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CPF minimum sum to be raised to S$155,000 from July

SINGAPORE — The CPF minimum sum will be raised to S$155,000 for those who turn 55 between July 1 this year and June 30 next year, the CPF Board and the Ministry of Manpower (MOM) announced in a statement today (May 8).

CPF Building at 79, Robinson Road. Photo: Ernest Chua

CPF Building at 79, Robinson Road. Photo: Ernest Chua

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SINGAPORE — The CPF minimum sum will be raised to S$155,000 for those who turn 55 between July 1 this year and June 30 next year, the CPF Board and the Ministry of Manpower (MOM) announced in a statement today (May 8).

This is S$7,000 more than last year’s minimum sum of S$148,000.

“To cater to Singaporeans’ rising expectations of what is considered a basic standard of living in retirement, the CPF minimum sum has been increasing for each group of members turning 55 yearly, to reach a target of $120,000 (in 2003 dollars) by 2015. In order to maintain its real value over time, the minimum sum increases to account for inflation,” said the CPF Board and MOM.

From July 1, the Medisave Minimum Sum will also be raised to S$43,500 from S$40,500, while the Medisave Contribution Ceiling will be increased correspondingly to S$48,500, from S$45,500.

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