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16 Dec 2021

SOURCE: Heartland Boy

The Woke Salaryman on topping up CPF for retirement

Hey parents, did you know that every Singapore citizen newborn has a CPF account? That’s right, under the MediSave Grant for Newborns scheme, all Singapore citizen babies born on or after 1 Jan 2015 will automatically receive $4,000 in their CPF MediSave accounts. When I first became a parent back in 2018, I recalled that I could only view my child’s CPF statement after completing a manual application form to link her CPF account to mine. The entire process was manual and rather archaic in the digital world that we live in today. The good news is that CPF has simplified the process – all you need is your Singpass! Parents, you might want to take note of how you can check your child’s CPF account with ease now! 


How to check your child’s CPF account

Parents can simply log in to my cpf digital services with their Singpass to view their child’s CPF transaction history, as well as healthcare payments and claims. Here is a step-by-step guide on how to check your child’s CPF account.


       I.          Log in with your Singpass at Thereafter, go to “my cpf” and click on “Child” under “My dashboards” 

The Woke Salaryman on topping up CPF for retirement

       II.          Select the name of the child from the drop-down function as shown:

The Woke Salaryman on topping up CPF for retirement

       III.          You will be prompted to make a declaration.

The Woke Salaryman on topping up CPF for retirement

       IV.          After the declaration, you will be shown the child’s current CPF balances. In addition, you can also view the latest transactions, healthcare payments and claims that occurred during the last 15 months as shown below.

The Woke Salaryman on topping up CPF for retirement

Of course, the user experience to view your child’s CPF account from the mobile phone is equally seamless.


Managing my child’s CPF

Being able to check and view a child CPF’s statement regularly is particularly important to a group of parents – those who perform cash top-ups into their child(ren)’s CPF accounts. I count myself amongst those as I regularly take her annual angbao and birthday monies to top up her MediSave Account. This is my rationale for doing regular cash top-ups into my child’s MediSave Account (MA):


       I.          Up to 5% interest rate for the cash topped up into her MediSave – On top of the base interest rate of 4% per annum that the MediSave monies can earn, the first $60,000 of combined balances in the CPF earn an extra interest of 1% per annum as shown in Diagram 1. This means that my child’s MediSave savings can grow at up to 5% per annum!

The Woke Salaryman on topping up CPF for retirement

Diagram 1: Interest rates for the respective CPF Accounts 


      II.          The top-ups that I made to my child’s MA can be used to pay for the premiums of healthcare insurance such as MediShield Life or private Integrated Shield Plans (subject to Additional Withdrawal Limits). MediSave can also be used for recommended vaccinations under the National Childhood Immunisation Programme. And if there’s ever a need, these savings can cover medical expenses incurred from hospitalisations, approved day surgeries and selected outpatient treatments.


    III.          In fact, with the cap on MA cash top-up being replaced from CPF Annual Limit to the Basic Healthcare Sum, there is a chance for interest to flow into the next bucket, the Special Account. This gives my child a valuable headstart in saving up for her future needs. 

I must emphasise that there is no tax relief for the parents (giver) who perform a cash top-up to their child(ren)’s CPF. Despite so, I regularly top up my daughter’s MediSave Account with cash, as I believe that it is a rock-solid and disciplined way to guarantee a financial headstart for her in life. Along the same vein, that is also the reason why a small group of parents choose to make a voluntary contribution to all 3 CPF accounts for their children. This has allowed them to accumulate a good amount of CPF savings at an early age.  After all, funds in the Ordinary Account can eventually be used for housing, while funds in the Special Account can form part of the retirement nest egg.


With the latest CPF child dashboard, it has become extremely convenient and easy for me to check my daughter’s CPF balances, latest transactions and healthcare payments and claims. I am so glad that this improvement has been made. Now, parents no longer need to go through the hassle of filling up application forms to view their child’s CPF account ever again!


Disclaimer: This article is written in collaboration with Heartland Boy and the views expressed here are entirely by Heartland Boy


Information in this article is accurate as at the date of publication.