More than 200,000 people have contributed to their retirement savings in the first three quarters of 2022 by voluntarily making more than S $3.5 billion in Central Provident Fund CPF top-ups.
This is a record high, said the CPF Board in a media release on Wednesday October 5, noting that the amount is S $84 million more than in the same period last year.
It surpasses S $3 billion in CPF top-ups to retirement savings, made by 140,000 people, in the whole of 2020.
CPF said that one in four people who made top-ups for themselves or their family members in 2022 has done so for at least three consecutive years.
The agency said that cash top-ups and CPF transfers to the Special Account or Retirement Account are popular among Singaporeans who wish to enjoy higher returns of up to 6 per cent per annum with zero risk.
With higher balances in their CPF, members can enjoy higher monthly retirement payouts from the CPF LIFE, no matter how long they live.