Budget 2023: Minimum CPF monthly payouts under Retirement Sum Scheme to be raised to S$350 Budget2023
SINGAPORE: The minimum Central Provident Fund monthly payout for seniors on the Retirement Sum Scheme will be raised to S$350, up from S$250 currently."We are considering what more we can do to enhance retirement adequacy in our Forward Singapore deliberations," said Deputy Prime Minister Lawrence Wong in his Budget speech on Tuesday .
Seniors on the RSS can opt to join CPF Life anytime before turning age 80 to receive lifelong payouts.On Jan 1 next year, the Government will also increase CPF contribution rates for Singaporeans and permanent residents aged above 55 to 70 by between 1 and 1.5 percentage points. First announced in 2019, the increases are being implemented gradually until around 2030. The first two steps of increases took effect in January 2022 and January 2023.
Currently, one in six Singaporeans is aged 65 and above, making Singapore one of the fastest-ageing nations in the world. By 2030, one in four will be aged 65 and above. He announced a S$500 million top-up to the ElderCare Fund to support means-tested subsidies for seniors who need home-based, centre-based or institutional care.
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