SINGAPORE – Central Provident Fund (CPF) top-ups reached a record $6.7 billion in the first seven months of 2025, boosted by top-ups to the accounts of older members aged 55 and above.
This is up from $4.8 billion in top-ups for the whole of 2024, said the CPF Board in a news release on Sept 17.
It said the surge in 2025 was particularly notable in January, which saw $2.9 billion in top-ups to 105,000 members – more than four times the amount recorded in the same month in 2024.
Of this amount, more than $2.6 billion was for top-ups to more than 70,000 members aged 55 and above.
The CPF Board said 316,000 members received voluntary top-ups from themselves or their loved ones in the first seven months of 2025.
The record top-up amount in 2025 is largely due to a one-time surge following the raising of the Enhanced Retirement Sum from three times to four times the Basic Retirement Sum from Jan 1, 2025, which enables members to top up more to their Retirement Account (RA) to receive even higher payouts, the CPF Board said.
Another factor is the closure of the Special Account for members aged 55 and above from Jan 19, 2025, which prompted members to voluntarily transfer Ordinary Account savings to their RA to earn the higher long-term interest rate, it added.
There was also strong growth in the number of seniors receiving top-ups under the Matched Retirement Savings Scheme (MRSS), said the CPF Board.
More than 130,000 members received cash top-ups under the scheme in the first seven months of 2025, more than the full-year figure of 103,000 in 2024, according to the CPF Board.
“With the recent expansion of MRSS to include seniors above age 70, 54 per cent of the MRSS recipients this year were above 70 years old,” it said.
“The increase in annual matching grant to $2,000 has also encouraged larger top-ups, with 74 per cent of participants receiving top-ups of $2,000 or more to fully leverage the matching grant from the Government in boosting their retirement savings.”
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