Tag Archives: Straits Times 15 Dec 2014

WHAT IS CPF MINIMUM SUM?

Currently, members who are turning 55 between July 1 this year and June 30 next year have to set aside $155,000 in their Retirement accounts to receive a monthly payout of about $1,200 when they turn 65. Come July next year, the next cohort (those turning 55 between July 1, 2015 to June 30, 2016) will need $161,000. The amount, known as the Minimum Sum, is adjusted annually after taking into account inflation. This one-size-fits-all approach is currently being reviewed by an advisory panel set up by the Government. In a media interview last week, Manpower Minister Tan Chuan-Jin said that more options may soon be available for members to decide how they want to save for their retirement.

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“THE PRICE INCREASE OF BABY MILK IS RIDICULOUS”

In 2004, the average price of formula, including that for infants and for babies six months and older, was $22.66 for a 900g tin. It has climbed steadily to hit $50.01 in October this year from an average of $44.30 last year, according to figures obtained recently by The Straits Times from the Department of Statistics.

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