CPF members are actively boosting their retirement savings, with 316,000 members receiving voluntary top-ups over $6.7 billion in the first seven months of 2025 from themselves or their loved ones. This marks a significant increase from the $4.8 billion in top-ups for the whole of 2024. These cash top-ups and CPF transfers to the Special Account (SA) or Retirement Account (RA)1 will grow at long-term interest rates of up to 6% per annum and enable members to receive higher lifelong monthly payouts under CPF LIFE.
Surge driven by top-ups to older members aged 55 and above
The surge in top-ups was particularly notable in January 2025, which saw $2.9 billion in top-ups to 105,000 members, more than four times the amount recorded in January 2024. Of the $2.9 billion, more than $2.6 billion was for top-ups to over 70,000 members aged 55 and above. The record top-up amount this year is largely due to a one-time surge following the raising of the Enhanced Retirement Sum from three times to four times the Basic Retirement Sum from 1 January 2025, which enables members to top up more to their RA to receive even higher payouts. Another factor is the closure of the SA for members aged 55 and above from 19 January 2025, which prompted members to voluntarily transfer Ordinary Account savings to their RA to earn the higher long-term interest rate. For more information on top-ups to retirement savings, please visit cpf.gov.sg/rstu.
"Over the years, we have been seeing more and more CPF members actively building their own and their loved ones’ retirement savings through CPF top-ups. It is encouraging to see many members making further top-ups to their Retirement Account following the raising of the Enhanced Retirement Sum this year. It reflects members’ interest in making full use of the CPF system to save for retirement. Members can use our Retirement Payout Planner, which is part of our one-stop financial guidance platform ‘PLAN with CPF’, to find out how their top-ups can help them meet their retirement payout goals," said Gregory Chia, Group Director of CPF Board’s Retirement Income Group.
Strong growth in number of seniors receiving top-ups under the Matched Retirement Savings Scheme
In the first seven months of 2025, over 130,000 members received cash top-ups under the Matched Retirement Savings Scheme (MRSS)2. This is more than the full-year figure of 103,000 for 2024. With the recent expansion of MRSS to include seniors above age 70, 54 per cent of the MRSS recipients this year were above 70 years old. The increase in annual matching grant to $2,000 has also encouraged larger top-ups, with 74 per cent of participants receiving top-ups of $2,000 or more to fully leverage the matching grant from the Government in boosting their retirement savings.
"Upon learning about the increase in the MRSS matching grant from 2025, I was keen to maximise this opportunity. I made my first-ever CPF top-up of $2,000 in January, as I learnt that making my top-up earlier in the year would earn more interest. While I was previously uncertain of how I could optimise my CPF savings, the prospect of having my top-up doubled through the increased matching grant motivated me to take this step towards strengthening my retirement adequacy,” said Mdm Haini Aris, 57, a part-time admin officer.
As part of ongoing efforts to strengthen retirement adequacy for all Singaporeans, the MRSS will be expanded to include eligible Singaporeans with disabilities of all ages from 1 January 2026, to enable them to build up their retirement savings earlier. For more information on how Singaporeans with disabilities can benefit from MRSS, please visit cpf.gov.sg/mrss2026.
Members' eligibility for MRSS is automatically assessed at the beginning of every year, and eligible members will then be notified. Members can check their eligibility anytime in their Retirement Dashboard at cpf.gov.sg/retirement. To receive the matching grant for each year, cash top-ups have to be made to eligible members before the end of the calendar year. Members can make top-ups either as a lump sum or in smaller regular amounts. The cash top-ups can be made by anyone, be it members, their loved ones, employers or the community. To find out more about the MRSS and how members can benefit from it, please visit cpf.gov.sg/mrss.
1 Top-ups will be made to members’ Special Account for those below age 55, or Retirement Account for those aged 55 and above. Members who make cash top-ups to their own or their loved ones’ accounts can benefit from tax relief of up to $16,000 per year. To benefit from the tax relief for the 2025 Year of Assessment, these top-ups must be made by 31 December 2024.
2 Enhanced from 1 January 2025, the Matched Retirement Savings Scheme (MRSS) helps senior Singapore Citizens with lower retirement savings save more and receive higher monthly payouts by matching cash top-ups made to their Retirement Account. With the enhancements, eligible members aged 55 and above will receive dollar-for-dollar matching grant from the Government for cash top-ups made to their CPF account, up to the annual cap of $2,000 per year, up from the previous $600.