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I updated a blog on the CPF-MA yesterday:
"For those under 65, the Basic Healthcare Sum next year will be S$54,500, up from S$52,000 previously, the authorities said."
Source:
CNA, 16 November 2017
And here are some comments on my Facebook wall:
Reader #1:
Interest $52k @ 4% = $2080.
total $54080
New amount $54500.
Still need to top up $420.
Reader #2:
4% interest will bring the total to $54,000.
Meaning we can only top up $250?
There seems to be some confusion as to how much we can contribute to our CPF-MA at the start of the new year.
So, I am doing a quick blog here on the matter.
If our CPF-MA has hit the BHS in 2017, the interest earned in 2017 will be transferred to our CPF-SA or CPF-OA (if our CPF-SA has hit FRS like in my case).
So, at the the start of 2018, our CPF-MA will have $52,000 only (i.e. the BHS in 2017).
This will allow us to do a voluntary contribution of $2,500 to our CPF-MA (to hit the 2018 BHS of $54,500) at the start of 2018 and get an "ang bao" of $100 for the year.
For anyone who is paying income tax, note that the recipient of a voluntary contribution to the CPF-MA will get income tax relief.
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| HUAT AH! |
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Related posts:
1. Do online contribution to CPF-MA.
2. 4 ways to beef up CPF savings.
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