Saturday, 21 June 2014
CPF Minimum Sum Scheme
The Minimum Sum Scheme was introduced in January 1987 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.
Look at the above chart; many were not meeting the minimum sum.
It is an old issue. Right?
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A time bomb issue that was exploded this year.
ReplyDeleteA time bomb indeed!
ReplyDeleteMS keeps on tracking yearly inflation rate where as your pay has been on reverse gear or parking. With all the imported cheap labour where can your pay goes? You will be considered fortunate if you are still not replaced by cheaper FTs.
By my time at 55, my MS was $75k. i managed to meet it and then some. Thanks to my Blessings in CPFIS. Also HDB housing price was quite affordable at that time too.
Sorry mate, i think our G has lost touch with the population.