CPF New Minimum Sum and payout
August 20th, 2008 by ALVIN SOONG
Under the CPF Minimum Sum Scheme, members who reached the age of 55 needs to set
aside a Minimum Sum in their Retirement Account, of which part must be in cash and
part may be in terms of property pledge. For example, members who reached the age of
55 between 1 July 2008 and 30 June 2009 need to set aside a Minimum Sum of $106,000
in their Retirement Account. Of this $106,000, $53,000 must be in cash (also termed
as cash component) and $53,000 may be in the form of property pledge.
For your information, if you set aside the minimum sum of $106,000 fully in cash,
you will be receiving $910.00 for your monthly payment from your Retirement Account
when you reach Draw Down Age (DDA). If you set aside half of the minimum sum of
$106,000 in cash and the other half in the form of property pledge, you will be
receiving $455.00 for your monthly payment from your Retirement Account when you
reach DDA.
You may wish to visit our website at www.cpf.gov.sg and use our online Minimum Sum
Payout Calculator to check the estimated payout period. To use the calculator, you
are required to indicate the amount you have set aside in the Retirement Account
when you reach age 55 (excluding interest).
CPF Homepage> Members> Calculators & Games > CPF Minimum Sum Payout Calculator
Alternatively, you may click on the following link.
https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/mss_cal2.asp
For further clarification, please contact us at 1800-227 1188 from Monday to Friday.
