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Higher Medisave Required

>> Friday, December 11, 2009

From Jan 1, the Medisave Required Amount in Central Provident Fund accounts will be raised from $18,000 to $22,500.

CPF members who turn 55 and meet the CPF Minimum Sum must set aside this amount in their Medisave account when they make a CPF withdrawal. If members have less in their Medisave accounts, their Ordinary and/or Special Account balances in excess of the Minimum Sum will be used to top up the amount.

To help members in the current economic climate, the Government is maintaining interest at the floor rate of 4 per cent for next year, instead of using the floating rate, under which it would work out to 3.31 per cent. As such, CPF members will continue to earn 4 per cent interest on their Retirement Account savings for the whole of next year. Their savings in the Special and Medisave accounts will also earn 4 per cent interest for the first three months of next year.

From 2011, the 2.5 per cent floor rate will apply for all CPF accounts. An additional 1 per cent interest will continue to be paid on the first $60,000 of a member's combined balances, with up to $20,000 from the Ordinary account.

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