CPF top-ups hit new annual record of S$4 billion in 2021

THE number of people topping up Central Provident Fund (CPF) accounts for the first time has doubled compared with 2020, with 1 in 2 first-timers above 50 years old, said the CPF Board on Wednesday (Dec 1).

It noted in a press statement that more than 220,000 CPF members have 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.

The Retirement Sum Topping-Up Scheme allows members to use cash or CPF savings to top up their own or their loved ones' accounts and helps to increase the monthly payouts of the recipients 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, which allows members to submit their Giro application digitally and have it approved almost immediately.

It is encouraging members to top up 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.