SINGAPORE: From
January next year, the Medisave Required Amount (MRA) will be raised to
S$32,000, higher than the current S$27,500.
The MRA refers to the amount that must be set aside in the Medisave Account, after the CPF Minimum Sum requirement has been met.
Those
who have met the CPF Minimum Sum and have a MRA shortfall at the point
of withdrawal have to make a top-up to the Medisave Account with part of
the balances from the Ordinary Account and/or Special Account to meet
the prevailing MRA.
The Central Provident Fund (CPF) Board, which
announced the change on Monday, also said members will continue to
enjoy a risk-free interest rate of 4 per cent on their Special and
Medisave Accounts (SMA) between January 1 and March 31, 2012.
The interest rate is also set at 4 per cent for the Retirement Account (RA) - from January 1 to December 31, 2012.
This
is in line with the government's announcement made in September 2011 to
maintain the 4 per cent per annum floor rate for interest earned on all
SMA monies and RA monies until December 31, 2012.
The CPF Board
said savings in the SMA currently earn either 4 per cent or the
12-month average yield of 10-year Singapore Government Securities
(10YSGS) plus 1 per cent, whichever is the higher.
The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10YSGS over a preceding 12-month period.
The average yield of the 10YSGS plus 1 per cent from December 1, 2010 to November 30, 2011, works out to be 3.19 per cent.
The
SMA interest rate payable to CPF members from January 1 to March 31,
2012 will be maintained at the current floor of 4 per cent.
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