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.

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