Back in February 2020, during
Singapore Budget 2020, it was announced that there was a new scheme that is introduced to help folks with less CPF savings. The name of this initiative is called the Matched Retirement Savings Scheme.
What is the Matched Retirement Savings Scheme?
The Matched Retirement Savings Scheme is a dollar-for-dollar matching initiative by the government for cash top-ups (up to an annual cap of $600) that are made to CPF Retirement Accounts.
The intention is to
benefit lower- to middle-income Singaporeans aged 55 to 70 who cannot meet the Basic Retirement Sum.
The scheme will run from 2021 to 2025 for a start, and there is a possibility that it will be extended in future.
Who can benefit from the Matched Retirement Savings Scheme? (Official criteria)
Based on statistics, there are about 435,000 lower- to middle-income Singaporeans aged 55 to 70 who have not been able to set aside the prevailing Basic Retirement Sum (BRS) –
- 2020 – $90,500
- 2021 – $93,000
- 2022 – $96,000
...
