Here is an update on CPF Contributions.
- The Employer CPF contribution rate is set to go up by 1% beginning this Sep 2010.
- Note that the first 0.5% increase goes to the Medisave Account (MA) this Sep 2010 and this will apply to contributions for wages earned from Sep 2010.
- As you can see, the local Government is also concerned with the inflation in healthcare and is therefore helping individuals to put aside more money in their Medisave accounts to ensure that we all do have some funds for medical emergencies. How’s your existing medical plan doing? Do you know what you have? Call me to meet up over coffee and I will help you take a look at your policy and you will find out soon! ^_~
- The remaining 0.5% increase will go to your Special Account in March 2011. More savings for you and me. ^_^ Remember, saving small amounts regularly will add up over time and lead to successful saving.