SINGAPORE - People in the Republic are contributing more to their retirement funds, said the Central Provident Fund Board in a statement on Thursday (Nov 28).

Singaporeans added nearly $1.6 billion in total under the Retirement Sum Topping-Up Scheme between January and October.

The total top-up amount was an increase from $1.5 billion over the same period last year.

CPF members topped up a total of $2 billion to their accounts for the whole of 2018. In 2015, the total top-up amount was $934 million.

The scheme helps people to build their retirement savings by topping up their own Special Account or Retirement Account, or those of their loved ones.

"These top-ups, which comprise cash top-ups and CPF transfers, help build up members' retirement savings. With higher CPF balances, these members would receive higher payouts in their retirement years," the CPF Board said.

Members have also been able to have the Basic Retirement Sum, or more, in their CPF accounts as a result of the top-ups received, said the board.

Over the last three years, close to 24,000 members attained the Basic Retirement Sum, or more, after receiving top-ups to their CPF.

The board said that between January and October, CPF members added more than $330 million to the accounts of their spouses, parents and grandparents under the Retirement Sum Topping-Up Scheme.

This was a $15 million increase from the same period last year.

The CPF Board's group director of retirement income Tan Chui Leng said that high interest rates and tax reliefs have encouraged more people to help their loved ones "retire with greater peace of mind".

"These top-ups need not be large amounts. With interest of up to 5 per cent per annum in the Special Account and up to 6 per cent per annum in the Retirement Account, small but regular top-ups using Giro can help enhance members' retirement savings over time," she said.

Members who make cash top-ups for themselves or for their loved ones can get a tax relief of up to $14,000 per calendar year.

Besides getting tax reliefs, early top-ups allow members to earn more interest on their CPF savings, the board said.

CPF members must make their cash top-ups before the end of this year to enjoy tax reliefs for next year's tax assessment.

They can make these top-ups through the myCPF mobile app, or visit cpf.gov.sg/rstu for more information about the Retirement Sum Topping-Up Scheme.