CPF top-ups hit new annual record of S$4b as at November 2021

Singapore

THE 127,000 people who topped up Central Provident Fund (CPF) accounts for the first time this year is twice that of last year.

And 1 in 2 of these first-timers is aged above 50, said the CPF Board on Wednesday (Dec 1).

The board said in a statement that over 220,000 CPF members in all topped up their own or their loved ones' retirement savings, leading to the amount of top-ups crossing a new peak of S$4 billion as at November 2021. The full-year figure for 2020 was S$3 billion, also a record then.

Under the Retirement Sum Topping-Up Scheme, members can use cash or CPF savings to top up their own or their loved ones' accounts, a move which raises the recipient's monthly payouts when they retire.

Members can choose to make the top-ups electronically via the CPF website or CPF mobile app.

The CPF Board has also implemented eGiro, through which members can submit their Giro application digitally and have it approved almost immediately.

It is encouraging members to do these top-ups before the end of 2021 to enjoy tax relief of up to S$14,000 for next year's tax assessment on their cash top-ups.