Written Answer to PQ on Take-up of Matched Retirement Savings Scheme
NOTICE PAPER NO. 550 OF 2026 FOR THE SITTING ON OR AFTER 27 FEBRUARY 2026
QUESTION NO. 1098 FOR WRITTEN ANSWER
MP: Dr Wan Rizal
To ask the Minister for Manpower what has been the take-up of the enhanced Matched Retirement Savings Scheme since January 2025, broken down by (i) age band (ii) gender and (iii) source of top-ups, compared with 2024, respectively.
Answer:
1. In 2025, the Matched Retirement Savings Scheme was enhanced to remove the age cap of 70 and increase the matching grant cap from $600 to $2,000 per year, with a $20,000 cap over an eligible member’s lifetime.
2. Following these enhancements, the number of grant recipients increased by almost 2.5 times from about 103,000 in 2024 to about 250,000 in 2025. The breakdown is given below:
a. Age: In 2025, 45% of recipients were aged between 55 and 70, and 55% were aged above 70. In 2024, all recipients were aged between 55 and 70.
b. Gender: In 2025, 62% of recipients were female and 38% were male. In 2024, 65% were female and 35% were male.
c. Source of top-ups: In 2025, 52% of recipients made top-ups to themselves, 46% received top-ups from their loved ones1, and 2% received top-ups from others such as employers and community partners. In 2024, the numbers were 53%, 44% and 3% respectively.