SINGAPORE - A total of $68 million in Matched Retirement Savings Scheme (MRSS) grants was credited by the Government on Jan 7 to the Retirement Account (RA) of 117,000 Central Provident Fund (CPF) members for cash top-ups received in 2021.
In a statement on Wednesday (Jan 19), the CPF Board said nine in 10 members received the maximum annual matching grant of $600.
The scheme was launched last year to help seniors who have yet to meet the Basic Retirement Sum, which is $96,000 in 2022, to save more for their retirement. Every dollar of cash top-up made under the MRSS by eligible members will be matched by the Government, up to an annual cap of $600.
Eligible members who make full use of the MRSS for five years can accumulate up to an additional $8,300 in their RA, which will allow them to receive $45 more in monthly payouts for life under the CPF Life scheme.
The MRSS will run till 2025. Eligible members are automatically assessed every year and no application is required.
This year, 435,000 members are eligible, with 35,000 being first-time qualifiers. They would have received a notification through e-mail, SMS, WhatsApp or a letter this month.
Members can visit the CPF website to check their eligibility.
To receive the matching grant of up to $600 this year, cash top-ups have to be made to eligible members before the end of the year. The contribution can be done in small amounts regularly throughout the year.
The matching grant will be credited in January next year.
Members can top up through the CPF website or CPF Mobile app, and anyone, including family members and friends, can make cash top-ups to eligible members.
Last year, seven community partners - Bukit Timah Citizens' Consultative Committee, Hong Kah North Grassroots Organisations, PAP Community Foundation (Yuhua branch), Woodlands Citizens' Consultative Committee, AMKFSC Community Services, Fei Yue Community Services and Tsao Foundation - made goodwill top-ups to more than 500 seniors.
Ms Ong Woei Jiin, director of the CPF Board's retirement savings department, said: "CPF is the foundation of retirement for Singaporeans and through MRSS, many seniors were able to build up more retirement savings.
"For members eligible for MRSS in 2022, we would like to encourage them and their loved ones to make their top-ups as early as possible so that they could earn more interest over the year."