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Matched Retirement Savings SchemeMatched Retirement Savings Scheme<p>The Matched Retirement Savings Scheme helps senior Singaporeans who have yet to meet the current Basic Retirement Sum save more for retirement.<br></p><p>On this page, you find out how you can <a href="/Members/Schemes/schemes/retirement/matched-retirement-savings-scheme/detailstab/Item1800">check your eligibility</a> for the scheme, and on <a href="/Members/Schemes/schemes/retirement/matched-retirement-savings-scheme/detailstab/Item1804">how to make cash top-ups</a> to your or your recipient’s Retirement Account.<br></p> <br> <p>Read a summary of MRSS in your preferred language:<br><a href="/Assets/members/Documents/MRSS_mandarin.pdf" target="_blank">中文版</a> (PDF, 0.1MB) | <a href="/Assets/members/Documents/MRSS_malay.pdf" target="_blank">Versi Melayu</a> (PDF, 0.1MB) | <a href="/Assets/members/Documents/MRSS_tamil.pdf" target="_blank">தமிழ் பதிப்பு</a> (PDF, 0.1MB)</p>TrueTrueResources;#Forms;#Others;#

 

 

UnderstandWhat is the Matched Retirement Savings Scheme?<p>The Matched Retirement Savings Scheme (MRSS) helps senior Singaporeans who have yet to have the current Basic Retirement Sum build their CPF retirement savings for higher monthly payouts<sup>1</sup> in retirement. The MRSS will run from 2021 for five years for a start. Under MRSS, the Government will match every dollar of cash top-ups made to the Retirement Account of eligible members up to an annual cap of $600, which can amount to $3,000 over five years.<br><br><sup>1</sup><span style="font-size:0.9em;">For recipients under Retirement Sum Scheme, top-ups will increase monthly payouts and/or extend duration.</span></p> <br>Matched Retirement Savings Scheme27711780
UnderstandWhat are the benefits of Matched Retirement Savings Scheme (MRSS)?<p>You will receive a dollar-for-dollar matching grant for top-ups received in your Retirement Account if you are eligible for MRSS, up to an annual cap of $600.</p><p> Your cash top-up and matching grant from the government in your Retirement Account will also enjoy attractive CPF interest rates of up to 6% per annum, which will increase your monthly retirement payouts.</p><p>For example, if an eligible senior who is age 55 in 2021 with $40,000 in his CPF Retirement Account (RA) was to top up $600 each year for five years, he will receive $3,000 from himself and another $3,000 from the Government. Coupled with the attractive CPF interest rates of up to 6% per annum, he would have accumulated an additional $8,300 in his CPF RA by age 65, and this will translate into $45 more in CPF monthly payouts for life.</p>Matched Retirement Savings Scheme29841802
UnderstandWho is eligible for the Matched Retirement Savings Scheme? <p>​Members who meet the following conditions are eligible for the Matched Retirement Savings Scheme.</p><p> <strong>Eligibility Criteria</strong></p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableHeaderRow-default"><th class="ms-rteTableHeaderEvenCol-default" rowspan="1" colspan="1" style="width:25%;"><span style="color:#444444;"><span style=""><strong>​Nationality</strong></span><strong style=""></strong><br style=""></span></th><th class="ms-rteTableHeaderOddCol-default" rowspan="1" colspan="1" style="width:50%;"><span style="color:#444444;">​Singapore Citizen</span><br></th></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" style="width:25%;">​<strong>Age</strong></td><td class="ms-rteTableOddCol-default" style="width:50%;">55 to 70 (both inclusive)</td></tr><tr class="ms-rteTableEvenRow-default"><td rowspan="1" class="ms-rteTableEvenCol-default" style="width:25%;">​<strong>Retirement Account (RA) Savings*</strong></td><td rowspan="1" class="ms-rteTableOddCol-default" style="width:50%;"><p>​Less than the current Basic Retirement Sum (BRS) </p><p>The BRS for 2021 is $93,000 </p></td></tr><tr class="ms-rteTableOddRow-default"><td rowspan="1" class="ms-rteTableEvenCol-default" style="width:25%;">​<strong>Average Monthly Income</strong></td><td rowspan="1" class="ms-rteTableOddCol-default" style="width:50%;"><p>​Not more than $4,000 </p><p>(covers a majority of senior workers)</p></td></tr><tr class="ms-rteTableEvenRow-default"><td rowspan="1" class="ms-rteTableEvenCol-default" style="width:25%;">​<strong>Annual Value of Residence</strong></td><td rowspan="1" class="ms-rteTableOddCol-default" style="width:50%;"><p>​Not more than $13,000 </p><p>(covers most HDB flats)</p></td></tr><tr class="ms-rteTableOddRow-default"><td rowspan="1" class="ms-rteTableEvenCol-default" style="width:25%;">​<strong>Property Ownership</strong></td><td rowspan="1" class="ms-rteTableOddCol-default" style="width:50%;">​Own not more than one property</td></tr></tbody></table><p> <sup> <em>* RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and lump sum withdrawals.</em></sup></p><p>Anyone can make the cash top-up to eligible members, including themselves, their loved ones, employers or members of the community. The matching grant for a given year will be automatically credited into the member’s Retirement Account at the beginning of the following year.</p>Matched Retirement Savings Scheme27731782
