Number of Singaporeans Who Are Able to Set Aside CPF Full Retirement Sum

Mr Chua Kheng Wee Louis asked 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.

Dr Tan See Leng: The proportion of active CPF members turning age 55 who have set aside their Full Retirement Sum (FRS) fully in cash increased from about four in 10 in 2018 to about five in 10 in 2022. The number of such members are about:

17,000 in 2018;

18,000 in 2019;

18,500 in 2020;

19,100 in 2021; and

19,700 in 2022.

About two 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:

6,900 in 2018;

6,800 in 2019;

6,900 in 2020;

7,100 in 2021; and

7,000 in 2022.

About three 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.