Announcement
February 20, 2024
Budget 2024: CPF Changes 1 - Enhanced Retirement Sum Increase and Senior Contribution Adjustments
Dear Users,
We are pleased to announce that we have updated our system to align with the part of the recent changes to the CPF (Central Provident Fund) system as announced during the Singapore Budget Speech 2024. These updates are designed to enhance retirement adequacy and provide greater financial security for all CPF members, including yourselves.
Here are the key changes that have been implemented:
- Enhanced Retirement Sum (ERS) Increase: The Enhanced Retirement Sum, aimed at providing higher retirement payouts, has been raised to four times the Basic Retirement Sum (BRS). This adjustment is in line with the government's commitment to ensuring that Singaporeans have sufficient savings for their retirement needs.
- Contribution Rate Changes for Senior Workers Above 55: There has been a modification in the contribution rates for senior workers aged 55 and above. This change is part of broader efforts to encourage continued workforce participation among older individuals and bolster their retirement savings.
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