CPF top-ups hit record $6.7b in first seven months of 2025

Central Provident Fund (CPF) top-ups under a scheme to grow retirement savings reached a record $6.7 billion in the first seven months of 2025, boosted by contributions to the accounts of older members aged 55 and above.

- Chor Khieng Yuit Senior Business Correspondent and Gabrielle Andres Correspondent

This is up from $4.8 billion in such top-ups for the whole of 2024, said the CPF Board on Sept 17.

It said the surge in 2025 was particularly notable in January, which saw $2.9 billion in top-ups to the accounts of 105,000 members. This is more than four times the amount recorded in the same month in 2024, the CPF Board added in a statement.

Of the $2.9 billion, more than $2.6 billion was for top-ups to the accounts of more than 70,000 members aged 55 and above.

The record $6.7 billion went to the accounts of 316,000 CPF members in voluntary top-ups from themselves or their loved ones in the first seven months of 2025, said the CPF Board.

Under the Retirement Sum Topping-Up Scheme, CPF members can make cash top-ups or CPF transfers to their own or their loved ones’ Special or Retirement Accounts to boost retirement savings. The top-ups will be made to the members’ Special Account (SA) for those below the age of 55, or Retirement Account (RA) for those aged 55 and above.

These cash top-ups and CPF transfers to the SA or RA will grow at an interest rate of up to 5 per cent a year for those aged below 55. The higher interest rates apply to the first $60,000 of combined CPF balances in their Ordinary Account (OA) and SA, capped at $20,000 for OA. The rest of their CPF savings will earn 2.5 per cent a year in the OA, and 4 per cent a year in the SA.