30 May '12, 10pm

CPF Minimum Sum to be raised to $139,000

CPF Minimum Sum to be raised to $139,000

Central Provident Fund (CPF) members turning 55 between July 1 this year and June 30 next year will have to leave at least $139,000 in their accounts for monthly payouts in their later years. -- ST PHOTO: CAROLINE CHIA By Teo Wan Gek Central Provident Fund (CPF) members turning 55 between July 1 this year and June 30 next year will have to leave at least $139,000 in their accounts for monthly payouts in their later years. This is $8,000 more than last year's Minimum Sum of $131,000. The Minimum Sum Scheme was introduced to help ensure that CPF members, who can withdraw their CPF savings at 55, will have enough to meet their basic retirement after they turn 65. So CPF members have to leave some money in their accounts beyond the age of 55. In 2003, the Goverment set this Minimum Sum at $120,000 and aimed to reach it in 10 years. Please enable JavaScript to view the comments...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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