3 CPF changes wef 1st Jul 07

Singaporeans and PRs have to keep more money in their CPF account wef 1st Jul 07.
No wonder people says that
CPF = Cash Prior Funeral...

Higher CPF Minimum Sum
* Increased from $94,600 to $99,600.
The new amount will apply to CPF members who turn 55 between 1 July 07 and 30 June 08. CPF members who set aside the $99,600 fully in cash will receive a monthly payout of $790 from age 62 for about 20 years.

Higher Medisave Minimum Sum
* Increased from $28,000 to $28,500
Members will have to set aside this amount, or the actual Medisave balance, whichever is lower, in their Medisave Account, when they withdraw their CPF at or after 55 years old.

Higher Medisave Contribution Ceiling
* Raised from $33,000 to $33,500
This is the maximum balance each member may have in his Medisave Account.
Any Medisave contribution in excess of the prevailing MCC will be transferred to the Special Account if he is below age 55.
If he is above age 55, the Medisave contribution in excess of the prevailing MCC will be transferred to his Retirement Account if he has a Minimum Sum shortfall.