CPF Top up questions

[The_Davis]

1 Jan is a non business day and there can't be any transaction.

Anyway, deposit during the month, whether early or late, earns no interest for the month. Only make sure your deposit got credited before the mandatory contribution from your employer.

thanks for answering for me !

 

[henrylbh]

I only wrote that voluntary contributions sometimes can exceed the CPF Annual Limit.

Every. Word. Has. Meaning.

For those under the scheme, it's every time, not sometimes. Those not that fortunate, never.

No VC cannot exceed. Where you get that info?

From CPF. Sometimes voluntary contributions can exceed the CPF Annual Limit. As notable examples:

1. Special Account and Retirement Account top-ups are not subject to the CPF Annual Limit.

These are top-ups and not voluntary contribution. Voluntary contribution must be allocated to all 3 accounts, namely OA, SA and MA or directed to MA only. TU has it own limit and VC has cpf annual limit.


2. Voluntary employer contributions to Medisave under the Additional Medisave Contribution Scheme are not subject to the CPF Annual Limit. (They're not subject to the Basic Healthcare Sum limit either.)

To the board, this is not viewed as VC but a scheme offered for employer to make monetary contribution to MA (subject to the scheme's limit).


3. CPF Form MHC-TRF voluntary fund transfers into Medisave are not subject to the CPF Annual Limit.

This is not VC, but transfer from giver to recipient with no inflow of fund to the CPF's coffer. Why need to add the word 'voluntary' when it never appeared in the FAQ?


4. Voluntary contributions to a nominated member's CPF accounts under the Enhanced Nomination Scheme, upon another member's death, are not subject to the CPF Annual Limit.

Still, this is also not VC but merely a transmission of fund by a deceased.


you trying to be deliberately provocative? It's annoying

From CPF, VC has a special meaning of its own. Same as top-up. The two is not interchangeable. Example, to the Board, you can't make VC to SA/RA. That's top up and not VC according to CPF because VC must go into 3 accounts or MA only.

TU and VC must result in increasing one's CPF account/(s) balance. Otherwise? TU has its own FRS/ERS limit and CPF Annual Limit refers to only mandatory and voluntary contribution, not transfer etc.

We should avoid using TU or VC loosely as that would confuse readers to use them without knowing the defined meaning or intention of CPF, like categorising transfer, TU and VC as having similar meaning or effect?

Deliberately provocative or annoying or both?

 

[BBCWatcher]

For the record, Henry, you’re wrong, according to both English language dictionaries and CPF. See CPF’s Web site here, for example, where CPF refers to employer Voluntary Contributions (VCs) — even using capital letters (which I didn’t) — into an employee’s Medisave Account through the AMCS.

Please stop.

 

[testerjp]

If I top up $10k for my relative today. Will he receive interest for the 10k in January?

 

[BBCWatcher]

If I top up $10k for my relative today. Will he receive interest for the 10k in January?

Assuming you visit a CPF customer service office and hand a paper check to a customer service officer before 10:00 a.m. on December 29, 2017, that top-up will start earning interest from January 1, 2018 -- for the month of January (not December, 2017).

It's very likely too late to use other CPF top-up channels now for 2017 top-ups.

One month of interest at 4%/year is about $33.33 on a $10,000 top-up, so yes, it's worth taking at least public transit to visit CPF in person to beat the end-of-month deadline.

 

[testerjp]

Where's the location to visit for top up with cheque?

 

[BBCWatcher]

Where's the location to visit for top up with cheque?

There are 5 CPF locations (current information as of December, 2017). I'll just quickly list the postcodes and MRT stations (since they're all on the ground floor and easy to find):

069118 - Tanjong Pagar
529508 - Tampines
579838 - Bishan
608546 - Jurong East
730900 - Woodlands

You might still be able to make an online appointment, as I write this. All of them are open 8 a.m. to 5 p.m. during weekdays, with the last queue number handed out at 4 p.m. for walk-ins. All except the Maxwell (Tanjong Pagar) location have limited Saturday hours, but Saturday is too late for a top up this year (2017).

