Threshold for 20-Year Payout Under CPF Retirement Sum Scheme

41 Mr Leong Mun Wai asked the Minister for Manpower what is the Retirement Account savings threshold that determines whether payouts under the Retirement Sum Scheme will last for 20 years from the payout eligibility age or for a shorter period.

Dr Tan See Leng: There is no single Retirement Account (RA) savings amount which would determine whether payouts would last for 20 years after the Payout Eligibility Age (PEA) under the Retirement Sum Scheme (RSS) because there are many factors which would affect the payouts. These factors include whether and when members receive further inflows to their RA after the PEA. Members on the RSS can check their payout duration and quantum by logging into their individual Central Provident Fund (CPF) account.

Members turning 65 in 2023 who had set aside the Basic Retirement Sum will be automatically included on CPF LIFE¹ and receive lifelong payouts². To help more Singaporeans attain basic retirement adequacy, we are introducing the Majulah Package and will be enhancing the Workfare Income Supplement, Silver Support Scheme and the Matched Retirement Savings Scheme. More details will be announced at Budget and the Committee of Supply debates 2024.