SINGAPORE: The CPF Basic Retirement Sum 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 .
The BRS provides Central Provident Fund 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. 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.The BRS for those who turned 55 last year was S$93,000 and S$96,000 for those who turned 55 this year.People are not required to top up their CPF accounts in cash or sell their property if they are unable to set aside the BRS.
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