70,000 eligible CPF members to receive matching retirement grants of up to S$600 each in Jan '22

To be eligible for the matching grant, CPF members must be between age 55 and 70, with less than the prevailing Basic Retirement Sum (S$93,000) in their Retirement Account. More details here.

A total of 70,000 CPF members in Singapore will receive about S$40mn in matching grants from the Government in January 2022, for cash top-ups made to their Retirement Account (RA) between 1 January and 30 June this year.

These top-ups and matching grants will increase their monthly retirement payouts, the CPF Board said on Wednesday (18 August 2021).

The Matched Retirement Savings Scheme (MRSS) was launched earlier this year to help seniors who have yet to meet the prevailing Basic Retirement Sum (BRS) save more for their retirement. Under the MRSS, every dollar of cash top-ups made to eligible members will be matched by the Government, up to an annual cap of S$600. Anyone can make the cash top-ups to eligible members.

The MRSS will run for five years for a start, and requires no application. Eligible* members would have been notified via e-mail, SMS or post in January this year.

*To be eligible for the matching grant, CPF members must be between age 55 and 70, with less than the prevailing BRS in their RA. The BRS for 2021 is S$93,000. Other eligibility criteria include: (i) average monthly income of not more than S$4,000; (ii) annual value of residence of not more than S$13,000; and (iii) ownership of not more than one property.

Of the 70,000 members involved:

• Eight in 10 had received top-ups for the first time;
• Nine in 10 had received top-ups of S$600 or more; and
• 40% had received top-ups from their loved ones, with the majority coming from their children.

To receive the matching grant of up to S$600 for 2021, cash top-ups to the RA of MRSS-eligible members have to be made before the end of this year, and the matching grants from the Government will be credited in January 2022.

For greater convenience, the CPF Board has shared that members can top up electronically via the CPF website or myCPF mobile app.

More information on the MRSS can be found here. 

Image / 123RF

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