On 1 January 2018, I made the following voluntary contribution to my Central Provident Fund (“CPF”) accounts.
1) $2,700 to Medisave account.
2) $2,000 to three CPF accounts (to be credited in accordance to the prevailing distribution as per CPF rate.
As I have reached the existing ceiling of the Medisave account ($57,200 after the first contribution of $2,700), the voluntary contribution of $2,000 (reflected in the above 2) will be distributed to the Ordinary and Special account. This is likely to be my last voluntary contribution to CPF accounts after I made the decision to tender my resignation on 1 April 2019. My official last day of full-time employment will be on 30 April 2019. It does not make any sense for me to make voluntary contribution to CPF accounts without the income from the full time-income.
The current (maximum) contribution is $37,740 per year. The total contribution will be $566,100 for 15 years. The year in which I can withdraw CPF will be 2033. It will be about 15 years in which I can withdraw the CPF monies after deducting the minimum sum which is required under the CPF Act. This is the amount of money I stand to miss with my decision to quit the full-time employment with effect from 1 May 2019 till 2033. I will not regret on such decision. Nothing beats the loss of CPF money (contributed from the remuneration in respect of the full-time employment and employer share and shortfall covered by my voluntary contribution) than my gained freedom from the hassle of the full-time employment). It is better to be happy with the things which I want to do on my accord. Happiness keeps the illness from me.