SINGAPORE: To help seniors with lower Central Provident Fund (CPF) savings, a scheme will be introduced in 2026 to match voluntary top-ups to their MediSave accounts.
The five-year Matched MediSave Scheme will be made available to eligible lower-income Singaporeans aged 55 to 70.
About 184,000 CPF members are expected to be eligible.
Announcing the new scheme in his Budget speech on Tuesday (Feb 18), Prime Minister Lawrence Wong said the government will match every dollar of voluntary cash top-ups to the seniors’ MediSave account, up to an annual grant of S$1,000 (US$740) per year.
The scheme will complement the existing Matched Retirement Savings Scheme, which was launched in 2021 to help senior Singaporeans with lower retirement savings build up more savings and boost their monthly payouts in retirement.
“Both matched savings schemes will help lower-income seniors, especially our grandmothers, mothers and aunts who were homemakers and caregivers,” said Mr Wong, who is also the finance minister.
Anyone, including the seniors’ families and employers, can make the top-ups to the eligible members’ MediSave account.
The eligibility for the new scheme is automatically assessed every year, and the CPF Board will notify those who qualify at the start of each year, from January 2026, the Ministry of Finance said.
