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).
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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.