Voluntary CPF Top-up: Who Qualifies and What You Get
Learn how making extra contributions to your CPF can help you save on taxes and grow your retirement savings.
This scheme allows you to make extra contributions to your retirement savings account to help boost your funds for the future.
Who it's for
This is available to any Singaporean citizen or Permanent Resident.
What you get
By choosing to top up your account, you can benefit from tax relief, which helps reduce the amount of income tax you need to pay. Additionally, these funds earn higher interest rates to help grow your savings for your retirement years.
What it costs you
This requires a cash top-up from your own savings. You should be aware that once you have deposited the money, the transaction is irreversible.
The catch to know
The money you put into this scheme is locked. You will not be able to withdraw these specific funds until you reach the official retirement age.
How to apply
- Decide on the amount you wish to contribute.
- Log in to the official portal to manage your contributions.
- Follow the prompts to complete your top-up via the available payment methods.