Mr Leong estimates only 1 in 8 able to meet CPF min sum when reach 55 of age
Leong Sze Hian I refer to the increase in the CPF Minimum Sum (MS) and Medisave Minimum Sum (MMS) to $139,000 and $38,500, respectively, from 1 July. Can’t meet Minimum Sum – can withdraw $5,000? With the scheduled gradual phase-out of the MS withdrawal rule, which is 10 per cent now, to zero per cent on 1 January next year,...
Energy Market Authority: Mr Leong’s figures are incorrect
Mr Leong Sze Hian (‘Power tariff peg to fuel prices raises question over latest hike’) asked why the electricity tariff’s fuel component increased by 113 per cent from January 2007 to this month, when fuel prices increased by only 80 per cent. His figures are incorrect. The electricity tariff’s fuel component rose...
Closure of CPF’s SA for age over 55 – Implications for retirement planning
The discontinuation of the Special Account( SA) for individuals aged 55 and above, is set to take effect next year. Historically, CPF members employed a “shielding” strategy to maximize their savings’ interest income. By transferring funds to their SA, members benefited from a higher annual interest rate of 4.08%, compared...
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