Some of you may have noticed that once your CPF medisave account hits a certain limit, the excess contribution will overflow to your other CPF accounts. Here are the rules.
First, find out the prevailing Basic Healthcare Sum (BHS) limit. The current limit in the year 2020 is $60,000. It will be adjusted upward every year, so check this link for the latest limit.
If your Medisave Account (MA) has reached the BHS limit, the excess contribution that you and your employer make will be transferred to either your Special Account (SA), or Ordinary Account (OA) depending on this next rule:
- If your SA balance is below the Full Retirement Sum (FRS), the excess will be transferred to your SA.
- Otherwise, the excess will be transferred to your OA.
The current FRS for the year 2020 is $181,000. Again, like the BHS, this figure will go up every year. See table below.
John has $207k in his SA and $60k in his MA. He was born in 1980 and earns $5k a month. By using the CPF contribution calculator, his employer and his own combined CPF contribution to his MA account is supposed to be $449.92. But because of the rules mentioned above, the $449.92 will be credited to his OA account instead.
This is great if you intend to track key trends and operate as a prolific day trader, as this will require you to execute a high volume of orders during each 24-hour period. – https://albuquerqueroofingguys.com
Some of you may have noticed that once your CPF Medisave account hits a certain limit ( Roll Off Dumpster
This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information…
I am also wondering where does the excess contribution go to. Thank you for explaining this for mobile basement repair team.
Glad to check this site, thanks for the share. https://www.plainviewfamilydentistry.com/
It’s a great post, thanks for the share. ruthysballoons.com/
This is ideal if you intend to watch significant trends and trade as a prolific day trader, as this will necessitate the execution of a large volume of orders every 24 hours. | who is the best drywall company
Thank you for sharing this great content here. about
This is a great blog. Thanks for this. https://mobilemechanic-hastings.co.uk/
Wow, I’ll save this info. Thanks visit us
Nice data, will surely save the table. Thanks. https://www.echlersecurity.com/
Hmmm, I don’t know if will go where it is supposed to go.
But because of the rules mentioned above, the $449.92 will be credited to his OA account instead.
Charlene | bollard installer
This is very interesting. I wanted to read more
Based on my experience as a drywall repair job, the excess will be transferred to your OA.