The Matched Retirement Savings Scheme in Singapore helps eligible seniors boost their retirement funds. The government matches every dollar that seniors add to their CPF Retirement Account. From 2025 onwards the maximum matching amount will be $2000 each year. This program comes at an important time as Singapore’s population ages & more people need to prepare for retirement. The scheme particularly benefits lower-income seniors by helping them build up their savings over time. This leads to higher monthly payments from CPF LIFE when they retire.
What Is the MRSS Scheme?
MRSS encourages older adults to make cash contributions by offering them a complete matching benefit. Family members & employers can add money to a senior’s Retirement Account along with the senior themselves. The government provides the matching amount at the beginning of each year. This money goes into the CPF where it earns interest at rates that are both attractive and secure. The interest compounds over time to help the retirement savings grow.
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Big Updates in 2025
The yearly limit for matching funds increases from $600 to $2000. The age restriction of 70 years has been removed so older adults above 70 can now participate. Starting in 2025 there will be a new total limit of $20,000 for grants received over a lifetime.
Who Qualifies for MRSS
The government provides a matching contribution of $2,000 for any amount you put in during a single year. This means when you contribute $2,000 you end up with $4000 total in your account. You will receive the matching funds at the start of the following year as long as you make your contributions before December 31.
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How the Matching Works
The matched amount will earn interest at a rate of 6% without risk. This will boost monthly payments by hundreds of dollars over time. This is an excellent chance for families to double what they contribute toward their parents’ retirement security.
Benefits of Joining MRSS
| Scheme Feature | Before 2025 | From 2025 Onwards |
|---|---|---|
| Annual Matching Limit | $600 maximum per year | Increased to $2,000 per year |
| Eligible Age Range | Members up to age 70 | No upper age limit (55 and above) |
| Lifetime Matching Cap | No overall cap applied | Lifetime limit set at $20,000 |
| Tax Relief on Top-Ups | Tax relief available | No tax relief for matched top-ups |
| Eligibility Verification | Checked automatically each year | Continues with automatic yearly checks |
Key Changes: Before and After 2025
Starting in 2025 the contributions that receive matching funds will not qualify for tax relief anymore. The system will verify eligibility on its own and send you a notification if you meet the requirements.
How to Make a Top-Up
You can use the CPF website and app to make cash top-ups easily. The process is both quick and secure. The MRSS enhancement coming in 2025 offers a strong incentive that will benefit the CPF savings of thousands of seniors and help them enjoy better retirement years. Check if you qualify by visiting the CPF website today & talk with your family about making top-ups before the year ends to get the most from the matching program. Start building stronger savings right away.
