Who Will Still Be On the Retirement Sum Scheme? There will remain pockets of the senior population who will be on the Retirement Sum Scheme, either because they were already on it before CPF LIFE was introduced, or find that they still qualify for it. While younger Singaporeans and PRs will find themselves on the CPF LIFE scheme when they turn 55, the Retirement Sum Scheme is currently the main retirement payout plan for those born before 1958. Since then, the average life expectancy of Singaporeans has increased to 83.5 years today from 81.4 years.ĬPF LIFE replaced the old Retirement Sum Scheme (RSS) as the default CPF payout scheme for Singaporeans in our retirement. On the back of rising life expectancy in Singapore, the CPF Lifelong Income For the Elderly (LIFE) was introduced in 2009. These payouts will continue until their CPF savings are depleted. For older CPF members who have already started receiving Retirement Sum Scheme payouts, this rule has already taken effect from and you should have received a letter from CPF detailing how the changes affect your payouts.ĭuring Budget 2023, the government also announced that the minimum amount that seniors can receive on the Retirement Sum Scheme monthly payout will be increased from $250 a month to $350 from 1 June 2023. This will apply to all CPF members who turn 65 from 1 July 2020.

The maximum payout age under the CPF Retirement Sum Scheme was decreased from 95 to 90.

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