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Record $6.7b set aside under Retirement Sum Topping-Up Scheme in first seven months of 2025
https://www.straitstimes.com/singapore/cpf-top-ups-hit-record-6-7b-in-first-seven-months-of-2025-up-from-4-8b-for-whole-of-2024
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2025-09-17
Record $6.7b set aside under Retirement Sum Topping-Up Scheme in first seven months of 2025Get ST's newsletters delivered to your inbox
According to the CPF Board, 316,000 members received voluntary top-ups from themselves of their loved ones in the first seven months of 2025.
ST PHOTO: KUA CHEE SIONG
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Published Sep 17, 2025, 11:16 AM
Updated Sep 17, 2025, 02:44 PM
SINGAPORE - Central Provident Fund (CPF) top-ups under a scheme to grow retirement savings reached a record $6.7 billion in the first seven months of 2025, boosted by contributions to the accounts of older members aged 55 and above.
This is up from $4.8 billion in such top-ups for the whole of 2024, said the CPF Board on Sept 17.
It said the surge in 2025 was particularly notable in January, which saw $2.9 billion in top-ups to the accounts of 105,000 members. This is more than four times the amount recorded in the same month in 2024, the CPF Board added in a statement.
Of the $2.9 billion, more than $2.6 billion was for top-ups to the accounts of more than 70,000 members aged 55 and above.
The record $6.7 billion went to the accounts of 316,000 CPF members in voluntary top-ups from themselves or their loved ones in the first seven months of 2025, said the CPF Board.
CPF members can make cash top-ups or CPF transfers to their own or their loved ones’ Special or Retirement Accounts to boost retirement savings under the Retirement Sum Topping-Up Scheme. The top-ups will be made to the members’ Special Account for those below age 55, or Retirement Account for those aged 55 and above.
These cash top-ups and CPF transfers to the Special Account (SA) or Retirement Account (RA) will grow at an interest rate of up to 5 per cent a year for those aged below 55. The higher interest rates apply on the first $60,000 of combined CPF balances in their Ordinary Account (OA) and SA, capped at $20,000 for OA. The rest of their CPF savings will earn 2.5 per cent a year in the OA and 4 per cent a year in the SA.
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As for those aged 55 and above, they get up to 6 per cent a year on the first $30,000 of combined balances in their OA and RA; and up to 5 per cent a year on the next $30,000 of combined balances, capped at $20,000 for OA. Similarly, the rest of their CPF savings will earn 2.5 per cent a year in the OA and 4 per cent a year in the RA.
The CPF Board said the record top-up amount in 2025 is largely due to a one-time surge following the raising of the Enhanced Retirement Sum (ERS) from three times to four times the Basic Retirement Sum from Jan 1, 2025. This enables members aged 55 and above to top up more to their RA to receive even higher payouts.
CPF members aged 55 and above can choose to top up their RA to the current year’s ERS of $426,000 to get a monthly payout of between $3,100 and $3,300 from age 65.
The ERS increases every January, so the CPF member can make further top-ups in subsequent years. According to the CPF website, the ERS for 2026 is $440,800; and the ERS for 2027 is $456,400.
It added that another factor for the rise in top-ups is the closure of the Special Account for members aged 55 and above from Jan 19, 2025, which prompted members to voluntarily transfer Ordinary Account savings to their RA to earn the higher long-term interest rate.
CPF members who make cash top-ups to their own or their loved ones’ accounts by Dec 31 every year can benefit from tax relief of up to $16,000 per year.
Of the 316,000 members who received top-ups in the first seven months of the year, more than 130,000 members benefited from the Matched Retirement Savings Scheme (MRSS), said the CPF Board.
This is more than the full-year figure of 103,000 in 2024, it added.
“With the recent expansion of MRSS to include seniors above age 70, 54 per cent of the MRSS recipients this year were above 70 years old,” it said.
“The increase in annual matching grant to $2,000 has also encouraged larger top-ups, with 74 per cent of participants receiving top-ups of $2,000 or more to fully leverage the matching grant from the Government in boosting their retirement savings.”
The MRSS was enhanced from Jan 1, 2025, to enable Singapore citizens aged 55 and above with lower retirement savings to save more and receive higher monthly payouts.
Under it, the Government matches cash top-ups made to their RA, up to the cap of $2,000 per year. This is up from the previous cap of $600 per year.
A CPF member could receive $4,000 per year if they top up their RA by $2,000. Likewise, a CPF member who tops up the RA by $3,000 will get a maximum grant of $2,000, or a total amount of $5,000.
To receive the matching grant for each year, cash top-ups have to be made to eligible members before the end of the calendar year, the CPF Board noted.
For top-ups made this year, the matching grants from the government will only be paid in the following year, in 2026.
A CPF member is eligible for the MRSS if he is a Singapore citizen and meets the following criteria:
He has less than the Basic Retirement Sum (BRS) in his RA. The BRS for 2025 is $106,500;
His average monthly income is not more than $4,000;
The annual value of his residence is not more than $21,000;
He owns not more than one property.
CPF members can make top-ups either as a lump sum or in smaller regular amounts. However, these cash top-ups will not be eligible for tax relief from Jan 1, 2025, it added.
The MRSS will be expanded from Jan 1, 2026, to include eligible Singaporeans of all ages with disabilities, the CPF Board said.
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