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From 2021, the Government will match the cash top-ups made to CPF members’ Retirement Accounts (RA)[1]. These top-ups can be performed by anyone, including loved ones, employers or even a member of the community. Known as the Matched Retirement Savings Scheme (MRSS), each dollar of cash top-up will be matched by the Government for the next five years, capped at $600 per year. The objective of the scheme is to help more older CPF members attain the Basic Retirement Sum (BRS).


To be eligible for the matching grant, CPF members must be between age 55 and 70, with less than the prevailing BRS[2] in their RA. In 2021, 440,000 CPF members are eligible[3], making up 53% of CPF members between age 55 and 70. These eligible members will be notified by CPF Board in January. Members can also check their eligibility online via the CPF website with immediate effect.


Mdm Katherine Ou has been looking forward to the MRSS since it was first announced during Budget 2020. Making CPF top-ups to her parents for the first time, she said “My parents have little CPF savings, especially my mother who is a housewife. I want to make top-ups to their CPF accounts so that they can receive the matching grant from the Government and be better prepared for retirement.” These top-ups together with the matching grant would help her mother Mdm Susan Lye to have more monthly CPF payouts four years later when she turns 65.


Recognising that some elderly members would need support for the top-ups, CPF Board encourages their loved ones such as children to make top-ups to their parents. CPF Board is also partnering grassroots leaders to raise awareness of MRSS among their residents or even encourage the wider community to come forward to build up the retirement savings of vulnerable elderly through the MRSS. For greater convenience and faster crediting, the top-ups can be made electronically via the CPF website or myCPF mobile app. These top-ups need not be in lump sum. Small and regular top-ups (e.g. $50 each month) throughout the year using GIRO can likewise receive up to $600 matching grant.


“About half of CPF members turning 55 today have yet to attain the Basic Retirement Sum. This matching grant by the Government will encourage them to save more with CPF. There’s no better savings interest rate than what CPF pays now. We hope their loved ones and the wider community can also pitch in. Even small amounts saved consistently can go a long way in securing CPF members’ retirement needs.” said Mr Augustin Lee, Chief Executive Officer, CPF Board.


The MRSS will run for five years for a start from 2021 to 2025. With a cap of $600 matching grant per year, members can enjoy up to $3,000 matching grants over five years. These top-ups and matching grants will allow members to enjoy higher monthly payouts during retirement.


Members can visit to find out more about the Matched Retirement Savings Scheme and steps to make the top-ups.


Please see accompanying factsheet on Matched Retirement Savings Scheme.



[1] These cash top-ups to RA will have to be made under the Retirement Sum Topping-Up scheme. Visit for more information.


[2] The BRS for 2021 is $93,000.


[3] Other eligibility criteria include average monthly income, annual value of residence and property ownership.