News Release by: Ministry of Manpower Central Provident Fund Board, 30 May 2012
CPF members who turn 55 between 1 July 2012 and 30 June 2013 will need to set aside a Minimum Sum (MS) of $139,000. The MS for 2011 was $131,000.
From 1 July 2012,
a. The Medisave Minimum Sum (MMS) will be raised to $38,500 from $36,000, a 7% increase. Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.
b. The maximum balance a member may have in his Medisave Account, known as the Medisave Contribution Ceiling (MCC), is set at $5,000 above MMS and this would be increased correspondingly to $43,500, from $41,000.
As announced previously, any Medisave contribution in excess of the prevailing MCC will be transferred to the member’s Special Account if he is below age 55 or to his Retirement Account if he is above age 55 and has a MS shortfall.