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).
“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.”
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The excess after $37,000 will be transfered into our special account for those age below 55. What about those age above 55?