Year 1995
Tag: CPF
CPF Minimum Sum Increased To $131K
Friday, 1st July 2011
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.
CPF Minimum Sum Increased To $123K
Thursday, 1st July 2010
The prevailing CPF Minimum Sum (MS) will be revised to $123,000, up 5% from $117,000. Members who can set aside the full MS will receive about $1,100 per month when they reach their draw down age. The new MS will apply to CPF members who turn 55 from 1 July 2010 to 30 June 2011.
CPF LIFE Introduced
Tuesday, 1st September 2009
CPF LIFE, "Public" Annuity Scheme, was introduced. CPF LIFE is to provide CPF members with a "lifelong" income. Through this scheme, members will receive a monthly income for as long as they alive, the amount depending on the cash savings they have in their Retirement Account (RA). It is compulsory for those born after 1957. For those born on or before 1956 have an option to opt-in to CPF LIFE. CPF LIFE will replace the Minimum Sum Scheme (MSS) in 1987.
Change In CPF Minimum Sum Scheme
Tuesday, 1st July 2003
The CPF Minimum Sum (MS) of $80,000 is the amount you have to set aside, in your Retirement Account (RA), for retirement needs in the Minimum Sum Scheme (MSS). It need not be all in cash. Up to 50 per cent of this sum can be a property pledge ($40,000). Your RA is set up when you reach 55 and it comprises savings from your Ordinary and Special accounts. The Minimum Sum amount will adjusted annual at a rate of about 5% per year. According to government statistics, only 40% of workers were able to meet the requirement upon reaching 55 years old.
Change In CPF Minimum Sum Scheme
Saturday, 1st July 1995
The CPF Minimum Sum (MS) of $40,000 is the amount you have to set aside, in your Retirement Account (RA), for retirement needs in the Minimum Sum Scheme (MSS). It need not be all in cash. Up to $36,000 can be a property pledge. Your RA is set up when you reach 55 and it comprises savings from your Ordinary and Special accounts.
CPF Minimum Sum Scheme Introduced
Thursday, 1st January 1987
The Minimum Sum Scheme was introduced to help CPF members set aside sufficient savings to support a basic standard of living during retirement. When the scheme was first started, members were required to set aside a sum of $30,000 in their Retirement Account when they turned 55 years old. The Minimum Sum amount was progressively raised.
CPF Started
Friday, 1st July 1955
The British colonial authority in Singapore introduced the Central Provident Fund (CPF) as a compulsory savings scheme so as to allow workers to save for their retirement, 10 years after the end of the Japanese Occupation when people were struggling to make ends meet.
Nation Building 2 People 1 Places 9 Transportation 1
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1942 1940 1939 1937 1936 1935 1933 1932 1931 1930 1929 1928 1924 1923 1922 1920 1919 1913 1911 1910 1909 1906 1905 1901 All