CPF Special Accounts for those 55 and above closed on Jan 19; members to be notified from Jan 20 CPF special accounts closure singapore
CPF Special Accounts for those 55 and above closed on Jan 19; members to be notified from Jan 20
The Matching Retirement Savings Scheme was introduced in 2021 to help senior Singaporeans with low retirement savings save more and increase their monthly payouts in retirement.
“The Government 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 matching grants for cash top-ups received in 2024 were credited to the retirement accounts of more than 103,000 members in January 2025. Nine out of 10 members received the maximum annual matching grant of S$600,” the board said.
From Jan 1 this year, the Matched Retirement Savings Scheme’s age limit of 70 years has been removed and the matching grant has been increased to S$2,000 per year, with a cap of S$20,000 over the 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 the number 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 an important benefit provided by the Government,” it said.
“Donors can continue to receive up to S$16,000 in tax relief on cash top-ups for themselves and their loved ones that attract the matching grant “
Eligibility for the Matched Retirement Savings Scheme is assessed automatically at the beginning of each year. Members can check their eligibility at any time in their retirement dashboard on the CPF website or via the Matched Retirement Savings Scheme eligibility checker.
Those who qualify will receive notification via email or hardcopy letter between February and March.