S$68 million in Matched Retirement Savings Scheme grants credited to CPF members

20-Jan-2022 Intellasia | CNA | 5:02 AM Print This Post

The government has paid out S$68 million in Matched Retirement Savings Scheme grants to 117,000 Central Provident Fund (CPF) members, the CPF Board said on Wednesday (January 19).

The grants were credited to the Retirement Accounts of the members on January 7 for cash top-ups received in 2021.

Nine out of 10 members received the maximum annual matching grant of S$600, the board added.

“Apart from top-ups made by members and their loved ones, the CPF Board is heartened that seven community partners have made goodwill top-ups to more than 500 seniors in 2021, thereby enabling them to receive the matching grant and enjoy higher monthly payouts in retirement,” the board said in a news release.

The community partners are the Ang Mo Kio Family Service Centre, the Bukit Timah Citizens’ Consultative Committee, Fei Yue Community Services, the Hong Kah North Grassroots Organisations, the PAP Community Foundation (Yuhua Branch), the Tsao Foundation and the Woodlands Citizens’ Consultative Committee.

The Matched Retirement Savings Scheme was launched in 2021 to help seniors who have not met the prevailing Basic Retirement Sum save more for their retirement.

Under the scheme, every dollar of cash top-ups made to eligible members will be matched by the government, up to a maximum of S$600 per year. The scheme will run until 2025.

CPF members who “make full use” of the Matched Retirement Savings Scheme could accumulate as much as an additional S$8,300 in their Retirement Accounts, the CPF Board said. This corresponds to S$45 more in monthly payouts for life.

https://www.channelnewsasia.com/singapore/cpf-matched-retirement-savings-scheme-credited-2021-2444651

 

Category: Singapore

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