The 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.