Tweaks to Medisave limits to simplify process
Basic Healthcare Sum to be set for each cohort when they turn 65; Medisave Minimum Sum to be scrapped
Singapore
FROM next January, the Medisave Contribution Ceiling (MCC) - the upper limit on Medisave savings - will be renamed the Basic Healthcare Sum to bring it in line with Central Provident Fund (CPF) terminology.
The new Basic Healthcare Sum will be set at S$49,800 from January 2016 - a 2.7 per cent increase over the current ceiling amount of S$48,500 set last year. Any additional Medisave contributions beyond this amount will continue to be channelled to the CPF member's Retirement and Special Accounts, and eventually increase the CPF Life payouts.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month
China firms are investing abroad at fastest pace in eight years
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs