Forum Reply: Encouraging regular CPF top-ups through Matched Retirement Savings Scheme

We refer to the letter by Mr Huang Qing Di (“CPF Board should be flexible in handling Matched Retirement Savings Scheme”, 4 Apr) and Mrs Lin Bing Zhu (“Government has the heart to help and CPF Board should have the mind to do so”, 6 Apr).

The Matched Retirement Savings Scheme (MRSS) helps eligible seniors save more for their retirement by matching cash top-ups made to the Retirement Account of seniors, up to $600 per year. The eligibility for MRSS is automatically assessed every year and CPF Board will notify eligible members at the beginning of each year. CPF Board also sends a reminder towards the end of each year to ensure that eligible members do not miss the top-up deadline.

To encourage members to make regular top-ups, members have the flexibility to choose to make small top-ups throughout the year or one lump sum top-up of $600, based on their individual preferences and circumstances. Members can top up conveniently through the CPF Mobile app or website. They can also make small monthly top-ups automatically with GIRO. We encourage members to top up regularly to their CPF accounts to boost their CPF LIFE payouts in retirement.

We thank the writers for their suggestions which will be considered when the MRSS policy is reviewed from time to time.

Dr Fereen Liew

Divisional Director, Income Security and Policy Division

Ministry of Manpower