Central Provident Fund (CPF) members who turn 55 between this June and July next year will have to set aside the minimum sum of $139,000, the Ministry of Manpower (MOM) said.
The new minimum sum is up 6 per cent from $131,000 last year.
According to MOM, the amount has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans’ rising expectations of their quality of life post-retirement. Full story
