Below is a government press release announcing the changes in the CPF Minimum Sum and Medisave Minimum Sum. The increase in the CPF MS represented a 6.5% increase and the Medisave MS represented a 5.1% increase from 2012. Note that both rates are much higher than the core inflation rates in Singapore 2012. Whilst I understand that the adjustments are necessary to help Singaporeans meet their retirement and healthcare needs, I question the need to peg the adjustments at a rate higher than the inflation rate. Why is there a need to set aside so much money in our CPF Retirement and Medisave accounts? Does it really help and benefit Singaporeans? If so, why set so many restrictions for medical claims from our Medisave accounts? The money in our Medisave Account belongs to us, so why restrict us from using it for medical costs? Obviously I am concerned as I ...
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