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Written Answer by Minister for Manpower Mrs Josephine Teo to PQ on age limit for MRSS

Employment practices

NOTICE PAPER NO. 191 OF 2021 FOR THE SITTING ON 1 February 2021

QUESTION NO. 40 FOR WRITTEN ANSWER TO QUESTIONS FOR ORAL ANSWER NOT ANSWERED BY END OF QUESTION TIME

MP: Ms Foo Mee Har

To ask the Minister for Manpower why does the Matched Retirement Savings Scheme (MRSS) limit eligibility up to 70 years old and not allow those aged beyond 70 to benefit as well.

Answer:

  1. The Matched Retirement Savings Scheme (MRSS) is aimed at seniors below 70 who have not started or are just starting their payouts. This allows the top-ups to benefit from compound interest for a longer period and have a bigger impact on eventual payouts. Most of our seniors above 70 would have already started receiving their CPF retirement payouts. The Government supports them in other ways. For example, as members of the Pioneer Generation, they enjoy enhanced healthcare support. They may also be eligible for quarterly payouts through the Silver Support Scheme which supplements their retirement income. In addition, they can tap on the Lease Buyback Scheme to receive a cash bonus and a stream of income for life.
  2. We will continue to review the scheme to ensure that it remains relevant to members.