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Upgrading from 12 to 16 gives you 4.0 years worth of fixes (1 of them)

⇑ Configuration changes:

Config parameter:	Default value:
force_parallel_mode	off
operator_precedence_warning	off
promote_trigger_file
stats_temp_directory	pg_stat_tmp
vacuum_cleanup_index_scale_factor	0.1
vacuum_defer_cleanup_age	0
wal_keep_segments	0

Config parameter:	Default value:
allow_in_place_tablespaces	off
archive_library
autovacuum_vacuum_insert_scale_factor	0.2
autovacuum_vacuum_insert_threshold	1000
backtrace_functions
client_connection_check_interval	0
compute_query_id	auto
createrole_self_grant
debug_discard_caches	0
debug_io_direct
debug_logical_replication_streaming	buffered
debug_parallel_query	off
default_toast_compression	pglz
enable_async_append	on
enable_incremental_sort	on
enable_memoize	on
enable_presorted_aggregate	on
gss_accept_delegation	off
hash_mem_multiplier	2
huge_page_size	0
icu_validation_level	warning
idle_session_timeout	0
ignore_invalid_pages	off
in_hot_standby	off
log_min_duration_sample	-1
log_parameter_max_length	-1
log_parameter_max_length_on_error	0
log_recovery_conflict_waits	off
log_startup_progress_interval	10000
log_statement_sample_rate	1
logical_decoding_work_mem	65536
maintenance_io_concurrency	10
max_parallel_apply_workers_per_subscription	2
max_slot_wal_keep_size	-1
min_dynamic_shared_memory	0
recovery_init_sync_method	fsync
recovery_prefetch	try
recursive_worktable_factor	10
remove_temp_files_after_crash	on
reserved_connections	0
scram_iterations	4096
send_abort_for_crash	off
send_abort_for_kill	off
shared_memory_size	143
shared_memory_size_in_huge_pages	72
ssl_crl_dir
stats_fetch_consistency	cache
track_wal_io_timing	off
vacuum_buffer_usage_limit	256
vacuum_failsafe_age	1600000000
vacuum_multixact_failsafe_age	1600000000
wal_decode_buffer_size	524288
wal_keep_size	0
wal_receiver_create_temp_slot	off
wal_skip_threshold	2048

Config parameter:	Default value in Pg 12:	Default value in Pg 16:
checkpoint_completion_target	0.5	0.9
log_autovacuum_min_duration	-1	600000
log_checkpoints	off	on
password_encryption	md5	scram-sha-256
ssl_min_protocol_version	TLSv1	TLSv1.2
vacuum_cost_page_miss	10	2

⇑ Upgrade to 15 released on 2022-10-13 - docs
- On non-Windows platforms, consult the HOME environment variable to find the user's home directory (Anders Kaseorg)
  If HOME is empty or unset, fall back to the previous method of checking the <pwd.h> database. This change affects libpq (for example, while looking up ~/.pgpass) as well as various client application programs.