[CPF IS YOUR MONEY] Basic Retirement Sum will be S$114,100 for those turning 55 in 2027

[covertbriar]

SINGAPORE: The CPF Basic Retirement Sum (BRS) will rise by 3.5 per cent every year for the next five cohorts turning 55 from 2023 to 2027, announced Finance Minister Lawrence Wong in his Budget speech on Friday (Feb 18).

The sum was last increased by 3 per cent per year in 2021 and 2022, announced at the 2020 Budget. Before that, it also increased by 3 per cent per year since 2017.

The BRS provides Central Provident Fund (CPF) members with monthly retirement payouts that cover basic living expenses. BRS adjustments generally account for long-term inflation and some improvements in the standard of living.

The sum will be adjusted to provide members with higher monthly CPF payouts in their retirement years, said Mr Wong.

With the increase, those who set aside the BRS when they turn 55 in 2027 will receive payouts of close to S$1,000 per month when they are 65, and this will continue for the rest of their lives, he said.

“This will give them greater assurance for their basic retirement needs,” he added.

The BRS for those who turned 55 last year was S$93,000 and S$96,000 for those who turned 55 this year.

More at https://www.channelnewsasia.com/sin...ment-sum-increase-budget-2022-payouts-2506441

 

[sweetiepie]

KNN last time pap said min sum will cease to increase after a $x amt now become increase by more % ? Can ask Lawrence to explain?

 

[laksaboy]

Who cares? CPF is hidden taxation. Stop gaslighting yourself into believing that it's 'your money'. You can't use it to buy food or pay bills.

 

[sweetiepie]

Who cares? CPF is hidden taxation. Stop gaslighting yourself into believing that it's 'your money'. You can't use it to buy food or pay bills.

Can use lah My uncle got way way way above min sum as he keep making topups. Onlee need to ask Lawrence to explain why pap never keep their words.

 

[iluvgst]

KNN last time pap said min sum will cease to increase after a $x amt now become increase by more % ? Can ask Lawrence to explain?

is that considered perjury?

 

[laksaboy]

KNN last time pap said min sum will cease to increase after a $x amt now become increase by more % ? Can ask Lawrence to explain?

The rapist tells you to not worry as he is going to be gentle, and will only put the tip inside. Will you believe him?

 

[Leongsam]

I spend that amount in 6 months how on earth can it be enough for retirement???

 

[rodent2005]

KNN last time pap said min sum will cease to increase after a $x amt now become increase by more % ? Can ask Lawrence to explain?

If you have already hit the FRS in SA, then the 4% interest will take care of the 3.5% increase.

 

[SBFNews]

114k in Singapore is nothing because cost of living is very very high and there's a host of indirect taxation you pay and will use up very fast....Sad but true. BRS one month pay u $1k isn't enough.....

 

[Balls2U]

I don't contribute to CPF and currently, I only have $546.32 in my Ordinary Account. All dumped into my flat. So how much payout can I get upon reaching 55?

 

[winnipegjets]

$1k a month in annuity payment for $114k lump sum. Not bad leh. Can give PAP $1.14 million? Then I can get $10k a month till you die. Just have to live a long life like the Japanese. Will PAP give that option for sinkees who wish to trust their financial well-being on them?