I applaud the Government and the Central Provident Fund (CPF) Board for their efforts to boost the retirement savings of seniors aged between 55 and 70, by introducing the Matched Retirement Savings Scheme (440,000 CPF members qualify for matched top-ups, Jan 7).. Read more at straitstimes.com.
Singapore A new scheme which kicks off this year will deem 440,000 people eligible to receive matching amounts of up to S$600 annually for cash top-ups made to their Central Provident Fund (CPF) Retirement Accounts (RA). The CPF Board announced in a media release on Wednesday (Jan 6) that a total of 440,000 Singaporeans […]
January 06, 2021
Senior Minister of State for Communications and Information and National Development Sim Ann (second from left) making a top-up to the account of Madam Salmiah (second from right).
The Straits Times
SINGAPORE - A total of 440,000 people will be able to receive matching amounts of up to $600 annually for cash top-ups made to their Central Provident Fund (CPF) retirement accounts, under a new scheme which kicks off this year.
They make up about 53 per cent of CPF members between 55 and 70 years old, said the CPF Board on Wednesday (Jan 6).
The Matched Retirement Savings Scheme, which was announced last year, aims to help more older CPF members attain the basic retirement sum.
Thousands of people are set to get matching sums of up to $600 a year to top up their Central Provident Fund (CPF) Retirement Account, under a new scheme which kicks off this year.
The move to help more older CPF members attain the Basic Retirement Sum and provide them with retirement adequacy comes through the Matched Retirement Savings Scheme, which will benefit some 440,000 people. They account for about 53 per cent of CPF members aged between 55 and 70, said the CPF Board yesterday.
The scheme allows anyone, including family members, employers or members of the community, to make top-ups to a person s Retirement Account. Each dollar of cash top-up will be matched by the Government for the next five years, capped at $600 per year.