Based on the basic retirement sum of $96,000 in 2022, the 3.5% per year increase will mean that the sum will be $99,400 in 2023, $102,900 in 2024, $106,500 in 2025, $110,200 in 2026 and $114,100 in 2027.
Speaking at the Budget 2022, Finance Minister Lawrence Wong said this was to “provide members with higher monthly CPF payouts in their retirement years.”
The Central Provident Fund (CPF) basic retirement sum will be raised by 3.5% per year for the next five cohorts of CPF members.
This means the increase will affect those turning 55 from 2023 to 2027.
