Written Answer by Mrs Josephine Teo, Minister for Manpower, to Parliamentary Question on Retirement Sum top-ups

NOTICE PAPER NO. 2022 OF 2020 FOR THE SITTING ON 25 MARCH 2020
QUESTION NO. 1659 FOR WRITTEN ANSWER

NMP: Assoc Prof Walter Theseira

To ask 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.

Answer

1. 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:

• The number of unique recipients increased slightly;
• Cash top ups are more popular;
• Female recipients receive more than males; and
• Givers who earn less, top up more in cash than those who earn more.

2. 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.

Table 1: Top-ups from children received by recipients above age 65

Note: Number of recipients of cash top-ups and CPF transfers do not add up to the “All top-ups” columns as some recipients may have received both cash top-ups and CPF transfers. 

Table 2: Average amounts of top-ups from children received by parents above 65
(By gender of recipient)

Table 3: Average amounts of top-ups from children received by parents above age 65
(By age of giver)

Table 4: Average amounts of top-ups from children received by parents above age 65
(By income of giver)