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Singapore: Singapore Introduces Government Match for Provident Fund Catch-up Contributions

www.ssa.gov: 15/01/2021

Singapore's Central Provident Fund (CPF) Board introduced the Matched Retirement Savings Scheme, a program that provides a dollar-for-dollar government match of up to S$600 (US$450.56) per year in catch-up contributions for qualifying CPF members from 2021 to 2025. To be eligible, a CPF member must be aged 55 to 70; have a Retirement Account (RA) balance of less than the Basic Retirement Sum (currently S$93,000 [US$69,836.69]); have average monthly income not exceeding S$4,000 (US$3,003.73); and meet certain asset limits. The CPF is a publicly managed provident fund program that is mandatory for most workers (including most public-sector workers) and voluntary for all other workers.

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22.09.2021