CPF Matched Retirement Savings Scheme (MRSS): Get Dollar-To-Dollar Matching for Cash Top-Ups
Xue Miaoâ—Ź
If there’s anything that’s cheem to me, it’ll probably be the various schemes we have for our Central Provident Fund (CPF).
I mean, I depend heavily on Seedly for my CPF hacks and answers.
During the Budget Speech last year, Deputy Prime Minister Heng Swee Keat announced there would be a Matched Retirement Savings Scheme (MRSS) introduced to help eligible Singaporeans.
CPF mentioned that 70,000 members will be receiving about $40 million in matching grants for top-ups they’ve made to their Retirement Accounts in the first half of this year.
Here’s how you and your loved ones will be able to benefit from this scheme as well!
What is the CPF Matched Retirement Savings Scheme (MRSS)?
The Matched Retirement Savings Scheme (MRSS) is introduced to help senior Singaporeans who have yet to meet the Basic Retirement Sum (BRS) save more for retirement.
It started in 1 January 2021, and is currently planned to run for five years (till 2025).
Under this scheme, the Government will match every dollar of cash top-ups made to eligible members under the CPF Retirement Sum Topping-Up scheme up to an annual cap of $600.
Who Is Eligible for the Matched Retirement Savings Scheme (MRSS)?
The MRSS is targeted at Singaporeans aged 55 to 70.
About 435,000 Singaporeans will be eligible each year, including self-employed persons, caregivers, and gig workers.
The eligibility criteria for this scheme is as follows:
| CPF Matched Retirement Savings Scheme (MRSS) | |
|---|---|
| Age | Age 55 to 70 (both inclusive) |
| Retirement Account (RA) Savings* | Less than the Prevailing Basic Retirement Sum (BRS) - The prevailing BRS for 2021 is $93,000 |
| Average Monthly Income | Not more than S$4,000 |
| Annual Value of Residence | Not more than $13,000 (covers all HDB flats) |
| Property Ownership | Own not more than one property |
* RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and lump sum withdrawals.
Who Can Make This Cash Top-Up?
There are no restrictions on who can make this top-up.
The cash top-ups can be made by anyone, including yourself, your loved ones, or even your employer as a staff benefit.
Those who make cash top-ups for their loved ones can enjoy up to $7,000 tax relief under the Retirement Sum Topping-Up Scheme (RSTU) scheme.
Employers who make top-ups for their employees will also enjoy tax deductions on their top-ups.
The matching grant for a given year will be automatically credited into the member’s Retirement Account by the first quarter of the following year.
How To Make the Cash Top-Up for the Matched Retirement Savings Scheme (MRSS)
The cash top-ups can be made in small amounts or all at once.
This top-up can be made through any of these ways:
| Method | How |
|---|---|
| myCPF mobile app | Payment via PayNow QR, eNETS Debit or OCBC PayAnyone |
| CPF website | Visit cpf.gov.sg/ecashier Payment can be made using PayNow QR or eNETS Debit |
| GIRO | Make small and regular monthly top-ups via GIRO service via the "Top Up Retirement Sum Using GIRO" application |
How Do I Know Whether I Am Eligible for the Matched Retirement Savings Scheme (MRSS)?
CPF Board will automatically assess your eligibility every year based on records.
Singaporeans who qualify for the Matched Retirement Savings Scheme will receive a notification from CPF Board by the end of the first quarter each year.
Eligible members who receive top-ups will automatically qualify for the matching grants.
There is no need to separately apply for the Matched Retirement Savings Scheme.
A quick check can also be done using the Matched Retirement Savings Scheme eligibility checker on the CPF website.
Building Your Retirement Savings With CPF
The Matched Retirement Savings Scheme is a great addition to those who need to bump up their retirement savings.
For anyone who needs a quick recap, here’s all you need to know about the CPF LIFE scheme and Retirement Sum Scheme!
As always, do remember that any CPF top-ups are irreversible.
If you have any questions regarding CPF, you might be able to get them answered at Seedly!
