ENHANCED MATCHED RETIREMENT SAVINGS SCHEME
The Matched Retirement Savings Scheme was launched in 2021 to help senior Singaporeans with lower retirement savings build up more savings and boost their monthly payouts in retirement.
“The government had matched every dollar of cash top-ups made to the Retirement Accounts of eligible members, aged 55 to 70, up to S$600 per year for each member.
“A total of S$61 million in matching grants was credited in January 2025 to the Retirement Accounts of more than 103,000 members for cash top-ups received in 2024. Nine in 10 members had received the maximum annual matching grant of S$600,” said the board.
From Jan 1 this year, the Matched Retirement Savings Scheme age cap of 70 has been removed and the matching grant has been increased to S$2,000 per year, with a S$20,000 cap over an eligible member’s lifetime.
With these enhancements, the CPF Board said more than 740,000 members are eligible for the Matched Retirement Savings Scheme this year – almost double from 395,000 in 2024.
“In addition, tax relief for cash top-ups that attract the Matched Retirement Savings Scheme matching grant has been removed as the matching grant is already a significant benefit extended by the government,” it added.
“Givers can continue to receive up to S$16,000 in tax relief on cash top-ups to themselves and their loved ones that do not attract the matching grant.”
Eligibility for Matched Retirement Savings Scheme is automatically assessed at the beginning of every year. Members can check their eligibility anytime in their Retirement dashboard on the CPF website or via the Matched Retirement Savings Scheme eligibility checker.
Those who qualify will receive a notification from February to March via email or hardcopy letter.
