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CPF News

CPF Minimum Sum

 

The Ministry of Manpower announced in August 2003 that the CPF Minimum Sum (MS) will be raised gradually to reach $120,000 (in 2003 dollars) in 2013. The increase in MS, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement. In line with this policy, from 1 July 2011, the prevailing MS will be revised to $131,000, up from $123,000. Members who can set aside the MS fully in cash can apply to commence their monthly payouts of $1,170 when they reach their draw down age. The new MS will apply to CPF members who turn 55 from 1 July 2011 to 30 June 2012.

 

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MOM News

Key Features of the EP Changes

 

The key features of the EP changes are:

  • Q1 Pass: We will tighten the educational qualifications requirements so that only those from good quality institutions will be eligible. We will also move away from the single qualifying salary of $2,800 today. Instead, the applicant will have to earn a salary of at least $3,000, with the requirements depending on his qualifications and experience:

a) Young graduates from good institutions could qualify if they earn at least $3,000

b) Older applicants would have to command higher salaries to qualify, commensurate with the work experience and quality they are expected to bring

  • P2 Pass: The qualifying salary will be raised from $4,000 to $4,500.
  • P1 Pass: There will be no change in the qualifying salary for P1 Pass which remains at $8,000.

 

To know more please click here

 

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