Written Answer to PQ on Attainment rates on Basic Healthcare Sum, Basic Retirement Sum, Full Retirement Sum and Enhanced Retirement Sum

NOTICE PAPER NO. 2464 OF 2023 FOR THE SITTING ON OR AFTER 10 JANUARY 2024
QUESTION NO. 5576 FOR ORAL ANSWER

MP: Mr Patrick Tay Teck Guan

To ask the Minister for Manpower as at 31 December 2023, what is the respective number and percentage of Singaporean CPF account holders who have met their (i) Basic Healthcare Sum (ii) Basic Retirement Sum (iii) Full Retirement Sum and (iv) Enhanced Retirement Sum.

Answer:

1.Every successive cohort has seen a higher proportion of CPF members meeting and setting aside their Basic Retirement Sum (BRS). The number and proportion of active CPF members turning age 55 who have set aside the BRS has continued to improve from 26,500 or about 66% of the cohort in 2020 to 27,800 or almost 70% in 2022. Of these, about 7 in 10 (or about 19,700) had accumulated the Full Retirement Sum or higher, and half (or about 14,100) had accumulated the Enhanced Retirement Sum or higher.

2. While the BRS for each cohort is set at age 55, the MediSave Basic Healthcare Sum (BHS) is fixed at age 65. The number and proportion of active CPF members turning age 65 who have set aside their BHS have maintained steadily at 12,300 or 49% in 2020, and 14,000 or about 48% in 2022.

3. These figures are similar for active CPF members who are Singaporeans.

4. Complete data on attainment rates of CPF members who turned age 55 in 2023 is not yet available.