The Matched Retirement Savings Scheme (MRSS) in Singapore offers eligible seniors a matching government grant of a dollar for every dollar sent for the top-ups on their CPF Retirement Account. Starting in 2025, this will become a maximum of $2,000 per year.
These enhancements are very timely as the population of Singapore is growing older and wants to secure their retirement funds. The scheme provides an opportunity for lower-income seniors to gradually accumulate their savings and eventually receive higher monthly CPF LIFE payouts.
What Is the MRSS Scheme?
MRSS spurs the seniors to make cash contributions by giving them the benefit of a full match. Family members, you, and even employers can contribute to a senior’s Retirement Account.
The government match is credited at the start of the year and the money, which is in the CPF, is compounded at high and safe interest rates.
Big Updates in 2025
The cap for the annual matching funds goes up from $600 to $2,000. The 70-year age limit is gone, hence the elderly over 70 years of age are also eligible.
From 2025 forward, there is a new lifetime cap of $20,000 on grants for top-ups.
Who Qualifies for MRSS?
You should be 55 or older, a citizen of Singapore, with Retirement Account savings less than the Basic Retirement Sum (about $106,500 in 2025).
You must also meet other requirements including an average monthly income of $4,000, home annual value of not more than $21,000, and no more than one property owned.
How the Matching Works
The government will match $2,000 for any amount you contribute in one year. Therefore, your $2,000 contribution adds $4,000 in total.
The match will be credited at the beginning of the next year if contributions are made by December 31.
Benefits of Joining MRSS
The amount matched will earn interest at the rate of 6% risk-free, which will increase monthly payouts by hundreds of dollars in the long run.
It is the best opportunity for families to have their contributions towards parents’ retirement security doubled.
Key Changes: Before and After 2025
Here is a comparative table of the MRSS scheme:
| Aspect | Before 2025 | From 2025 Onward |
|---|---|---|
| Annual Match Cap | $600 | $2,000 |
| Age Limit | Up to 70 | No cap (55 and above) |
| Lifetime Grant Cap | None | $20,000 |
| Tax Relief on Top-ups | Yes | No (for matched top-ups) |
| Eligibility Check | Automatic yearly | Automatic yearly |
Important Notes to Remember
From 2025, the top-ups that attract the match will no longer be eligible for tax relief. The eligibility will be checked automatically and you will be notified if you qualify.
How to Make a Top-Up
The CPF website and app can be used for easy cash top-ups. It is quick and secure.
The MRSS enhancement in 2025 is a powerful incentive that will positively impact thousands of seniors’ CPF savings allowing them to live more fruitful retirement lives.
Assess your eligibility by going on the CPF website today and also speak to your family about the possibility of making top-ups before year-end to take full advantage of the match. Begin the journey to stronger savings now!