In 2021, people in Singapore made a record S$4 billion in top-ups to their Central Provident Fund (CPF) accounts. Clearly, many see the benefits in supplementing the basic contributions. Here are five reasons why you should top up your CPF. What are CPF top-ups? The Central Provident Fund (CPF) is a mandatory social security savings scheme all Singaporean citizens and permanent residents (PRs) are automatically enrolled in. Every month, your employer deposits 20% of your salary into your CPF up to a contribution cap, which is split into the Ordinary Account (OA), Special Account (SA), and MediSave Account (MA). For those aged 55 and above, the OA and SA accounts will merge to become the Retirement Account (RA). You can also make voluntary CPF contributions or top up your parents’ CPF accounts, which will give you tax rebates as well. Reasons to top up

1. Higher interest rates

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