This is the personal website of James Lim, an established financial consultant who is serving hundreds of happy clients. Through this site, he hopes to keep his clients and new prospects updated on latest developments that will impact their financial plans. This site will also give potential clients a good idea of who James is and how he can help them achieve their financial objectives.


James Lim started out working in the government, before going on to found and run a highly successful IT company for about 10 years. He moved into the finance industry in 2016 and has since become a member of the prestigious Million-Dollar Round Table. He builds his business on the foundation of integrity and trust, which is why most of his clients have placed their investments and financial plans with him.

8 Main Changes of CPF Scheme in 2016

Home/CPF/8 Main Changes of CPF Scheme in 2016

Several CPF scheme changes were approved in 2015 and just came into effect in 2016. Here are the most significant changes that you must be aware of.

    1. Increased salary ceiling from $5,000 to $6,000.

    2. Increased CPF contribution rates:

    Age Change in employer contribution rate Change in employee contribution rate
    50-55 From 15% to 16% From 18% to 19%
    55-60 From 12% to 13% No change at 13%
    60-65 From 8.5% to 9% No change at 7.5%

    3. Increase of 1% interest rate to 6% on first $30,000 of CPF savings for members over 55 years.

    4. Change in retirement sums required to $80,500 for property owners and $161,000 up to a maximum of $241,500 for non-property owners.

    5. Additional withdrawal allowance of retirement savings account at 65 up to 20% of retirement account (includes existing $5,000 withdrawal allowance at age 55).

    6. Option to defer CPF Life payouts up to age 70. For each year deferred, members will have an increase of 6-7% increase in monthly payouts.

    7. Option to transfer CPF savings above the Basic Retirement Sum ($80,500) to spouse’s CPF account. This is to allow your spouse to enjoy the additional interest paid on the first $60,000 of combined CPF savings.

    8. There is no longer a need to top-up the Medisave Basic Healthcare Sum (previously known as the Medisave Minimum Sum)



By | 2017-06-14T13:10:22+00:00 January 4th, 2016|CPF|0 Comments

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