Required Medisave amount increased from 2013
Singapore’s government has raised the Medisave required amount, even as it promises to maintain its 4 per cent interest rate on its Special and Medisave accounts for the first three months of next year.
From the start of 2013, the minimum required amount in all Medisave accounts will be hiked from $32,000 to $38,500, the Central Provident Fund (CPF) Board said in a statement released on Friday.
This means that CPF account holders aged 55 and above will from next year need to ensure that they have at least $38,500 in their Medisave accounts, on top of the minimum sums set in their Ordinary and Special accounts, before being able to make a withdrawal.
“The requirement for members to set aside the MRA (minimum required amount) in their Medisave account is to enable them to have enough savings to meet their healthcare needs during old age,” the CPF board said.
Having announced its promise to maintain a 4 per cent interest rate on all Special, Medisave as well as Retirement account monies throughout 2013 in September this year, the CPF board also said it will maintain the figure till 31 March for Special and Medisave accounts, and for the whole year for Retirement account balances.
