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The board of directors of the Central Provident Fund (CPF) said in a press release on December 1 that top-ups from CPF members exceeded S $ 4 billion by the end of 2021.
The number of primo-toppers has also doubled compared to last year.
Record amount of top-ups in 2021
In November 2021, more than 220,000 members replenished more than S $ 4 billion in their retirement savings or that of their loved ones.
This surpassed the record S $ 3 billion in top-ups paid by 140,000 CPF members under the Retirement Capital Supplement Scheme (RSTU) last year.
More than half of the CPF members who did top-ups were beginners, charging for themselves or their loved ones.
This represents more than 127,000 CPF members, and half of them are over 50, said the CPF board of directors.
Members who top up before the end of the year can get up to S $ 14,000 in tax relief for next year’s tax assessment on their cash top ups.
Top-ups can be done electronically through the CPF website or the CPF mobile app, as well as through GIRO.
Retirement Income Group Group Director Tan Chui Leng said, “We are encouraged that more CPF members are taking concrete steps to save more for higher payments in retirement. “
“We encourage our young members to do it early, because their retirement savings will more than double in 20 years with an attractive interest rate of up to 5%,” she added.
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