TODAY Paper, 2 Jun 2009
CPF Minimum Sum to be raised
The prevailing CPF Minimum Sum will be raised from July 1 for those who turn 55. The new amount will be $117,000, up from $106,000. The Medisave Minimum Sum (MMS) and Medisave Contribution Ceiling (MCC) will also be adjusted on the same date. The MMS will be set at $32,000 instead of $29,500. The maximum balance a CPF member may have in his Medisave Account, known as the MCC, is fixed at $5,000 above the MMS and this would be increased correspondingly to $37,000, from $34,500. Any Medisave contribution in excess of the prevailing MCC will be transferred either to the member’s Special Account, if he is below the age of 55, or to his Retirement Account, if he is above the age of 55 and there is a shortfall in the Minimum Sum.
