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In spite of the challenging economic conditions this year, CPF members are taking active steps to save for their retirement. In the first three quarters of 2020, more than 198,000 top-ups amounting to $1.81 billion were made by CPF members under the Retirement Sum Topping-Up scheme. This is a 34% increase in the number of top-ups and a 23% increase in top-up amount1 compared to the same period last year. These top-ups to the Special or Retirement accounts, comprising cash top-ups and transfers, would increase their monthly payouts in retirement.


Amongst those who did top-ups in the first three quarters this year, a third of them were first-time toppers.


The Board has also seen a growing number of first-time toppers who are below 35 years old, a sign that younger adults appreciate the value of growing their retirement savings early with attractive interest in CPF. Comparing the first three quarters of this year to the same period in 2019, the increase in number of first-time toppers below 35 years old was over 70%.


Some young working adults start retirement planning as early as in their twenties. One such member is 31 year-old Chua Mao Jie who made his first top-up when he was aged 26. “CPF savings provide risk-free interest that are higher than any investment I can find. Instead of depending on hearsay about CPF, I decided to find out more about it from the CPF website and learnt that it is achievable to hit the retirement sum. I decided to do more by topping up every month whenever I have excess cash,” explained Mao Jie.


Even self-employed persons such as 51 year-old Grace Lim are contributing to their CPF voluntarily too. “As a self-employed and being single, it is even more important for me to make plans for my retirement. With regular top-ups, my CPF savings will grow with interest and by the time I am 55 years old, I will have excess above my Full Retirement Sum which will be my emergency fund,” said Grace.


Apart from the increase in number of Singaporeans voluntarily putting in more in their CPF accounts, withdrawals from members 55 and above have gone down. The total amount withdrawn has reduced by close to 20% in the first three quarters this year as compared to the same period last year.


Group Director from the Retirement Income Group Tan Chui Leng said, “It is encouraging to see CPF members place their trust in us by either choosing to keep their savings or put in more money into their CPF accounts, even amidst the Covid-19 pandemic. Such members can look forward to a stream of retirement payouts that they can count on even in uncertain times.”


For greater convenience and faster crediting, members can top up electronically via the CPF website or myCPF mobile app. Members are encouraged to top up early to earn more interest on their top-ups. In addition, to enjoy tax relief of up to $14,000for next year’s Tax Assessment on their cash top-ups, members must make their cash top-up before 31 December 2020. Visit to find out more about the Retirement Sum Topping-Up scheme.




1 There were close to 148,000 top-ups amounting to $1.47b in January 2019 to September 2019.

2 Members can enjoy tax relief equivalent to the amount of cash top-ups made to their own CPF account, up to $7,000 per calendar year. If they are also making cash top-ups for your loved ones - parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, they can enjoy additional tax relief of up to $7,000 per calendar year. Terms and conditions apply.