CPF Medisave Amount raised

[EricTeh]

how long can the CPF board delay and stretch the payouts? I wonder.

 

In Detroit, I have read of pension funds plunged in fiscal crises as they are unable to payout the promised monies, never mind the fact that the payouts themselves barely withstood the scourge of inflation otherwise anyway.

 

Then there was the dabbling of the same institutions in sub prime mortgage loans which were gleefully offloaded by the unscrupulous bankers who devised and issued the subprime loans in the first place.

 

I am not very sanguine about the situation with CPF honestly as the disappointing performance of our sole SWF gives little solace if any cue and parallel is to be drawn between the two. Both focuses on wealth preservation and long term right? I vaguely recall Goh CT mentioned as such back in 2002.

 

 

good point

but what can we do to help ourselves

 

 

[Kenomi]

government doing more investment again and kana trapped?

[Zappy]

SINGAPORE: From January next year, the Medisave Required Amount (MRA) in the Central Provident Fund (CPF) will be raised to S$38,500 from the current S$32,000.

 

The MRA refers to the amount that must be set aside in the Medisave Account, after the CPF Minimum Sum requirement has been met.

 

The CPF Board said those who have met the CPF Minimum Sum and have an MRA shortfall at the point of withdrawal have to make a top-up to the Medisave Account.

 

This can be done with part of the balances from the Ordinary Account and/or Special Account to meet the prevailing MRA.

 

CPF said the requirement for members to set aside the MRA in their Medisave Account is to enable them to have enough savings to meet their healthcare needs during old age.

 

Central Provident Fund members will also continue to enjoy a risk free interest rate of four percent on their Special and Medisave Accounts (SMA) for the next three months, from 1 January to 31 March 2013.

 

The interest rate on their Retirement Accounts (RA) for the whole of next year will also remain at four percent.

 

The CPF Board said this was in line with the government's announcement in September that it would maintain the four percent per annum floor rate for interest earned on all monies in the Special and Medisave Accounts as well as savings in the Retirement Account until the end of next year.

 

Savings in the SMA currently earn either 4 percent or the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1 percent, whichever is the higher.

 

The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.

 

Since the average yield of the 10YSGS plus 1 percent, from 1 December 2011 to 30 November 2012, works out to be 2.49 percent, the SMA interest rate payable to CPF members from 1 January 2013 to 31 March 2013 will be maintained at the current floor of 4 percent, CPF said.

 

New RA savings are invested in SSGS which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1 percent at the point of issuance, or 4 percent, whichever is the higher, adjusted yearly.

 

CPF said given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4 percent.

 

- CNA/al

 

http://www.channelnewsasia.com/stories/sin...1243869/1/.html

 

I suppose the news must have been released from CPF to CNA, but couldn't understand why the difference in the implementation date?

 

According to CPF website "The Medisave Minimum Sum from 1 July 2012 is $38,500 and is adjusted every July."

 

http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/Reach55-4.htm

 

 

 

[RadX]

RadX ForX can help you Xchange. Got contacts on both sides (medical and... the "other" side).

 

 

steadylah...now i money changer......ok tmr i start having a goatee and go out sarong... [laugh]

[Mazdaowner]

Bro Mazdaowner, u kong tio...

 

Kumsiah bro. Kong liow poon hot.

[Mazdaowner]

at least it will be a different pattern....maybe give discount here and there for the 1st few terms in power. Many are scared of uncertainties me included but it can never be worst....we can only try! Actually i don want to come back but the wify and daughter insist cos our elder son could not come along!

 

Kiasi kiasu.

[Mazdaowner]

haha...i tot im the one that's piss w the system...but still they hv alot of support n i wonder why ppl think it is a good thing.... they rather the money go somewhere without their knowledge then to spend the money themselves until they forgot they hv no more money.... I rather be broke spending my money then to let someone spend my money n i go broke...

 

That guy who pay $1 tok c--k sing song...n always playing mahjong... he will Zha Hu one day....kena Bao....

 

We r living longer I hv my doubt w the stress rate we r going thru....im investing more money into protection instead for fear of the medical costs arising from cancer....

 

Why should WE let some dumbfark who knows nut to nothing "invest" and BURN our hard earned money when we can do it ourselves?

And yes, I'd rather go broke then have someone else spend my cash, I agree totally. $1 go fark himself.

 

Bro, the stress level at work, all the kings horses and men cannot put you together again if something happens. *CHOY! Tai KAH LAI SI!!*

Cancer, just go, treatment is to just squeeze every last ounce of money from you. US still got cure, oh...MS cannot use for OVERSEAS treatment.

KNNL.

[Mazdaowner]

Provided there is inheritance...

 

Inheritance is money well spent

Windfall is money spent.

[Mazdaowner]

you all leave him behind to serve NS huh? [laugh]

[laugh]

[Mazdaowner]

issit...this one not our money meh....NB

 

I could be wrong, but I kind of recall cannot.

[Mazdaowner]

Cao CB !!

 

I am one of the victim..CPF had recently rejected my application to use my medisave to pay part (S$450 per month) of my mum kidney dialysis treatment which I been using for the past 3 years . So every month I have to pay $2000+ for her treatment in cold hard cash...

 

May the one comes with this"bright" idea burns in HELL !!!!

 

Really need to use one treatments cannot use, kuah LJ per can not?

 

[Mazdaowner]

of cos wont run away lah...statement I oso can print for myself...whether money still there or not is ???

 

Like COE, paper value.

[Mazdaowner]

i reached cameron on friday 530 pm and bugger off by simpang kulai on sunday. Saw many sg cars there.....too many cars and the jam was horrible...especially at and after brinchang....crawling speed but after the Bee Garden it was smooth driving down!

 

Knn, both share same bedroom, come here pretend.

[Mazdaowner]

By our next generation, Medisave amount will have no cap....because they will probably say the entire amount you accumulate will be locked.

 

Not say got expiry date meh?

[Mazdaowner]

ah kong will NOT makan the CPF.. this one we all no need to worry...

 

if not married, your siblings will get the money.

 

if married, wife.

 

if wife go before u its kids.

 

Then kids no kids liow all go to....... AH!!

[Mazdaowner]

sometimes its beyond control also..

 

putting your $$ in fixed deposit also got chance the bank default and close down..

 

Bro. Suay also boh aneh suay bah? US I agree lah, here leh...wait...wait...tomorrow I go POSB close account.

[Mazdaowner]

CPF said can withdraw everything if u give up citizenship....OA, SA and MS..... This is the form to use...

 

http://mycpf.cpf.gov.sg/NR/rdonlyres/CE01A...821/0/CPFLM.pdf

 

 

Ok, now i know.

[Mazdaowner]

let me quote "i feel so rich each time i look at my cpf statement"

 

Rich ki lan, rich, cannot use cannot touch LPPL. paper value, i also can use my printer print, i see also song.