Age Limit for Matched Retirement Savings Scheme

40 Ms Foo Mee Har asked the Minister for Manpower why does the Matched Retirement Savings Scheme (MRSS) limit eligibility up to 70 years old and not allow those aged beyond 70 to benefit as well.

Mrs Josephine Teo: The Matched Retirement Savings Scheme (MRSS) is aimed at seniors below 70 who have not started or are just starting their payouts. This allows the top-ups to benefit from compound interest for a longer period and have a bigger impact on eventual payouts. Most of our seniors above 70 would have already started receiving their CPF retirement payouts. The Government supports them in other ways. For example, as members of the Pioneer Generation, they enjoy enhanced healthcare support. They may also be eligible for quarterly payouts through the Silver Support Scheme which supplements their retirement income. In addition, they can tap on the Lease Buyback Scheme to receive a cash bonus and a stream of income for life.

We will continue to review the scheme to ensure that it remains relevant to members.