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#1
09-05-2014, 07:20 PM
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CPF & Medisave Minimum Sums to go up to $198,500?
An honorable member of the Coffee Shop Has Just Posted the Following:
Medisave Minimum Sum increased by 7.4% to $43,500? Similarly, why is the Medisave Minimum Sum being increased by a whopping 7.4%, from $40,500 to $43,500? No debate in Parliament? As I understand that the mandate to increase the Minimum Sum was supposed to end last year – shouldn’t such an important issue as continuing to increase it – be debated in Parliament? How many have $198,500? How many Singaporeans who reach age 55 will have $198,500 in their CPF? About 1 in 8 Singaporeans? Minimum Sum target exceeded by $40,202? By the way, I believe the original mandate to increase the Minimum Sum to $120,000 in 2003 dollars was for the Minimum Sum only. Now, with the inclusion of the Medisave Minimum Sum – the total sum of $198,500 to be retained at age 55 may already far exceed it. Since “the $155,000 Minimum Sum is equivalent to $117,500 in 2003 dollar terms” – the equivalent of $120,000 in 2003 dollars is now $158,298. So, the sum total of $198,500 may already be $40,202 in excess of the original Minimum Sum target mandated by Parliament about a decade ago. SY Lee and Leong Sze Hian http://www.tremeritus.com/2014/05/09...-up-to-198500/ Click here to view the whole thread at www.sammyboy.com. 
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