Singapore Budget 2020: CPF Highlights

18 February 2020

Minister for Finance Mr Heng Swee Keat made the following announcements relating to CPF during the FY2020 Budget Statement in Parliament on 18 February 2020.

View details of the Singapore Budget 2020.

Introduction of Matched Retirement Savings Scheme

The Government will introduce the Matched Retirement Savings Scheme (MRSS) from 2021 to 2025 to help those who have less CPF savings to save more for retirement.

Lower- to middle-income Singaporeans aged 55 to 70 who have not been able to set aside the prevailing Basic Retirement Sum will be eligible for this scheme.

The Government will match every dollar of cash top-up made to the CPF Retirement Account, up to an annual cap of $600.

More details will be announced at a later date.

Enhancements to Silver Support Scheme

The Silver Support Scheme currently provides cash payouts to the bottom 20% of Singaporeans aged 65 and above, with some support for those slightly above the bottom 20% to give them more financial security in retirement.

To strengthen support for these seniors, the Government will raise the quarterly cash payouts provided under Silver Support by 20% for all flat types. In addition, the Silver Support Scheme eligibility criteria will be broadened through the expansion of the threshold for lifetime wages and per capita household income to cover more seniors aged 65 and above. A new payout tier will also be added to provide a smaller payout to seniors whose monthly household income per person are above $1,300 but not exceeding $1,800.

There is no need to apply for Silver Support. Eligible seniors will be notified by the CPF Board and will start receiving payouts under the enhanced scheme from December 2020.

Factsheet (PDF, 0.3MB) on enhancements to the Silver Support Scheme.

Contact information

CPF Board

Call us: 1800-227-1188 (Mondays to Fridays: 8am to 5.30pm)
Write to us: cpf.gov.sg/writetous