Singapore raises CPF minimum sum to meet retirement needs

The Ministry of Manpower (MOM) and CPF Board jointly announced that the CPF Minimum Sum has been increased to S$155,000 to account for inflation.

This will apply to CPF members who turn 55 between July 1 this year and June 30 next year.

This will be set aside in their Retirement Account using savings from their Special, and then Ordinary Accounts.

The minimum sum for members who turn 55 before July 1 this year remains unchanged.

Meanwhile, the Medisave Minimum Sum will be raised to $43,500 from $40,500 with effect from July 1 this year.