CPFB | Matching grant for seniors who top up

Growing Your Savings

Receive a matching grant with the Matched Retirement Savings Scheme

Helping senior Singapore Citizens with lower retirement savings to save more for their retirement by matching cash top-ups made to their Retirement Accounts (RA).

Updates on 20 Apr 2021

Added new section for home page under banner.

About MRSS
Benefits
Eligibility
Getting a grant
FAQs
Articles

About MRSS

Matched Retirement Savings Scheme

Launched in 2021, MRSS aims to help senior Singapore Citizens with lower retirement savings build up more. This will boost their monthly payouts in retirement. The Government will match every dollar of cash top-ups made to the RA of eligible members up to $600 per year.

Benefits

How MRSS benefits you

Dollar for dollar matching grant

You’ll get a dollar for dollar matching grant from the Government for any top-ups received in your RA if you’re eligible for MRSS, up to an annual cap of $600.

Interest rates

Your cash top-up and matching grant from the Government in your RA will earn interest rates^* of up to 6% per annum. This means you get to enjoy higher payouts in retirement.

^*Based on the current 4% interest rate floor on Retirement Account monies.

Tax relief

If you make a cash top-up to yourself and to eligible members, you’ll also qualify for tax relief of up to $16,000 per calendar year.

If you’re an employer who would like to make cash top-ups for your employees, you’ll also qualify for tax deductions as an employer.

Learn more

Eligibility

Who is eligible?

Eligibility assessment

Your eligibility is automatically assessed every year. The CPF Board will notify you at the beginning of each year if you qualify and you can also check your eligibility via the website once the assessment is completed. As long as you’re eligible and you receive a cash top-up, you’ll receive the matching grant by the following year.

Find out if you’re eligible

You can check if you are eligible for the MRSS via this checker.

Check eligibility

Eligibility criteria

Singapore citizen
Age 55 to 70 (both inclusive) as of 31^st December of the assessment year
Retirement Account savings are less than $102,900
Average monthly income is not more than $4,000. This covers a majority of senior workers
Annual value of residence is not more than $21,000
Own not more than one property

Click here to find out more about the eligibility criteria.

Who can make cash top-ups

Anyone such as yourself, your loved ones, employers or members of the community, can make cash top-ups to eligible members.

Getting a grant

How to receive the grant

Make top-ups to receive the grant

Top up to your RA

Simply make cash top-ups to your retirement savings anytime within the year. The matching grant of up to $600 a year will be automatically credited into your RA at the beginning of the following year.

Quick tip

You don’t have to make a lump sum cash top-up. Instead, make smaller top-ups whenever you can. For example, if you top up $50 per month for an entire year, you’ll be able to qualify by the end of the year to get the maximum $600 matching grant.