Marina Bay with Suntec City and National Stadium and Kallang in the background.
Medisave Account RA
It is reported in the Today paper today that from Jan 1 2008, the RA or Required Amount in the Medisave Account 'will be raised to $14,000 from teh current $11,500, increasing by $2,500 each year until it reaches $25,000 on Jan1, 2013.'
There are people with more than $25,000 in the Medisave Account. Does it mean that the CPF is retaining more than it can in the people's Medisave Account as provided by legislation?
Should the excess amount be returned to the account holder?