SINGAPORE: From the first of next month, Singaporeans turning 55 years old will have to leave $99,600 in their CPF accounts under the Minimum Sum scheme.
That's $5,000 more than the current $94,600.
The new amount will apply to CPF members who turn 55 between 1 July 2007 and 30 June 2008.
Those who set aside the $99,600 fully in cash will receive a monthly payout of $790 from age 62 for about 20 years.
The increase in the CPF Minimum Sum is to ensure that Singaporeans set aside sufficient savings for their retirement.
Likewise, the Medisave Minimum Sum will also be increased.
The new amount is $28,500, up by $500.
The Medisave contribution ceiling will also be raised by $500 to $33,500.
The CPF Board says this is to help Singaporeans meet their hospitalisation expenses.
For more information, the public can check the CPF website at
www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188.
CPF Minimum Sum, Medisave Minimum Sum to go up from 1 July 
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