Record high of more than S$3.5 billion CPF top-ups made in first three quarters of 2022

Record high of more than S$3.5 billion CPF top-ups made in first three quarters of 2022

CPF members who made cash top-ups to themselves up to the current full retirement sum can benefit from tax relief of up to S$8,000.

They are also eligible to receive another S$8,000 in tax relief if they made top-ups to their family members, which refer to parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.

The increase in tax relief from S$14,000 to S$16,000 per year was introduced on Jan 1, as part of measures to simplify top-ups and streamline retirement payouts.

To benefit from the tax relief, CPF said that top-ups must be made by Dec 31, 2022. 

CPF members can make top-ups through GIRO or electronically using PayNow QR. Cash top-ups and CPF transfers can be done via the CPF website or its mobile app.

“CPF top-ups do not have to be made in large amounts,” said director of the retirement savings department Ong Woei Jiin.

“CPF retirement savings can still compound to a substantial amount over time through small regular top-ups.”