Media Division, Ministry of Information and The Arts, 36th Storey, PSA Building, 460 Alexandra Road, Singapore 119963. Tel: 3757794/5
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IMPACT OF $50,000 MINIMUM SUM ON CPF INVESTMENT & EDUCATION SCHEMES
The CPF Board would like to remind CPF members that from 1 July 1997, they must have more than $50,000 Minimum Sum before they can invest or use their CPF under the CPF Investment Scheme or CPF Education Scheme. Of the $50,000, at least $12,000 has to be in cash from their Ordinary and Special Accounts. The non-cash balance of $38,000 can be in the form of CPF savings withdrawn for housing, education and other investments.
"CPF members are therefore advised to take the Minimum Sum increase, from the current $45,000 to $50,000, into account when using their CPF for investments or education," said a CPF spokesman.
Under the Minimum Sum Scheme (MSS), CPF members reaching age 55 from 1 July 1997 need to set aside a Minimum Sum of $50,000 in their Retirement Accounts - $12,000 in cash and the remaining $38,000 may be property pledged with the CPF Board. Married couples can choose to set aside one-and-a-half times the Minimum Sum instead of twice the Minimum Sum, but they must nominate each other as beneficiaries of their Minimum Sums.
PUBLIC ENQUIRIES
Members of the public can call the following numbers for
enquiries:
Investment & Education Schemes 1800-227-1188
Minimum Sum Scheme 1800-227-9788
MEDIA ENQUIRIES
For clarification of this news release, please contact:
Mrs Chan Yin Yin Mr Ronald Chong
Tel: 229-3260 Tel: 229-3275
Pgr: 9512-0370 Pgr: 9596-4590
CENTRAL PROVIDENT FUND BOARD
1 JULY 1997