Personal Finance
3 CPF Changes wef 1st July 08
By Akhiat  •  July 7, 2008
By: Adrian Khiat Just to summarise what are the CPF changes wef 1st July 2008. 1. Min. Sum has increased from $99,600 to $106,000 * Members who set aside the $106,000 cash savings in their Retirement Account will receive a monthly payout of $910 from age 64 for about 20 years. * The current MS, which applies to members who turn 55 from 1 July 07 to 30 June 08, is $99,600. The corresponding monthly payout is $790 2. New Medisave Minimum Sum increased from $28,500 to $29,500 * Members will have to set aside this amount, or the actual Medisave balance, whichever is lower, in their Medisave Account, when they withdraw their CPF at or after 55 years old. * The current MMS is $28,500. 3. Medisave Contribution Ceiling increased from $$33,500 to $34,500 * This is the maximum balance each member may have in his Medisave Account. * Any Medisave contribution in excess of the prevailing MCC will be transferred to the member’s Special Account if he is below age 55. * If he is above age 55, the Medisave contribution in excess of the prevailing MCC will be transferred to his Retirement Account if he has a Minimum Sum shortfall. * The current MCC is $33,500. Source: Health and Wealth
Read the full article
By Akhiat
Adrian entered the Financial Advisory Industry in Feb'03 after years in the Shipping and Logistics Arena. He joined the industry with a strong belief that the public need better advice in their financial plan. "It is a big challenge to me till today because I am not a natural Sales Person. However I want to remove public's perception that Financial Adviser are all Salespeople. It is a professional job that deserve more respect. I want to impart my methodology, skills and knowledge to help you improve your Financial Health and to share health tips to improve your Physical Health."
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

Read More Articles
More from thefinance