Top-ups to retirement savings in CPF hit $3 billion

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Amid the uncertainties of the Covid-19 pandemic last year, 36 per cent more Central Provident Fund (CPF) members made account top-ups under the Retirement Sum Topping-Up Scheme, putting in a total of $3 billion in their or their loved ones' accounts.
The Board yesterday said $1.2 billion of top-ups were made in the fourth quarter of last year alone.
In total, about 140,000 members boosted CPF savings last year.
More than one in three were first-timers, an increase of more than 50 per cent compared with the previous year, said the CPF Board.
The total top-ups last year were also 40 per cent more than the amount in 2019. Experts said the increase was probably spurred by rising awareness of the benefits of using CPF to save.

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