Written Answer to PQ on Full Retirement Sum (FRS) Attainment

NOTICE PAPER NO. 2250 OF 2023 FOR THE SITTING ON OR AFTER 04 OCTOBER 2023
QUESTION NO. 5202 FOR ORAL ANSWER

MP: Mr Chua Kheng Wee Louis

To ask the Minister for Manpower (a) in each year over the last five years, what is the number of Singaporeans who are able to set aside their CPF Full Retirement Sum (FRS) fully in cash and in a mixture of property and cash respectively; and (b) what is the number of Singaporeans who are unable to set aside their FRS.

Answer:

1. The proportion of active CPF members turning age 55 who have set aside their FRS fully in cash increased from about 4 in 10 in 2018 to about 5 in 10 in 2022. The number of such members are about:

a. 17,000 in 2018;
b. 18,000 in 2019;
c. 18,500 in 2020;
d. 19,100 in 2021; and
e. 19,700 in 2022

2. About 2 in 10 active CPF members turning age 55 each year between 2018 to 2022 have set aside their FRS in a mixture of property and cash, instead of fully in cash. The number of such members are about:

a. 6,900 in 2018;
b. 6,800 in 2019;
c. 6,900 in 2020;
d. 7,100 in 2021; and
e. 7,000 in 2022

3. About 3 in 10 of active CPF members who turned 55 in 2022, had not set aside the FRS in cash, or in cash and property. This corresponds to about 13,400 members.