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What are the enhancements to the Matched Retirement Savings Scheme from 2025?
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Source: https://www.cpf.gov.sg/memberThe Matched Retirement Savings Scheme (MRSS) will continue beyond its pilot to help senior Singaporeans build up their retirement savings, through dollar-for-dollar matching grants from the Government to their Retirement Accounts.
Enhancements | Current | From 1 January 2025 |
Increase in matching grant cap | $600 per year | $2,000 per year, with a $20,000 cap over an eligible member’s lifetime |
Removal of age cap | Age 55 to 70 | Age 55 or above |
Tax relief for cash top-ups that attract the MRSS matching grant will be removed as the matching grant is already a significant benefit extended by the Government. Givers can continue to receive up to $16,000 in tax relief on cash top-ups that do not attract the matching grant.
This information provided here is sourced from the CPF website.
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