in payment .
    KNN

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  • Sperm is Sperm:

    Esteves:
    If WP again do not raise the issue, we need to let the WP voters be aware of their poor performance costing the tax payers 16k a pop for the 6 or more pops .

    We need a BLOG DEDICATED TO EXPOSING WP LACK OF PERFORMANCE. A chronological listing of WHAT WHEN WHY WHERE HOW the issues not raised by WP. This will be a FACT LIST undebunkable because we can base on the HANSARD to prove they never raise what issues.

    This LIST OF FACTS will be presented to not just the WP voters but the world to shame them and hopefully wipe wp out in the next GE.

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  • Sr Citizen:

    If ’1 in 8″ has $155K at 55, then the min sum is theoretical. Any rookie can concoct whatever the sum.

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  • Ah Peng Kia:

    Sperm is Sperm: We need a BLOG DEDICATED TO EXPOSING WP LACK OF PERFORMANCE. A chronological listing of WHAT WHEN WHY WHERE HOW the issues not raised by WP. This will be a FACT LIST undebunkable because we can base on the HANSARD to prove they never raise what issues.

    This LIST OF FACTS will be presented to not just the WP voters but the world to shame them and hopefully wipe wp out in the next GE.

    Get your priorities right. What we need is a BLOG DEDICATED TO EXPOSING PAP’S POOR PERFORMANCE AND FAILED ELECTION PROMISES. A chronological order of their policies that failed this country and its citizens, starting from “Stop at 2″ policy. A list of the tweaks done to the constitution to further entrench their rule and power. Create a FACT LIST of undebunkable flip flops and plagiarism of other people’s ideas as exposed in HANSARD to prove they are not worth the millions taxpayers are paying for this bunch of self-serving, self-enriching monkeys, who dance to their master’s tune only so they can be rewarded by the million$.

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  • oppo:

    oppo, don’t bother to take over governance! you will be in deep shit! the mess that you will take over will cause sinkies to mass protest because you have taken over an empty shell, no money to return to the People! just let silly sinkies continue to trust the monkeys in white and die a terrible death! you will never be appreciated no matter how much and how hard you try! I have given up on the garmen long time ago. I am just glad that I have no family and kids to suffer with me, and I will die alone terribly!

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  • Rabble-rouser:

    - TUH-TUH-TUH-TUH! -
    BREAKING NEWS!
    GIC stand to lose S$5.6 BILLION loss on UBS investment. Announced on MSM today!
    Link: http://www.straitstimes.com/business/companies-markets/gic-faces-possible-558b-loss-on-ubs-bet
    SAY G’BYE TO YOUR CPF, FOLKS. To those 70% who voted for PAP – you deserved the govt you’ve voted for! That’s all, Folks!

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  • Billy Wanka meets google:

    Rabble-rouser:
    - TUH-TUH-TUH-TUH! -
    BREAKING NEWS!
    GIC stand to lose S$5.6 BILLION loss on UBS investment. Announced on MSM today!
    Link: http://www.straitstimes.com/business/companies-markets/gic-faces-possible-558b-loss-on-ubs-bet
    SAY G’BYE TO YOUR CPF, FOLKS. To those 70% who voted for PAP – you deserved the govt you’ve voted for! That’s all, Folks!

    We need more money to buy more submarines.

    The problems is:

    1. Those RETIRING now or have Retired are not much affected by the CPF constant-changing-policies and goal posts.

    2. The current Retirees and about to retire are not likely to make a hooha. Also this cohort is the most indoctrinated and least educated.

    3. The younger generation are not yet retiring and cannot afford to stop working. These will not feel the problem head on yet.

    This explains the status quo of inaction.

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  • Just Wondering...:

    For those that are paying HDB loans using CPF, can they still use their hard earned monies to pay for their HDB loans when they reached 55?

    Some of them may not even have enough to make the Minimum Sum?

    Please advise Singaporeans, thanks.

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  • Leave Singapore!:

    Rabble-rouser:
    - TUH-TUH-TUH-TUH! -
    BREAKING NEWS!
    GIC stand to lose S$5.6 BILLION loss on UBS investment. Announced on MSM today!
    Link: http://www.straitstimes.com/business/companies-markets/gic-faces-possible-558b-loss-on-ubs-bet
    SAY G’BYE TO YOUR CPF, FOLKS. To those 70% who voted for PAP – you deserved the govt you’ve voted for! That’s all, Folks!

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  • Dafts:

    Wither cpf?

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  • Cork is Cork:

    Just Wondering...:
    For those that are paying HDB loans using CPF, can they still use their hard earned monies to pay for their HDB loans when they reached 55?

    Some of them may not even have enough to make the Minimum Sum?

    Please advise Singaporeans, thanks.

    99% of them Boh chup.

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  • Make Sense:

    It makes sense to recoup the billion dollars losses attributed to poor investment choices by the Leegime. They need more money to pay bonuses in GIC and Temasick.

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  • Bobo:

    We have brilliant government that plans how to vacuum money, how to make you lost your job to foreigners and how to make your next generation be their slaves by limiting entry to NUS or NTU. Telling us Degree is not important but keep promoting foreign students to join the two universities with sponsored education and guaranteed good job offer thereafter. Anyway, the majority gong gong Singaporeans are still very happy to keep it because our oppos are all weak to run a small country.

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  • WP severely underperforming:

    Sperm is Sperm: We need a BLOG DEDICATED TO EXPOSING WP LACK OF PERFORMANCE. A chronological listing of WHAT WHEN WHY WHERE HOW the issues not raised by WP. This will be a FACT LIST undebunkable because we can base on the HANSARD to prove they never raise what issues.

    This LIST OF FACTS will be presented to not just the WP voters but the world to shame them and hopefully wipe wp out in the next GE.

    GD Star Rating
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