$400 million CPF Top-ups for all adult Singaporeans
13 Apr 2005The Government will top up the CPF accounts of all adult Singaporeans by between $50 and $450 on 1 July 2005. Older Singaporeans will get higher top-ups: $350 for those aged 50-59 and $450 for those aged 60 and above. The top-ups will cost the Government about $400m.
2. The Prime Minister announced the CPF top-ups in his Budget Statement in February this year. The top-ups to the CPF Medisave Accounts will help Singaporeans adjust to the increase in MediShield premiums while the top-ups to the CPF Retirement or Special Accounts will help older Singaporeans save more for their retirement needs. This is the first time that the Government is topping up the CPF Special or Retirement Accounts of Singaporeans. Table 1 shows the amount of CPF top-ups Singaporeans will receive on 1 July 2005.
Table 1: Top-Ups to CPF Medisave and Retirement or Special Accounts Age on 1 Jan 2005
Age on 1 Jan 2005 | ||||
21-39 | 40-49 | 50-59 | 60 and above | |
Medisave Top-Up Amount | $50 | $100 | $250 | $350 |
Retirement/Special Top-Up Amount | - | - | $100 | $100 |
Total CPF Top-Up | $50 | $100 | $350 | $450 |
Top-Ups to Medisave Accounts
3. The Ministry of Health is reforming the MediShield scheme to protect Singaporeans against the financial burden of large hospital bills. The reformed MediShield will provide substantially higher payouts
MINISTRY OF FINANCE