So when you hit 50, the CPF contribution rate is adjusted to 14% for employers and 18.5% for employees. Upon reaching 55 it is adjusted again to 10.5% for employer and 13% for employees. What this mean is that you will have more in disposable income but less to work toward your minimum sum. Upon your 55th birthday if you do not have the required minimum sum, your flat will be autopledged towards a maximum of half that amount provided that you have at least $74000 for those who turned 55 last year. If you happened to sell your house, you will need to repay the $74000 to the relevant agency.
Posted on: Fri, 08 Aug 2014 04:03:58 +0000
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