Why is there an annual cap of $2,000 of matching grant when the Matched Retirement Savings Scheme is enhanced from 2025? Would the Government consider allowing eligible members to top up $20,000 at once and receive the lifetime matching grant of $20,000?
The Matched Retirement Savings Scheme is targeted at seniors with lesser means and lower retirement savings to help them in saving more for retirement. As individuals’ circumstances can change over time, the annual cap ensures that the scheme will help seniors who require the support over a longer period and not disproportionately benefit those who require short-term support.
