This is up from $4.8 billion in such top-ups for the whole of 2024, said the CPF Board on Sept 17.
It said the surge in 2025 was particularly notable in January, which saw $2.9 billion in top-ups to the accounts of 105,000 members. This is more than four times the amount recorded in the same month in 2024, the CPF Board added in a statement.
Of the $2.9 billion, more than $2.6 billion was for top-ups to the accounts of more than 70,000 members aged 55 and above.
The record $6.7 billion went to the accounts of 316,000 CPF members in voluntary top-ups from themselves or their loved ones in the first seven months of 2025, said the CPF Board.
Under the Retirement Sum Topping-Up Scheme, CPF members can make cash top-ups or CPF transfers to their own or their loved ones’ Special or Retirement Accounts to boost retirement savings. The top-ups will be made to the members’ Special Account (SA) for those below the age of 55, or Retirement Account (RA) for those aged 55 and above.
These cash top-ups and CPF transfers to the SA or RA will grow at an interest rate of up to 5 per cent a year for those aged below 55. The higher interest rates apply to the first $60,000 of combined CPF balances in their Ordinary Account (OA) and SA, capped at $20,000 for OA. The rest of their CPF savings will earn 2.5 per cent a year in the OA, and 4 per cent a year in the SA.
For those aged 55 and above, they get up to 6 per cent a year on the first $30,000 of combined balances in their OA and RA; and up to 5 per cent a year on the next $30,000 of combined balances, capped at $20,000 for OA. Similarly, the rest of their CPF savings will earn 2.5 per cent a year in the OA, and 4 per cent a year in the RA.
The CPF Board said the record top-up amount in 2025 is largely due to a one-time surge following the raising of the Enhanced Retirement Sum (ERS) from three times to four times the Basic Retirement Sum from Jan 1, 2025. This enables members aged 55 and above to top up more to their RA to receive even higher payouts.
CPF members aged 55 and above can choose to top up their RA to the current year’s ERS of $426,000 to get a monthly payout of between $3,100 and $3,300 from the age of 65.
The ERS increases every January, so the CPF member can make further top-ups in subsequent years. According to the CPF website, the ERS for 2026 is $440,800, and that for 2027 is $456,400.
The CPF Board said another factor for the rise in top-ups is the closure of the Special Account for members aged 55 and above from Jan 19, 2025, which prompted members to voluntarily transfer OA savings to their RA to earn the higher long-term interest rate.
CPF members who make cash top-ups to their own or their loved ones’ accounts by Dec 31 every year can benefit from tax relief of up to $16,000 per year.
Of the 316,000 members who received top-ups in the first seven months of the year, more than 130,000 members benefited from the Matched Retirement Savings Scheme (MRSS), said the CPF Board.
This is more than the full-year figure of 103,000 in 2024, it added.
“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,” it said.
“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.”
The MRSS was enhanced from Jan 1, 2025, to enable Singapore citizens aged 55 and above with lower retirement savings to save more and get higher monthly payouts.
Under it, the Government matches cash top-ups made to their RA, up to a cap of $2,000 per year. This is up from the previous cap of $600 per year.
A CPF member could receive $4,000 per year if he tops up his RA by $2,000. Likewise, a CPF member who tops up his RA by $3,000 will get the maximum grant of $2,000, or a total amount of $5,000.
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, the CPF Board noted.
For top-ups made in 2025, the matching grants from the Government will be paid only in the following year, in 2026.
A CPF member is eligible for the MRSS if he is a Singapore citizen and meets the following criteria:
He has less than the Basic Retirement Sum (BRS) in his RA. The BRS for 2025 is $106,500;
His average monthly income is not more than $4,000;
The annual value of his residence is not more than $21,000;
He owns not more than one property.
CPF members can make top-ups either as a lump sum or in smaller regular amounts. However, these cash top-ups will not be eligible for tax relief from Jan 1, 2025, the CPF Board added.
The MRSS will be expanded from Jan 1, 2026, to include eligible Singaporeans of all ages with disabilities, it added.
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Gabrielle Andres is a correspondent at The Straits Times. She covers breaking news, as well as local and international current affairs.
Chor Khieng Yuit is senior correspondent at The Straits Times. She believes in financial education for the masses, particularly the low-income, the elderly and people with special needs.
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