Happy New Year 2022! One year ago, in this post on the changes in CPF for 2021, we said: “… hopefully, with the rollout of the vaccines, it is beginning of the end of the worst of the COVID-19 pandemic“. Not surprisingly, that has to be the worst forecast made in that post! Thankfully, some of the other observations made seem to be closer on the mark. So what are the surprising changes and expected updates to CPF LIFE for 2022?
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.