Monday, June 24, 2024

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$3K CPF MA Prime Up in 2024 to new BHS.


Like I shared in a latest weblog publish, the brand new Primary Healthcare Sum is $71,500 which is a rise of $3,000 from $68,500 in 2023.

This was what my CPF assertion seemed like at first of 2024:


After doing the Prime Up of $3,000 utilizing PayNow, that is what my assertion appears to be like like now:




I made a decision to do the Prime Up sooner than later within the month as a result of I’d overlook.

Rising previous and forgetful.

For individuals who should not forgetful like me, doing the Prime Up just a few days earlier than the top of January would imply making slightly extra in curiosity revenue in a financial savings account.

If AK can do it, so are you able to!

Nonetheless, generally, it’s higher to do it your means!

In fact, for individuals who are nonetheless gainfully employed, doing this may even get revenue tax reduction.

It’s a win and a win once more!


Lastly, a query from a reader is price reproducing right here: 

“Simply questioning, if I had been to additionally prime up my MA to $71,500 in Jan, however as I’m nonetheless getting month-to-month CPF contribution, would the highest up be refunded with out curiosity as my employer/worker contribution would additionally circulate to MA, or would it not go straight to OA/SA?” 

My reply: 

If we’re doing voluntary contributions, then, we must be conscious of the CPF annual contribution restrict.
It is because obligatory contributions would depend in direction of that restrict.
Nonetheless, once we do Prime Ups to our SA and MA, they’re impartial of that restrict.

Reference:
Why prime up CPF MA?

Lately printed: 
CPF financial savings, SSBs and T-bills…

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