Organization : Central Provident Fund Board
Facility : Matched Retirement Savings Scheme
Country : Singapore
Website : https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/matched-retirement-savings-scheme
CPF Matched Retirement Savings Scheme
The Matched Retirement Savings Scheme helps senior Singaporeans who have yet to meet the current Basic Retirement Sum save more for retirement.
Related / Similar Service : Make an Online CPF Nomination Singapore
Description
The Matched Retirement Savings Scheme (MRSS) helps senior Singaporeans who have yet to have the current Basic Retirement Sum build their CPF retirement savings for higher monthly payouts1 in retirement. The MRSS will run from 2021 for five years for a start.
Under MRSS, the Government will match every dollar of cash top-ups made to the Retirement Account of eligible members up to an annual cap of $600, which can amount to $3,000 over five years.
For recipients under Retirement Sum Scheme, top-ups will increase monthly payouts and/or extend duration.
Eligibility Criteria
Members who meet the following conditions are eligible for the Matched Retirement Savings Scheme.
| Age | 55 to 70 (both inclusive) |
| Retirement Account (RA) Savings* | Less than the current Basic Retirement Sum (BRS)
The BRS for 2021 is $93,000 |
| Average Monthly Income | Not more than $4,000
(covers a majority of senior workers) |
| Annual Value of Residence | Not more than $13,000
(covers most HDB flats) |
| Property Ownership | Own not more than one property |
* RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and lump sum withdrawals.
Anyone can make the cash top-up to eligible members, including themselves, their loved ones, employers or members of the community. The matching grant for a given year will be automatically credited into the member’s Retirement Account at the beginning of the following year.
Benefits
** You will receive a dollar-for-dollar matching grant for top-ups received in your Retirement Account if you are eligible for MRSS, up to an annual cap of $600.
** Your cash top-up and matching grant from the government in your Retirement Account will also enjoy attractive CPF interest rates of up to 6% per annum, which will increase your monthly retirement payouts.
For example, if an eligible senior who is age 55 in 2021 with $40,000 in his CPF Retirement Account (RA) was to top up $600 each year for five years, he will receive $3,000 from himself and another $3,000 from the Government.
Coupled with the attractive CPF interest rates of up to 6% per annum, he would have accumulated an additional $8,300 in his CPF RA by age 65, and this will translate into $45 more in CPF monthly payouts for life.
How do I make the cash top-up to receive the matching grant?
If you are eligible for the Matched Retirement Savings Scheme, simply make cash top-up(s) to your Retirement Account (RA) anytime within the year. The cash top-ups can be made by anyone, including yourself, your loved ones and your employer.
You can choose to top-up in small amounts (e.g. $50 per month) or at a go. The matching grant of up to $600 for a given year will be automatically credited into your RA at the beginning of the following year.
You can make a cash top-up to your RA through any of the following ways:
1. myCPF mobile app
Payment via PayNow QR, eNETS Debit or OCBC PayAnyone. Refer to the guide (PDF, 0.2MB) for more details.
2. CPF website
Visit cpf.gov.sg/ecashier. Payment can be made using PayNow QR or eNETS Debit. Refer to the guide (PDF, 0.2MB) for more details.
3. GIRO
You can also make small and regular monthly top-ups via GIRO service via the “Top Up Retirement Sum Using GIRO” application*.
Who can make the cash top-ups to eligible members?
Anyone can make the cash top-up to eligible members, including themselves, their loved ones, employers or members of the community.
Loved-ones will also qualify for tax relief of up to $7,0001 for the cash-tops to eligible members. Please refer to the details on how to make the cash top-up.
Employers will qualify for tax deductions2 for their cash-tops. If you are keen to make top-ups to your employee, as an employer, please contact us at cpf.gov.sg/writetous.