UnderstandDo I need to apply to be eligible for the Matched Retirement Savings Scheme (MRSS)? <p>You do not have to apply for MRSS as eligibility is assessed automatically every year based on data we have on record. You will receive a notification from CPF Board at the beginning of each year if you qualify. Cash top-ups that you or anyone (e.g. loved ones) make to your Retirement Account within the year will be matched by the Government, up to $600.</p>Matched Retirement Savings Scheme27721781
UnderstandHow can I check if I am eligible for the Matched Retirement Savings Scheme?<div>You can refer to the notification from CPF Board which is sent at the beginning of each year to eligible members.</div><div> </div>You can also view your eligibility at <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MoreMessages">My Messages</a> or through the Matched Retirement Savings Scheme Eligibility Checker below: <div id="mrsseligibilitychecker"> </div>Matched Retirement Savings Scheme29411800
UnderstandHow do I make the cash top-up to receive the matching grant? <p>If you are eligible for the Matched Retirement Savings Scheme, simply make cash top-up(s) to your Retirement Account (RA) anytime within the year. The cash top-ups can be made by anyone, including yourself, your loved ones and your employer. You can choose to top-up in small amounts (e.g. $50 per month) or at a go. The matching grant of up to $600 for a given year will be automatically credited into your RA at the beginning of the following year.<br></p><p>You can make a cash top-up to your RA through any of the following ways:</p><ol><li><p>myCPF mobile app<br>Payment via PayNow QR, eNETS Debit or OCBC PayAnyone. Refer to the <a href="https://www.cpf.gov.sg/askjamie/user/uploads/Guide.pdf">guide</a> (PDF, 0.2MB) for more details.</p></li><li><p>CPF website<br>Visit <a href="/ecashier">cpf.gov.sg/ecashier</a>. Payment can be made using PayNow QR or eNETS Debit. Refer to the <a href="https://www.cpf.gov.sg/askjamie/user/uploads/Guide.pdf">guide</a> (PDF, 0.2MB) for more details. </p></li><li><p>GIRO</p><p>If you are a DBS/POSB or OCBC bank user, you can set up your GIRO arrangement to make monthly and/or yearly cash top-ups under the Retirement Sum Topping-Up Scheme by following the steps below:<br></p><p> <strong>Step 1: Apply for a GIRO Arrangement with DBS/OCBC</strong></p><ol><li>Login to cpf.gov.sg with your Singpass</li> <br> <li>Click on “My Requests” and </li> <br> <li>Select “Building Up My/ My Recipient’s CPF savings” </li> <br> <li>Select “<a href="https://www.cpf.gov.sg/eSvc/Web/Services/GiroApplication/LandingPage?scheme=GTP">Apply/Change GIRO for cash top-up to my own/ recipient’s Retirement/Special Account under the Retirement Sum Topping-Up Scheme</a>”</li> <br> <li>Follow the instructions to complete the online application </li> <br> </ol> <br> <p>Once the above GIRO application is approved, you may submit the Standing Instructions to start the top-ups:</p><p> <strong>Step 2: Set up a Standing Instruction</strong></p><ol><li>Click on the “Related Link(s)” > “Standing Instruction to make cash top-up to my own/ recipient’s Retirement/Special Account under the Retirement Sum Topping-Up Scheme” in the acknowledgement page of the approved GIRO application </li> <br> <li>Follow the instructions to complete the online application </li> <br> </ol><p>Alternatively, you may follow the steps below to submit the Standing Instructions: </p><ol><li>Click on “My Requests”</li> <br> <li>Select “Building Up My/ My Recipient’s CPF savings”</li> <br> <li>Select “<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/StandingInstructionRetirementSumToppingUp/CoverPage">Standing Instruction to make cash top-up to my own/ recipient’s Retirement/Special Account under the Retirement Sum Topping-Up Scheme</a>”</li> <br> <li>Follow the instructions to complete the online application</li> <br> </ol> <br> <p>If you are <strong>not </strong>a DBS/POSB or OCBC bank user, you can download and complete the latest* <a href="/Assets/members/Documents/FORM_RSTU_GIROandSI.pdf" target="_blank">Top Up Retirement Sum Using GIRO</a> (PDF, 1.5MB).</p><p>Mail it to:<br> CPF Board<br> Robinson Road P.O. Box 3060 Singapore 905060</p> <br> <p>Upon approval of your GIRO application, your GIRO deduction will take place on the 15th of the month. If the 15th falls on a Saturday, Sunday or public holiday, the deduction will be made on the next working day.</p> </li></ol>Matched Retirement Savings Scheme29861804
UnderstandWho can make the cash top-ups to eligible members? <p>Anyone can make the cash top-up to eligible members, including themselves, their loved ones, employers or members of the community.</p><p>Loved-ones will also qualify for tax relief of up to $7,000<sup>1</sup> for the cash-tops to eligible members. Please refer to the <a href="/Members/Schemes/schemes/retirement/matched-retirement-savings-scheme/detailstab/Item1804">details</a> on how to make the cash top-up.</p><p>Employers will qualify for tax deductions<sup>2</sup> for their cash-tops. If you are keen to make top-ups to your employee, as an employer, please contact us at <a href="/writetous">cpf.gov.sg/writetous</a>.<br><br></p><p> <sup>1 & 2</sup><span style="font-size:0.9em;">Conditions apply. For more information on the conditions for claiming tax benefits as an individual or as a company, please visit cpf.gov.sg/rstu.</span></p>Matched Retirement Savings Scheme29871805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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