Ministry of Manpower
Singapore
Asia and Pacific

Helping Singaporeans to build up their retirement savings through the Matched Retirement Savings Scheme - A case of the Central Provident Fund Board, Singapore

Implementation year
2021

The mission of Singapore’s Central Provident Fund (CPF) Board is to enable Singaporeans to have a secure retirement.

The Matched Retirement Savings Scheme (MRSS), launched in 2021, will help senior Singaporeans who have less retirement savings in their CPF to save more. The Government will match every dollar of cash top-up made to the Retirement Account (RA) of eligible recipients, up to 600 Singaporean dollar (SGD) per year, for five years for a start. With the deep understanding of givers’ tendency to top-up when benefits per dollar of top-up increases, MRSS builds this desired habit, which will then boost the monthly retirement payouts.

To reduce the inertia for one to make a top-up, the scheme is designed such that it is easy to understand, hassle-free and where eligibility assessment is automatic. Coupled with a multi-pronged approach to encourage loved ones, employers, organisations and the wider community to come forward to help build up the retirement savings of vulnerable seniors, about 58,000 (about 13 per cent) eligible members received top-ups within three months since its launch, with the number expected to grow further.

Topic:
Old-age pensions