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Matched Retirement Savings SchemeMatched Retirement Savings Scheme<p>​<span aria-hidden="true"></span>​The Matched Retirement Savings Scheme will be implemented in 2021 to help senior Singaporeans who have yet to meet the Basic Retirement Sum save more for retirement.<span aria-hidden="true"></span></p>TrueTrueResources;#Forms;#Faq;#Others;#

 

 

UnderstandWhat is the Matched Retirement Savings Scheme?<p>​<span aria-hidden="true"></span>​The Matched Retirement Savings Scheme will be implemented in 2021 to help senior Singaporeans who have yet to meet the Basic Retirement Sum save more for retirement. Under the 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.</p>Matched Retirement Savings Scheme27711780
UnderstandWho is eligible for the Matched Retirement Savings Scheme? <p>​Members who meet the following conditions are eligible for the Matched Retirement Savings Scheme.</p><p> <strong>Eligibility Criteria</strong></p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td style="width:25%;">​<strong>Age</strong></td><td style="width:50%;">55 to 70 (both inclusive)</td></tr><tr><td rowspan="1" style="width:25%;">​<strong>Retirement Account (RA) Savings*</strong></td><td rowspan="1" style="width:50%;"><p>​Less than the Prevailing Basic Retirement Sum (BRS) </p><p>The prevailing BRS for 2021 is $93,000 </p></td></tr><tr><td rowspan="1" style="width:25%;">​<strong>Average Monthly Income</strong></td><td rowspan="1" style="width:50%;"><p>​Not more than $4,000 </p><p>(covers a majority of senior workers)</p></td></tr><tr><td rowspan="1" style="width:25%;">​<strong>Annual Value of Residence</strong></td><td rowspan="1" style="width:50%;"><p>​Not more than $13,000 </p><p>(covers all HDB flats)</p></td></tr><tr><td rowspan="1" style="width:25%;">​<strong>Property Ownership</strong></td><td rowspan="1" style="width:50%;">​Own not more than one property</td></tr></tbody></table><p> <sup><em>* 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the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and lump sum withdrawals.</em></sup></p><p>The cash top-ups can be made by anyone, including yourself, your loved ones and your employer. 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.</p>Matched Retirement Savings Scheme27731782
UnderstandHow do I know whether I am eligible for the Matched Retirement Savings Scheme? CPF Board will automatically assess your eligibility for the Matched Retirement Savings Scheme every year based on data we have on record. You will receive a notification from CPF Board by the end of the first quarter each year if you qualify for the Matched Retirement Savings Scheme.Matched Retirement Savings Scheme27721781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Matched Retirement Savings SchemeRetirement

 

 

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