Matched Retirement Savings Scheme's Contributions and Limits

Ms Carrie Tan asked the Minister for Manpower (a) whether the Government’s matched contributions under the Matched Retirement Savings Scheme apply to top-ups made by non-family members; and (b) whether the tax reliefs provided to those who top up the CPF accounts of their loved ones can be extended to non-related persons who may choose to do so for someone.

Mrs Josephine Teo: The Matched Retirement Savings Scheme (MRSS) was announced in Budget 2020 and launched earlier this year. Under this scheme, the Government will match cash top-ups to eligible recipients’ Retirement Accounts, up to $600 per year. Anyone can provide such top-ups. Singapore citizens and permanent residents who make cash top-ups for their loved ones may be eligible for up to $7,000 of tax relief per year. Employers who make cash top-ups on their employees’ behalf will also enjoy an equivalent amount of tax deduction. **** Tax reliefs are not available for top-ups from other non-related parties. However, they can contribute to beneficiaries through a charity with Institutions of Public Character (IPCs) status and be eligible for a tax deduction of 250%.

We will continue to review the scheme to ensure that it remains relevant to members.