Breakdown on Number of Persons Above Age 65 Receiving CPF Transfers from Their Child in Last Three Years

Assoc Prof Walter Theseira asked the Minister for Manpower in each year of the last three years (a) how many persons above the age of 65 received a CPF transfer from their child (i) in cash and (ii) through CPF; and (b) what is the average transfer quantum received among such persons, broken down by the children's and the parents' (i) age (ii) gender and (iii) income, and the modes of transfer by cash and CPF including the amounts.

The number of recipients above age 65 receiving Retirement Sum top-ups from their children increased to about 17,800 in 2019, with more than $169 million received. Tables 1 to 4 show that:

(a) The number of unique recipients increased slightly;

(b) Cash top-ups are more popular;

(c) Female recipients receive more than males; and

(d) Givers who earn less, top up more in cash than those who earn more.

To further encourage members to make top-ups for themselves and their loved ones, the Government will introduce the Matched Retirement Savings Scheme (MRSS) from 2021 to 2025. Under MRSS, the Government will match every dollar of cash top-ups, up to an annual cap of $600, made to eligible members under RSTU.