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What are the enhancements to the Matched Retirement Savings Scheme from 2025?

The Matched Retirement Savings Scheme (MRSS) will continue beyond its pilot to help senior Singaporeans build up their retirement savings, through dollar-for-dollar matching grants from the Government to their Retirement Accounts.

Enhancements

Current

From 1 January 2025

Increase in matching grant cap

$600 per year

$2,000 per year, with a $20,000 cap over an eligible member’s lifetime

Removal of age cap

Age 55 to 70

Age 55 or above

Tax relief for cash top-ups that attract the MRSS matching grant will be removed as the matching grant is already a significant benefit extended by the Government. Givers can continue to receive up to $16,000 in tax relief on cash top-ups that do not attract the matching grant.