The Matched Retirement Savings Scheme will be expanded to cover Singaporeans aged 55 and above. The scheme will also see a higher annual matching cap of $2,000, with a lifetime matching cap of $20,000.
The Enhanced Retirement Sum (ERS) — which is the maximum amount that members can put into their Central Provident Fund (CPF) retirement accounts to receive payouts — will be increased to four times the Basic Retirement Sum to $426,000 in 2025.
This will allow more people aged 55 and above to fully commit their accumulated CPF savings to receive higher CPF payouts, Deputy Prime Minister Lawrence Wong says in his Budget 2024 speech.
