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Medisave Contribution Ceiling now $33,500

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Medisave Contribution Ceiling now $33,500

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16-06-2007, 11:43 PM

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Medisave Contribution Ceiling now $33,500

One year after the Medisave Contribution Ceiling (MCC) was adjusted to $33,000, CPF has announced that MCC will be adjusted upwards again, this time to $33,500 effective 1 July 2007.

If your Medisave account balance already stands at $33k, which is the previous cap, you'll need to "top up" $500.

This can be accomplished in just slightly over 2 months if you are under 35 and make more than $4,500 gross each month - your Medisave account gets 5% of $4,500 ($225) in the first 2 months, and $50 in the 3rd month (the remaining $175 will "overflow" into your Special Account).

Quote:

"As announced previously, any Medisave contribution in excess of the prevailing MCC will be transferred to the member’s Special Account if he is below age 55."

http://www.salary.sg/2007/medisave-c...ing-now-33500/

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