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Singaporeans’ interest in saving for retirement remains strong in 2022. In the first three quarters of this year, more than 200,000 CPF members had voluntarily made top-ups of over $3.5 billion to their own or their loved ones’ retirement savings, $84 million higher than the amount received for the same period last year.


Cash top-ups and CPF transfers to the Special Account or Retirement Account remain popular amongst Singaporeans who wish to enjoy higher returns of up to 6% per annum with zero risk. With higher balances in their CPF, members can enjoy higher CPF LIFE monthly retirement payouts, no matter how long they live.


One in four who made top-ups for themselves or loved ones this year has been doing so for at least three consecutive years. A convenient way to make regular top-ups is through GIRO and more members are using this mode to set aside a portion of their income for retirement. Comparing the first three quarters of this year to the same period last year, the increase in top-up amount via GIRO was almost 50%.


Thirty-year-old Lee Zhi Peng is one of the many CPF members who has been making regular top-ups. “I started making yearly top-ups to my mother’s CPF a few years ago as it is a good way for me to take care of her. She can enjoy a stable stream of monthly payouts for life and at the same time, it gives me tax relief,” he explained.


Members who made cash top-ups to themselves can benefit from tax relief of up to $8,000. They would earn another $8,000 in tax relief if they made top-ups to their loved ones1. To benefit from tax relief, these top-ups have to be made by 31 December 2022. This increase in tax relief from $14,000 to $16,000 a year was introduced on 1 January 2022.


Director of Retirement Savings Department, Ms Ong Woei Jiin said, “CPF top-ups do not have to be made in large amounts. CPF retirement savings can still compound to a substantial amount over time through small regular top-ups. With CPF as their foundation for retirement, members can pursue their life purpose and retire with greater peace of mind.”


Besides GIRO, members have the option to make cash top-ups electronically using PayNow QR and have the top-ups credited immediately. All cash top-ups and CPF transfers can be made conveniently via the CPF website or CPF Mobile app, making it hassle-free.


To find out more about the Retirement Sum Topping-Up Scheme and how you can benefit from it, please visit



1 Tax relief only applies to cash top-ups to self and loved ones up to the current Full Retirement Sum. Loved ones refer to parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.