All CPF members will have to take note that the minimum sum will be raised to just $106,000 starting from July, from the previous figure of $99,600. This means that CPF members who turn 55 from 1st July 2008 to 30th June 2009 will have to set aside the $106,000 cash savings in their retirement account, from which they will get a monthly payout of $910 from 64 years of each for an estimated 20 years. This is raised from the current $790 monthly payout which required the lower minimum sum. This will be raised gradually to $120,000 in 2013, when the expected payout is… not known yet. I am sure if simply calculations will make any sense here.

Another significant change is in the phasing out of the 50% withdrawal rule. Reading the article itself is confusing enough, but it goes somewhere along the lines where the member is allowed to withdraw the first $5,000 or 50 per cent of their savings in their CPF Accounts, whichever is higher when they reach 55 years of age. This, however, will be lowered by 10% every year from now until 1st January 2013, when the CPF member is only allowed to withdraw the first $5000 from their account. No other information is available as of now.

THE Minimum Sum (MS) for Central Provident Fund members who turn 55 from July 1 will be raised to $106,000 - from the current $99,600, the CPB Board announced on Monday, along with other changes to the Medisave contributions and withdrawal rule.

This means that CPF members who turn 55 from July 1 to June 30 next year will have to set aside the $106,000 cash savings in their Retirement Account, from which they will will get a monthly payout of $910 from age 64 for about 20 years.

The current MS, which applies to members who turn 55 from July 1 2007 to 30 June, is $99,600, which gives a monthly payout of $790.

The new MS is in line with the announcements made in August 2003 that the CPF MS will be raised gradually to reach $120,000 in 2013, said a CPF board statement.

‘The increase in MS, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement,’ it added.

Medisave minimum sum and contribution to go up
Also, from July 1, the new Medisave Minimum Sum (MMS) will go up to $29,500 - from $28,500.

Members will have to set aside this amount, or the actual Medisave balance, whichever is lower, in their Medisave Account, when they withdraw their CPF on reaching 55.

Additionally, the Medisave Contribution Ceiling (MCC) will be raised from $33,500 to $34,500 from July.

This is the maximum balance each member should have in his Medisave Account. Any excess in contribution will be transferred to the member’s Special Account if he is below 55.

For those above 55, the Medisave contribution in excess of the prevailing MCC will be transferred to their Retirement Account if they have a Minimum Sum shortfall.

The revisions to MMS and MCC are to ensure that Singaporeans have sufficient savings to meet their hospitalisation expenses, and have been adjusted for inflation, said the CPF Board.

Phasing out 50% withdrawal rule
The board also announced on Monday that members who are unable to meet the full CPF MS at age 55 are allowed to withdraw the first $5,000 or 50 per cent of their savings in their CPF Accounts, whichever is higher.

Members who are able to meet the full MS will be allowed to withdraw the remaining monies in their CPF accounts.

As announced in 2003, the percentage for withdrawal will be cut back from the current 50 per cent to 40 per cent Jan 1 next year, and this will be further reduced every year by 10 percentage points.

This means that from Jan 1, 2013, CPF members must meet the CPF and Medisave Minimum Sums first before they can withdraw their remaining Ordinary Account and Special Account balances at age 55.

However, CPF members can continue to withdraw the first $5,000 from their Ordinary Account and Special Account balances.

The change in the withdrawal rule will enable members turning age 55 from Jan 1 next year to set aside more savings for their retirement.

Article obtained from straitstimes.com on 16th June 2008

Writer Camelli Tang wrote about how disdain the level of service at Changi Airport was while relating an incident that she encountered at the airport. Apparently, there was a sick passenger on board and she was helping and there was no one around to ask her if she needed assistance. She had to provide her particulars before she was eventually allowed to use the wheel chair and even then, there was no assistance provided at the customs.

Personally, I would like to disagree with what Camelli had experienced because I was very well attended to on 2 of my trips back. On one trip, I was in so much pain in my abdominal that a wheel chair was provided for when I alighted. The request was made known to the stewardess on board and appropriate arrangements were made by them when we landed. On a second occasion, I was not well and was escorted at each transit (at other airports) and at Changi Airport. Assistance was also provided at the Immigrations and Customs to bypass the queue through a side exit (with my passport checked, of course).

With these 2 experiences - coming back from 2 different airlines, I can attest that the service level of Changi Airport is not as bad as the writer had described. In addition, these 2 incidences of mine happened at least 7 years apart - so it’s evident that it’s not a one off thing. I would tend to agree with the commenters that the writer could have brought this to the attention of the cabin crew who would then be more familiar with protocols that would have ensured a smooth journey for the sick passenger, although I would have not have suggested that the writer make the call to the ambulances herself.

After living in Singapore for so many years (not that many if you compare it to our forefathers, but you know what I mean), I learn to understand that there’s something I can do to make a difference, and there are other things that I just have to leave it to the hands of people who are more familiar with it. If mishandled, things may deteriorate and finger pointing will be totally useless.

World-class airport? Not with apathetic service

SINGAPORE’s Changi Airport is recognised as one of the best in the world. However, an incident which took place last Wednesday has left me wondering how world-class it really is.

My China Airlines flight from Taipei landed at Changi Airport at about 8.45pm. A fellow traveller, who had been feeling unwell, was unable to breathe or walk properly. Trying to get help in case she passed out, I went to look for a wheelchair.

I went up to the officer on duty at the customer service counter at the arrival hall

(before the immigration check) and asked for a wheelchair. There was one behind her, all locked up.

This was her reply: ‘The aircraft should arrange for the wheelchair for her since she is a passenger from there. It is not our responsibility… You have to return the wheelchair to me here at this counter…You have to give me all your particulars before we issue you the wheelchair.’

She eventually provided me one - after taking down my particulars. And she got someone to accompany me to take it back after use.

Is a customer service officer not supposed to render assistance to passengers who need it? Why such apathy?

Later, while we were queueing to clear Customs - there was a long line - we were not given any assistance in terms of priority, nor asked if the sick passenger needed an ambulance.

Do the airport staff have any sense of empathy towards a passenger who is unable to walk, has breathing problems and may pass out or even die on the spot?

I used to be proud of our airport but, after this incident, not any more.

Camelli Tang (Miss)

Article obtained from straitstimes.com on 16th June 2008