 

[sg_investor]

What is the best time to top up medical account with 2.5k to get some tax relief in 2018?

I see the vc goes into SA a few days after bank transfer. And dec 2017 contribution will start go to ma at exact time we dont know. Are these numbers all happen at 2359pm today?

 

[The_Davis]

What is the best time to top up medical account with 2.5k to get some tax relief in 2018?

I see the vc goes into SA a few days after bank transfer. And dec 2017 contribution will start go to ma at exact time we dont know. Are these numbers all happen at 2359pm today?

I will top up at 2 Jan 0001.

 

[knightdreamer]

What is the best time to top up medical account with 2.5k to get some tax relief in 2018?

I see the vc goes into SA a few days after bank transfer. And dec 2017 contribution will start go to ma at exact time we dont know. Are these numbers all happen at 2359pm today?

For MA you need to know what is the max you can put which include your employer's portion. If not there will not be any tax relief

 

[sg_investor]

Now i understand the max cpf limit at 37k already.
Thank you folks for reminding.

For MA you need to know what is the max you can put which include your employer's portion. If not there will not be any tax relief

 

[SBC]

FRS rise to 171k is effective on 1st Jan or July?

 

[BBCWatcher]

The FRS (and BRS and ERS) used to be adjusted on July 1, for many years, but CPF shifted to a January 1 adjustment date starting with the 2017 FRS. The adjustment on July 1, 2015, lasted for 18 months.

 

[SBC]

The FRS (and BRS and ERS) used to be adjusted on July 1, for many years, but CPF shifted to a January 1 adjustment date starting with the 2017 FRS. The adjustment on July 1, 2015, lasted for 18 months.

Thank you, BBC

 

[SKenny]

From CPF. Sometimes voluntary contributions can exceed the CPF Annual Limit. As notable examples:

1. Special Account and Retirement Account top-ups are not subject to the CPF Annual Limit.

2. Voluntary employer contributions to Medisave under the Additional Medisave Contribution Scheme are not subject to the CPF Annual Limit. (They're not subject to the Basic Healthcare Sum limit either.)

3. CPF Form MHC-TRF voluntary fund transfers into Medisave are not subject to the CPF Annual Limit.

4. Voluntary contributions to a nominated member's CPF accounts under the Enhanced Nomination Scheme, upon another member's death, are not subject to the CPF Annual Limit.

Henry, are you trying to be deliberately provocative? It's annoying.

I have "voluntarily" contributed $87k to my personal CPF in 2017, which is way more than the "limit" of $37k.

Not many people is aware on how they can maximise their "deposit" into their CPF account, which is a shame as it give a far superior returns for most people. And for some it also offers more flexibility than say a FD.

 

[zumaba]

just checked online. the OA/SA/MA interest is still not coming in yet?

 

[JuniorLion]

just checked online. the OA/SA/MA interest is still not coming in yet?

Non-working day today. Try 4 jan.

 

[sg_investor]

Will the cpf board refund you the excess?

If one vc to ma 2500 and sa 7000 but whole year employment compulsory contribute 30k, what will happen?

I have "voluntarily" contributed $87k to my personal CPF in 2017, which is way more than the "limit" of $37k.

Not many people is aware on how they can maximise their "deposit" into their CPF account, which is a shame as it give a far superior returns for most people. And for some it also offers more flexibility than say a FD.

 

[knightdreamer]

I have "voluntarily" contributed $87k to my personal CPF in 2017, which is way more than the "limit" of $37k.

Not many people is aware on how they can maximise their "deposit" into their CPF account, which is a shame as it give a far superior returns for most people. And for some it also offers more flexibility than say a FD.

yes. You can do that. but there wouldn't be any tax rebate

 

[The_Davis]

yes. You can do that. but there wouldn't be any tax rebate

He is already > 55... only few more years to go till retirement.