CPF Minimum Sum Increased To $131K

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CPF increased the prevailing Minimum Sum was revised to $131,000, up 6.5% from $123,000. Members who can set aside the MS fully in cash can apply to commence their monthly payouts of $1,170 when they reach their draw down age at 62. The new MS will apply to CPF members who turn 55 from 1 July 2011 to 30 June 2012. According to government statistics, only 45% of workers were able to meet the requirement upon reaching 55 years old.

The Medisave Minimum Sum (MMS) will be raised to $36,000 from $34,500. Members will be able to withdraw their Medisave savings in excess of the MMS at or after age 55.

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