The Central Provident Fund (CPF) Board said in a news release on Dec. 1 that top-ups by CPF members have crossed S$4 billion before the end of 2021.
The number of first-time toppers also doubled compared to last year.
Record amount of top-ups in 2021
As of November 2021, more than 220,000 members topped up more than S$4 billion to their own or their loved one's retirement savings.
This surpassed the record S$3 billion in top-ups made by 140,000 CPF members under the Retirement Sum Topping-Up Scheme (RSTU) last year.
More than half of the CPF members who made top-ups were first-timers topping up for themselves or their loved ones.
This accounts for over 127,000 CPF members, and half of them are over 50 years old, the CPF Board said.
Members who top up before the end of the year may enjoy tax relief of up to S$14,000 for next year’s Tax Assessment on their cash top-ups.
Top-ups can be done electronically via the CPF website or CPF mobile app, and also through GIRO.
Group Director of the Retirement Income Group Tan Chui Leng said, “We are heartened that more CPF members are taking concrete steps to save more for higher payouts during their retirement."
"We encourage our younger members to do so early as their retirement savings will more than double in 20 years with the attractive interest rate of up to 5 per cent,” she added.
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