CPF members added $1.6b to retirement funds from January to October, up from a year ago

SINGAPORE - People in the Republic are contributing more to their retirement funds, said the Central Provident Fund Board in a statement on Thursday (Nov 28).

Singaporeans added nearly $1.6 billion in total under the Retirement Sum Topping-Up Scheme between January and October.

CW8888: 

Wow! Of course, we love our CPF Retirement scheme! 

Please keep our money with CPF to compound at 4%. Bom pi pi!

Hmm ... Those opposition parties campaigning on Return My CPF to form the next government still got chance ah???

CPF lovers over-run CPF haters! No?



The total top-up amount was an increase from $1.5 billion over the same period last year.

CPF members topped up a total of $2 billion to their accounts for the whole of 2018. In 2015, the total top-up amount was $934 million.

The scheme helps people to build their retirement savings by topping up their own Special Account or Retirement Account, or those of their loved ones.

"These top-ups, which comprise cash top-ups and CPF transfers, help build up members' retirement savings. With higher CPF bala
nces, these members would receive higher payouts in their retirement years," the CPF Board said.


Members have also been able to have the Basic Retirement Sum, or more, in their CPF accounts as a result of the top-ups received, said the board.

Over the last three years, close to 24,000 members attained the Basic Retirement Sum, or more, after receiving top-ups to their CPF.


The board said that between January and October, CPF members added more than $330 million to the accounts of their spouses, parents and grandparents under the Retirement Sum Topping-Up Scheme.

Read? CPF members added $1.6b to retirement funds from January to October, up from a year ago