The CPF minimum sum will be revised upwards to $139,000 from the previous $131,000 from July 1 said the Ministry of Manpower (MOM) on Wednesday.

The new minimum sum will apply to CPF members who turn 55 from July 1, 2012 and June 30, 2013.

The Medisave minimum sum will also be raised to $38,500 from the previous amount of $36,000.

Members will be able to withdraw their Medisave savings in excess of the Medisave minimum sum at or after age 55.

The maximum balance a member can have in the Medisave account is fixed at $5,000 above the Medisave minimum sum.

Corresponding to the increase in the Medisave minimum sum, this ceiling would also be increased to $43,500 from $41,000.

Any Medisave contribution in excess of the prevailing ceiling will be transferred to the Special Account if the member is below 55 years old or his Retirement Account if he is above 55 and has a shortfall in his minimum sum.

The CPF board said that the revisions, which have been adjusted for inflation, are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses.

hteoh@sph.com.sg