grants to 117,000 Central Provident Fund members, the CPF Board said on Wednesday .
The grants were credited to the Retirement Accounts of the members on Jan 7 for cash top-ups received in 2021.“Apart from top-ups made by members and their loved ones, the CPF Board is heartened that seven community partners have made goodwill top-ups to more than 500 seniors in 2021, thereby enabling them to receive the matching grant and enjoy higher monthly payouts in retirement,” the board said in a news release.
The community partners are the Ang Mo Kio Family Service Centre, the Bukit Timah Citizens’ Consultative Committee, Fei Yue Community Services, the Hong Kah North Grassroots Organisations, the PAP Community Foundation , the Tsao Foundation and the Woodlands Citizens’ Consultative Committee. The Matched Retirement Savings Scheme was launched in 2021 to help seniors who have not met the prevailing Basic Retirement Sum save more for their retirement.
Under the scheme, every dollar of cash top-ups made to eligible members will be matched by the Government, up to aCPF members who “make full use” of the Matched Retirement Savings Scheme could accumulate as much as an additional S$8,300 in their Retirement Accounts, the CPF Board said. This corresponds to S$45 more in monthly payouts for life.
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