SINGAPORE: A record S$456 million (US$360 million) in matching grants for cash top-ups to Central Provident Fund (CPF) Retirement Accounts was disbursed to over 250,000 eligible Singaporeans in 2025.
This is a sharp increase from the S$61 million in matching grants given to 103,000 eligible Singaporeans in 2024, said the Ministry of Health, the Ministry of Manpower and the CPF Board in a joint press release on Monday (Jan 26).
The increase followed enhancements to the Matched Retirement Savings Scheme (MRSS) in 2025, when the age cap of 70 was removed and the matching grant was increased to S$2,000 annually, capped at S$20,000 over the lifetime of an eligible CPF member.
Introduced in 2021, the MRSS provides dollar-for-dollar matching grants for cash top-ups to the CPF Retirement Accounts of eligible senior citizens with lower retirement savings.
From the start of 2026, eligibility for matching government grants has been widened under the MRSS and a new Matched MediSave Scheme (MMSS).
The MRSS was expanded to include eligible Singaporeans of all ages with disabilities. Those eligible can receive dollar-for-dollar matching grants of up to S$2,000 per year, capped at S$20,000 over their lifetime on cash top-ups to their Retirement Account or Special Account.
Around 750,000 Singaporeans will be eligible for the expanded MRSS and around 185,000 will qualify for the MMSS in 2026, said the authorities.
Around 165,000 people will qualify for both schemes and may receive up to S$3,000 in total matching grants for top-ups made in 2026.
Under the new Matched MediSave Scheme, which was announced at Budget 2025, the government will match every dollar of cash top-up to the MediSave Account of eligible Singaporeans, capped at S$1,000 annually. The scheme will be piloted for five years from 2026 to 2030.
"Individuals and families with limited funds available for CPF top-ups and are eligible for both MMSS and MRSS can consider which scheme better meets their needs or choose to top up both RA and MA to benefit from both schemes," said the authorities.
"Those who want to increase their retirement income may consider topping up their RA to benefit from MRSS. Those who anticipate higher healthcare spending given their health circumstances may prefer to top up their MA to benefit from MMSS."
Eligibility for the schemes will be assessed automatically and those eligible will be notified from end-January via email or letter.
The matching grants will be automatically credited to the Retirement Account or MediSave Account of eligible Singaporeans at the start of 2027, for cash top-ups made by Dec 31, 2026.
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This is a sharp increase from the S$61 million in matching grants given to 103,000 eligible Singaporeans in 2024, said the Ministry of Health, the Ministry of Manpower and the CPF Board in a joint press release on Monday (Jan 26).
The increase followed enhancements to the Matched Retirement Savings Scheme (MRSS) in 2025, when the age cap of 70 was removed and the matching grant was increased to S$2,000 annually, capped at S$20,000 over the lifetime of an eligible CPF member.
Introduced in 2021, the MRSS provides dollar-for-dollar matching grants for cash top-ups to the CPF Retirement Accounts of eligible senior citizens with lower retirement savings.
From the start of 2026, eligibility for matching government grants has been widened under the MRSS and a new Matched MediSave Scheme (MMSS).
The MRSS was expanded to include eligible Singaporeans of all ages with disabilities. Those eligible can receive dollar-for-dollar matching grants of up to S$2,000 per year, capped at S$20,000 over their lifetime on cash top-ups to their Retirement Account or Special Account.
Around 750,000 Singaporeans will be eligible for the expanded MRSS and around 185,000 will qualify for the MMSS in 2026, said the authorities.
Around 165,000 people will qualify for both schemes and may receive up to S$3,000 in total matching grants for top-ups made in 2026.
Under the new Matched MediSave Scheme, which was announced at Budget 2025, the government will match every dollar of cash top-up to the MediSave Account of eligible Singaporeans, capped at S$1,000 annually. The scheme will be piloted for five years from 2026 to 2030.
"Individuals and families with limited funds available for CPF top-ups and are eligible for both MMSS and MRSS can consider which scheme better meets their needs or choose to top up both RA and MA to benefit from both schemes," said the authorities.
"Those who want to increase their retirement income may consider topping up their RA to benefit from MRSS. Those who anticipate higher healthcare spending given their health circumstances may prefer to top up their MA to benefit from MMSS."
Eligibility for the schemes will be assessed automatically and those eligible will be notified from end-January via email or letter.
The matching grants will be automatically credited to the Retirement Account or MediSave Account of eligible Singaporeans at the start of 2027, for cash top-ups made by Dec 31, 2026.
Continue reading...