Budget 2022: Basic Retirement Sum to be raised amid rising living standards

TO strengthen retirement adequacy amid rising standards of living, the CPF Basic Retirement Sum (BRS) will be raised by 3.5 per cent for those turning 55 from 2023 to 2027 (see amendment note).

This means those who do set aside their BRS when they turn 55 in 2027 will receive payouts of close to S$1,000 per month when they turn 65, with the payouts continuing for the rest of their lives, Finance Minister Lawrence Wong on Friday (Feb 18) during his Budget 2022 statement.

"This will give them greater assurance for their basic retirement needs," he said.