In 2025, Singapore’s Central Provident Fund (CPF) has updated its Full Retirement Sum (FRS) to $213,000, enabling eligible retirees to receive monthly payouts ranging from $1,560 to $1,670 under the CPF LIFE scheme. This initiative aims to provide Singaporeans with a stable income during their retirement years.
Understanding the CPF Retirement Sums
The CPF system offers three tiers of retirement sums:
- Basic Retirement Sum (BRS): $106,500
Estimated Monthly Payout: $860 – $930 - Full Retirement Sum (FRS): $213,000
Estimated Monthly Payout: $1,560 – $1,670 - Enhanced Retirement Sum (ERS): $426,000
Estimated Monthly Payout: $3,080 – $3,310
These figures are applicable for members turning 55 in 2025 and are based on the CPF LIFE Standard Plan.
Eligibility Criteria for Monthly Payouts
To qualify for the $1,560–$1,670 monthly payouts, individuals must meet the following criteria:
- Age Requirement: Must be at least 65 years old to commence payouts.
- CPF Savings: Have at least $213,000 in the CPF Retirement Account (RA) by age 55.
- Residency Status: Be a Singapore Citizen or Permanent Resident.
Members can choose to start their payouts anytime between ages 65 and 70. Delaying the start of payouts can result in higher monthly amounts.
CPF LIFE Scheme Overview
CPF LIFE (Lifelong Income for the Elderly) is a national annuity scheme that provides monthly payouts for life, ensuring that retirees do not outlive their savings.
Upon reaching age 55, CPF members’ savings from their Ordinary Account (OA) and Special Account (SA) are transferred to the Retirement Account (RA). At age 65, members are automatically enrolled in CPF LIFE if they have at least $60,000 in their RA.
Payment Schedule
Monthly payouts are credited directly to retirees’ bank accounts. If the scheduled payment date falls on a weekend or public holiday, the payment is processed on the preceding working day.
Application Process
- Access the CPF Portal: Log in to the official CPF website using your Singpass.
- Review Retirement Dashboard: Check your RA balance and projected monthly payouts.
- Select Payout Start Age: Choose when to commence your CPF LIFE payouts (between ages 65 and 70).
- Submit Application: Complete the online application form and submit any required documents.
- Confirmation: Await confirmation from CPF regarding your application status.
Additional Support: Matched Retirement Savings Scheme (MRSS)
For members aged 55 and above with RA savings below the BRS, the MRSS offers a dollar-for-dollar matching grant of up to $2,000 annually, capped at $20,000 over a lifetime. This initiative encourages lower-income seniors to save more for retirement.
Singapore’s CPF system, with its updated FRS and CPF LIFE scheme, offers a robust framework for retirement planning.
By understanding the eligibility criteria and taking proactive steps to meet the required savings thresholds, Singaporeans can ensure a stable and comfortable retirement with monthly payouts ranging from $1,560 to $1,670.
FAQs
Can I receive higher monthly payouts than $1,670?
Yes, by setting aside more than the FRS, up to the ERS of $426,000, you can receive higher monthly payouts, potentially up to $3,310.
What happens if I don’t meet the FRS by age 55?
You can still receive payouts, but they will be proportionally lower. Consider making voluntary top-ups to your RA to increase your retirement savings.
Are CPF LIFE payouts taxable?
No, CPF LIFE payouts are not subject to income tax in Singapore.