Extending CPF Matched Retirement Savings Scheme to Low-wage Workers below 55

Mr Shawn Loh asked the Minister for Manpower whether the Government will consider extending the CPF Matched Retirement Savings Scheme to low-wage workers below the age of 55, with matching funds channelled into their Special Account, to enable low-wage workers to save more for their retirement especially with the help of matched contributions from the community.

The Matched Retirement Savings Scheme (MRSS) is designed to help senior Singapore citizens with lower retirement savings to save more for retirement. The age floor ensures that the scheme is targeted at seniors who require greater support nearer to the start of their retirement payouts unlike younger Singaporeans who have a relatively longer runway to build their retirement savings.

Eligible lower-wage workers, including those below the age of 55, can also benefit from the Workfare Income Supplement scheme which supplements their incomes and CPF savings, while those in sectors covered by the Progressive Wage Model can benefit from meaningful and sustainable wage increases in tandem with skills upgrading and career progression pathways.