SINGAPORE: Voluntary Central Provident Fund (CPF) top-ups crossed a record S$6.7 billion (US$5.2 billion) in the first seven months of 2025, after members topped up accounts due to changes made to the system.
The sum was spread across 316,000 members who received voluntary top-ups from themselves or their loved ones. It marked a significant increase from the S$4.8 billion worth of top-ups in 2024, CPF said in a news release on Wednesday (Sep 17).
"These cash top-ups and CPF transfers to the Special Account or Retirement Account will grow at long-term interest rates of up to 6 per cent per annum and enable members to receive higher lifelong monthly payouts under CPF Life," it added.
The surge in top-ups was particularly notable in January, which saw S$2.9 billion in top-ups to 105,000 members, CPF noted. This was more than four times the amount recorded in the same month in 2024.
It attributed the record top-up amount this year to a one-time surge after the Enhanced Retirement Sum was raised from three times to four times the Basic Retirement Sum.
The Enhanced Retirement Sum is the maximum amount that CPF members can put into their Retirement Accounts to receive payouts. Having more money in a CPF Retirement Account translates to bigger monthly payouts.
The increased Enhanced Retirement Sum, S$426,000, kicked in from Jan 1, 2025.
Another contributing factor to the sharp rise in top-ups was the closure of the Special Account for members aged 55 and above in January, CPF said.
This prompted members to voluntarily transfer Ordinary Account savings to their Retirement Account to earn the higher long-term interest rate.
In his Budget speech last year, Finance Minister and then-Deputy Prime Minister Lawrence Wong announced the increased Enhanced Retirement Sum and changes to the Special Account.
The Special Account's closure for those aged 55 and above meant that their savings in the account were transferred to the Retirement Account up to the Full Retirement Sum, which is two times the basic sum.
The remaining funds in the account were transferred to the Ordinary Account and members had the option to voluntarily transfer these savings to their Retirement Account – up to the revised Enhanced Retirement Sum – to earn higher interest and receive higher retirement payouts.
Mr Gregory Chia, group director of the CPF Board’s Retirement Income Group, said: "It is encouraging to see many members making further top-ups to their Retirement Account following the raising of the Enhanced Retirement Sum this year.
"It reflects members' interest in making full use of the CPF system to save for retirement."
He added that members may use CPF's retirement payout planner to find out how their top-ups can help them meet their retirement payout goals.
CPF also saw strong growth in the number of seniors receiving top-ups under the Matched Retirement Savings Scheme this year.
The scheme allows eligible seniors aged 55 to 70 to receive a dollar-to-dollar matching grant from the government for cash top-ups received in their Retirement Account.
This year, the scheme's matching grant limit was increased from S$600 to S$2,000 a year, with a S$20,000 cap over an eligible member's lifetime.
It was also expanded from Jan 1 to include seniors above the age of 70.
More than 130,000 members received cash top-ups under the scheme in the first seven months of this year, with 54 per cent of the recipients aged above 70, CPF said on Wednesday.
In 2024, 103,000 members received cash top-ups.
"The increase in annual matching grant to S$2,000 has also encouraged larger top-ups, with 74 per cent of participants receiving top-ups of S$2,000 or more to fully leverage the matching grant from the government in boosting their retirement savings," CPF added.
The Matched Retirement Savings Scheme will be expanded to include eligible Singaporeans of all ages with disabilities from next year to enable them to build up their retirement savings earlier.
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The sum was spread across 316,000 members who received voluntary top-ups from themselves or their loved ones. It marked a significant increase from the S$4.8 billion worth of top-ups in 2024, CPF said in a news release on Wednesday (Sep 17).
"These cash top-ups and CPF transfers to the Special Account or Retirement Account will grow at long-term interest rates of up to 6 per cent per annum and enable members to receive higher lifelong monthly payouts under CPF Life," it added.
The surge in top-ups was particularly notable in January, which saw S$2.9 billion in top-ups to 105,000 members, CPF noted. This was more than four times the amount recorded in the same month in 2024.
It attributed the record top-up amount this year to a one-time surge after the Enhanced Retirement Sum was raised from three times to four times the Basic Retirement Sum.
The Enhanced Retirement Sum is the maximum amount that CPF members can put into their Retirement Accounts to receive payouts. Having more money in a CPF Retirement Account translates to bigger monthly payouts.
The increased Enhanced Retirement Sum, S$426,000, kicked in from Jan 1, 2025.
Another contributing factor to the sharp rise in top-ups was the closure of the Special Account for members aged 55 and above in January, CPF said.
This prompted members to voluntarily transfer Ordinary Account savings to their Retirement Account to earn the higher long-term interest rate.
In his Budget speech last year, Finance Minister and then-Deputy Prime Minister Lawrence Wong announced the increased Enhanced Retirement Sum and changes to the Special Account.
The Special Account's closure for those aged 55 and above meant that their savings in the account were transferred to the Retirement Account up to the Full Retirement Sum, which is two times the basic sum.
The remaining funds in the account were transferred to the Ordinary Account and members had the option to voluntarily transfer these savings to their Retirement Account – up to the revised Enhanced Retirement Sum – to earn higher interest and receive higher retirement payouts.
Mr Gregory Chia, group director of the CPF Board’s Retirement Income Group, said: "It is encouraging to see many members making further top-ups to their Retirement Account following the raising of the Enhanced Retirement Sum this year.
"It reflects members' interest in making full use of the CPF system to save for retirement."
He added that members may use CPF's retirement payout planner to find out how their top-ups can help them meet their retirement payout goals.
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MORE TOP-UPS WITH MATCHED RETIREMENT SAVINGS SCHEME
CPF also saw strong growth in the number of seniors receiving top-ups under the Matched Retirement Savings Scheme this year.
The scheme allows eligible seniors aged 55 to 70 to receive a dollar-to-dollar matching grant from the government for cash top-ups received in their Retirement Account.
This year, the scheme's matching grant limit was increased from S$600 to S$2,000 a year, with a S$20,000 cap over an eligible member's lifetime.
It was also expanded from Jan 1 to include seniors above the age of 70.
More than 130,000 members received cash top-ups under the scheme in the first seven months of this year, with 54 per cent of the recipients aged above 70, CPF said on Wednesday.
In 2024, 103,000 members received cash top-ups.
"The increase in annual matching grant to S$2,000 has also encouraged larger top-ups, with 74 per cent of participants receiving top-ups of S$2,000 or more to fully leverage the matching grant from the government in boosting their retirement savings," CPF added.
The Matched Retirement Savings Scheme will be expanded to include eligible Singaporeans of all ages with disabilities from next year to enable them to build up their retirement savings earlier.
Also read:
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