CPF MA interest 2019

[nautilus]

Hey Folks,

Did anyone notice that this year’s MA interest is credited back into MA on 31st Dec 2019 if the MA is already at the BHS ceiling? Very strange cos last year’s MA interest was transferred to SA leaving a gap of $2700 to 2019 BHS.

 

[incomearun]

Yes, was waiting to top up. Not sure why they did it like this?

 

[maple96]

Hey Folks,

Did anyone notice that this year’s MA interest is credited back into MA on 31st Dec 2019 if the MA is already at the BHS ceiling? Very strange cos last year’s MA interest was transferred to SA leaving a gap of $2700 to 2019 BHS.

mai kancheong spider, this is always like this, then they will trigger a transfer transaction of the excess above 2019 BHS to OA/SA. First day of the year just started, u need to wait till tomorrow or after.

 

[zhenyuan_2000]

So when is the best time to do CPF MA top up to “fill up the gap” of 60000-57200=2800 sgd?

 

[limster]

i went to the cpf top up page, its stated that any contribution is subject to the cpf annual limit, so if I hit the limit in the course of the year due to employer contributions, this topup will be eventually refunded?

 

[Thoreldan]

mai kancheong spider, this is always like this, then they will trigger a transfer transaction of the excess above 2019 BHS to OA/SA. First day of the year just started, u need to wait till tomorrow or after.

This.

In fact mine already transferred to my oa. Ma balanced remained at 57200.

 

[Thoreldan]

So when is the best time to do CPF MA top up to “fill up the gap” of 60000-57200=2800 sgd?

Anytime this month, before your monthly contribution goes in

 

[addict951]

mai kancheong spider, this is always like this, then they will trigger a transfer transaction of the excess above 2019 BHS to OA/SA. First day of the year just started, u need to wait till tomorrow or after.

Hokay, confirmed
Checked 2018 transactions
Interest for all 3 credited 31 Dec 2018
Then on 1.1.19, the MA interest 自动转去SA. Once this step happened we can throw $2800 into MA liao hor?

 

[cal3135]

CPF interest credited. My MA interest overflowed to OA. MA gap avail for TOP-up.

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[JuniorLion]

i went to the cpf top up page, its stated that any contribution is subject to the cpf annual limit, so if I hit the limit in the course of the year due to employer contributions, this topup will be eventually refunded?

Affirmative .

 

[highsulphur]

Affirmative .

If there's a refund eventually, the point of topping up is to earn the interest on the 2800 as early as possible?

 

[addict951]

If there's a refund eventually, the point of topping up is to earn the interest on the 2800 as early as possible?

Ha nor, but I think somewhere got say refund without interest or something.

So those working one bestest dun top up $2800 since employer contribution sure make it hit 60000 one.

 

[Thoreldan]

Ha nor, but I think somewhere got say refund without interest or something.

So those working one bestest dun top up $2800 since employer contribution sure make it hit 60000 one.

why i top up in jan (before my monthly contribution):
-2800 can be used for tax relief
-overflowing to sa or oa starts earlier (right in the month of Jan)
(mine overflows to oa, so i have a little bit more for housing mortgage)
-interest calculation is done monthly...so the earlier the top up is done, the better.

just my humble opinion...

edit: oops i didnt see the refund part. but doesnt impact me as my salary is low, so won't hit the cpf annual limit

 

[cal3135]

why i top up in jan (before my monthly contribution):
-2800 can be used for tax relief
-overflowing to sa or oa starts earlier (right in the month of Jan)
(mine overflows to oa, so i have a little bit more for housing mortgage)
-interest calculation is done monthly...so the earlier the top up is done, the better.

just my humble opinion...

edit: oops i didnt see the refund part. but doesnt impact me as my salary is low.

🍎xsmax HardwareZone Forums app

 

[BBCWatcher]

-interest calculation is done monthly...so the earlier the top up is done, the better.

No, this part is not correct. You only want to beat your monthly payroll cycle contribution by a little, not beat it running away.

If your MA top up is credited any time within January, 2020, it won't start earning interest until February 1, 2020. However, your cash earns a little daily interest sitting in your bank account. Thus if you make your top up earlier than it needs to be made, you lose some bank interest and don't gain any CPF interest. That's a pure, unnecessary loss.

Let's suppose that you're quite sure your monthly payroll cycle's compulsory contribution won't credit until January 10, 2020, at the earliest -- occasionally later if there's a public holiday or weekend in the mix. In that case, try using PayNow QR to make your MA top up on January 8 or 9, 2020. You don't have to rush to make your top up on January 1 in these circumstances.

....How much loss? Well, let's assume you lose 7 days of interest on a S$2,800 top up, and let's assume your idle cash is sitting in a CIMB FastSaver account earning the base 1% interest rate. That's a loss of about 54 cents -- not huge obviously, but that's 54 cents you're never getting back.

 

[vectorguru]

No, this part is not correct. You only want to beat your monthly payroll cycle contribution by a little, not beat it running away.

If your MA top up is credited any time within January, 2020, it won't start earning interest until February 1, 2020. However, your cash earns a little daily interest sitting in your bank account. Thus if you make your top up earlier than it needs to be made, you lose some bank interest and don't gain any CPF interest. That's a pure, unnecessary loss.

Let's suppose that you're quite sure your monthly payroll cycle's compulsory contribution won't credit until January 10, 2020, at the earliest -- occasionally later if there's a public holiday or weekend in the mix. In that case, try using PayNow QR to make your MA top up on January 8 or 9, 2020. You don't have to rush to make your top up on January 1 in these circumstances.

i see, thanks for sharing the hack!

 

[kelvinloh]

Can the MA top up be made via OA, i.e. transfer from OA to MA?

 

[articland05]

Can the MA top up be made via OA, i.e. transfer from OA to MA?

if u can find such an option then can lor...
iirc is cannot

Sent from LGE LG-H990 using GAGT

 

[Thoreldan]

No, this part is not correct. You only want to beat your monthly payroll cycle contribution by a little, not beat it running away.

If your MA top up is credited any time within January, 2020, it won't start earning interest until February 1, 2020. However, your cash earns a little daily interest sitting in your bank account. Thus if you make your top up earlier than it needs to be made, you lose some bank interest and don't gain any CPF interest. That's a pure, unnecessary loss.

Let's suppose that you're quite sure your monthly payroll cycle's compulsory contribution won't credit until January 10, 2020, at the earliest -- occasionally later if there's a public holiday or weekend in the mix. In that case, try using PayNow QR to make your MA top up on January 8 or 9, 2020. You don't have to rush to make your top up on January 1 in these circumstances.

....How much loss? Well, let's assume you lose 7 days of interest on a S$2,800 top up, and let's assume your idle cash is sitting in a CIMB FastSaver account earning the base 1% interest rate. That's a loss of about 54 cents -- not huge obviously, but that's 54 cents you're never getting back.

i'm actually referring to why i top up this month instead of dec 2020

 

[maple96]

Can the MA top up be made via OA, i.e. transfer from OA to MA?

Yes if u are above 55. But SA will be transferred first then OA. So not worth it!