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Written Answer by Mrs Josephine Teo, Minister for Manpower, to Parliamentary Question on the Matched Retirement Savings Scheme

Employment practices

NOTICE PAPER NO. 2022 OF 2020 FOR THE SITTING ON 25 MARCH 2020
QUESTION NO. 1658 FOR WRITTEN ANSWER

NMP: Assoc Prof Walter Theseira

To ask the Minister for Manpower in respect of the estimated 435,000 Singaporeans eligible for the Budget 2020 Matched Retirement Savings Scheme (a) what is the breakdown by (i) gender and (ii) current employment status; and (b) what is the average and median balance in their CPF accounts, also broken down by gender and current employment status.

Answer

  1. The Matched Retirement Savings Scheme, or MRSS, helps Singaporeans aged 55 to 70 who have yet to meet the CPF Basic Retirement Sum to save more for retirement. This can include lower- to middle-income seniors, and in particular, caregivers and self-employed persons (SEPs) who typically have less in their CPF.
  2. By fully utilising the Matched Retirement Savings Scheme, members can increase their Retirement Account balances by more than $6,000 over five years, which can result in up to an $80 increase in their CPF LIFE payout per month.
  3. About half of those eligible for MRSS are active CPF contributors, with slightly more women than men among them. On average, eligible and active CPF contributors who are women have $108,000 in their Ordinary, Special and Retirement Accounts combined, including amounts withdrawn under the Investment, Education and Housing schemes. At the median, it is $90,000. Among eligible active CPF contributors who are men, the average and median balances are $146,000 and $133,000 respectively.
  4. About one third of those eligible for MRSS are inactive CPF contributors (likely to be full-time caregivers), with 2.5 times as many women as men among them. On average, eligible but inactive CPF contributors who are women have $60,000 in their Ordinary, Special and Retirement Accounts combined, including amounts withdrawn under the Investment, Education and Housing schemes. At the median, it is $39,000. Among eligible inactive CPF contributors who are men, the average and median balances are $96,000 and $63,000 respectively.
  5. About 20% of those eligible for MRSS are SEPs who have lower CPF contribution obligation. For comparison, 8-10% of our workforce are SEPs. In this group, there are twice as many men as women. On average, eligible SEP contributors who are women have $72,000 in their Ordinary, Special and Retirement Accounts combined, including amounts withdrawn under the Investment, Education and Housing schemes. At the median, it is $48,000. Among eligible SEP contributors who are men, the average and median balances are $113,000 and $88,000 respectively.