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Why is the Government implementing a lifetime cap of $20,000 to the matching grant when the Matched Retirement Savings Scheme is enhanced from 2025?
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Source: https://www.cpf.gov.sg/memberThe Matched Retirement Savings Scheme is targeted at seniors with lesser means and lower retirement savings to help them save more for retirement. The enhancements to provide $2,000 matching grant annually, capped at $20,000 over a lifetime, are a significant increase from the current scheme, and can increase eligible seniors’ CPF savings by at least $48,000 in 10 years, which translates to about a $260 increase in monthly CPF payouts*.
While it may not help all eligible seniors meet the Basic Retirement Sum, it is part of a broader set of schemes providing retirement adequacy support. Other schemes, such as the Majulah Package and the Silver Support Scheme, will also help boost the retirement adequacy of seniors.
*Estimation for a male member who starts payout at age 65 on the CPF LIFE Standard Plan.
This information provided here is sourced from the CPF website.
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