$3b in top-ups to CPF accounts made last year by 140,000 members, up 40% from 2019
SINGAPORE - Amid the uncertainties of the Covid-19 pandemic last year, 140,000 Central Provident Fund (CPF) members made account top-ups under the Retirement Sum Topping-Up Scheme. They put in a total of $3 billion in top-ups to their or their loved-ones' accounts, 40 per cent more than the amount of top-ups made in 2019, said the CPF Board on Wednesday (Feb 3). The Board added that $1.2 billion of top-ups were made in the fourth quarter of last year alone. The number of people topping up for the first time rose, especially among the younger set. More than one in three of those who made top-ups last year were first-timers, which is an increase of more than 50 per cent compared with the previous year, said the CPF Board in a media release. Among young people below 35 years old, there were 86 per cent more who topped up for the first time last year, compared with the previous year. This group saw the highest increase in first-timers. Compared with 2019, 27 per cent more people topped up their parents' CPF accounts last year. The Retirement Sum Topping-Up Scheme allows members to use cash or existing CPF savings to top up their own or their loved ones’ accounts. For recipients below t...
