Before you know it, we have seen the last of 2020! And hopefully, with the rollout of the vaccines, it is beginning of the end of the worst of the COVID-19 pandemic. A new year also brings changes to the Central Provident Fund (CPF), which is the main source of retirement income and healthcare coverage for Singaporeans. What has changed since a year ago? Here are the important updates to the CPF for 2021 you need to know!
Increases in the Minimum Sums required for CPF members
Not a year goes by without an increase in the minimum sums of money which CPF members need to have upon reaching the ages of 55 and 65. These key sums are the Full Retirement Sum (FRS) in the Retirement Account (RA) required at age 55, and the Basic Healthcare Sum (BHS) in the Medisave Account (MA) required at age 65.