CPF Minimum Sum raised
CPF members who turn 55 between 1 July 2012 and 30 June 2013 have to set aside a Minimum Sum (MS) of S$139,000, higher than the S131,000 for 2011.
Changes will also be made for contributions to the Medisave Minimum Sum (MMS) to help Singaporeans plan for their long-term healthcare needs. (Did Singaporeans ask anyone to be kaypohed to help them plan for their long term needs by taking away their money? Who is asking for help or who really needs help? The helper or the one he is helping?)
From 1 July (2012), the MMS will be raised to S$38,500, from S$36,000 - an increase of 7 per cent.
Another change is in the Medisave Contribution Ceiling (MCC). It's the maximum balance a member may have in his Medisave Account.
This is set at S$5,000 above MMS and would be increased correspondingly to S$43,500, from S$41,000.
I wrote just before the by election that all the increases would have to be delayed but did not know that they cannot tahan already. Now immediately after the by election, all starts to rush out. Just heard that clearing of rubbish will be raised and now this. How many more are lined up to be announced?
Why so desperate to raise CPF minimum when the reserves is one of the largest in the world? Which Ponzi scheme having problems with the payout? This is surely not looking good with our reserves. When there is so much money in the reserves, why is there a need to resort to such dicey and unpopular move? They should plan, yes, plan with the money in the reserves, not the people’s hard earned money, to help the people especially in Medisave. Put some of the big earnings they are making into the people’s CPF instead of paying millions in salary and bonuses.
What more bad news is going to hit the daft Sinkies? They would not listen and would continue to do what they claimed to be good for the Sinkies, especially when taking money from the Sinkies. They don’t even think there is a need to ask the Sinkies. And they are so generous by taking less and the people should feel grateful and celebrate because of this.
$139,000 plus $38,500 work out to be $177,500 frozen with the later probably untouchable by many. And the amount will keep going up annually for the good of the people of course. I am wondering who is more desperate to get their hands onto this money.