In the first three quarters of 2020, the Central Provident Fund (CPF) saw over 198,000 top-ups amounting to $1.81 billion made by CPF members under the Retirement Sum Topping-Up scheme, a 34% and 23% increase y-o-y respectively.
These top-ups to the Special or Retirement accounts would increase members’ monthly payouts during their retirement.
See also: CPF members under the Dependants' Protection Scheme to enjoy higher sum assured, increased coverage
Of the 198,000 top-ups, a third of them were members who were doing so for the first time.
Among the first-time toppers, a number of them were below 35 years.
On a year-on-year basis, the number of first-time toppers below 35 years grew over 70%.
Separately, withdrawals from CPF members aged 55 years and above have gone down. The total amount withdrawn has dropped almost 20% y-o-y, says CPF.
“It is encouraging to see CPF members place their trust in us by either choosing to keep their savings or put in more money into their CPF accounts, even amidst the Covid-19 pandemic. Such members can look forward to a stream of retirement payouts that they can count on even in uncertain times,” says CPF group director from the retirement income group Tan Chui Leng.
