During Budget 2020, the Singapore Government launched the Matched Retirement Savings Scheme (MRSS) to encourage and support seniors to meet their prevailing basic retirement sum (BRS). Under this scheme, eligible seniors will get dollar-for-dollar matching under the CPF Retirement Sum Topping-Up (RTSU) up to an annual limit of $600. This matching is only applicable for cash top-ups.
Eligible seniors would have received and been notified by the CPF Board on their eligibility. Individuals that are unsure of their eligibility can check on the CPF website. A benefit of the MRSS is that apart from the seniors themselves, loved ones and even employers can top up on behalf of the senior. Additionally, as cash top-up is made via RTSU, the individual who does the top-up receive the income tax deductions benefits of RTSU cash tops ups.
In 2022, 435,000 CPF members are eligible for the MRSS, out of which 35,000 members are newly eligible. If you are one of these members, you would have received a notification via e-mail, SMS, WhatsApp or post in January 2022 informing you of your eligibility. You can also use the eligibility checker to check if you qualify for MRSS.
The eligibility criteria for MRSS are:
- Aged 55 to 70 (inclusive)
- CPF Retirement Account savings is less than the prevailing Basic Retirement Sum (the BRS for seniors turning 55 in 2021 is $93,000)
- Average monthly income of not more than $4,000
- Annual Value (AV) of residence being not more than $13,000
- Do not own more than one property
If you or your parents are eligible for the MRSS, here is a simple step-by-step guide to getting started on your MRSS cash top-up via Paynow QR.
#1 Access The CPF E-Cashier Website
To start your cash top-up, you can access the e-Cashier portal on the CPF website. Do key in your NRIC or the recipient’s NRIC and select the payment for “Top Up my own/Recipient’s RA Under Retirement Sum Topping-Up Scheme”.
Click on the “Next” button to proceed to the acknowledgement page.
On the acknowledgment page, you have to prepare your NRIC number and relevant banking app for the PayNow QR processing.
When everything is ready, you can proceed to the next step.
#2 Key In Recipient’s NRIC And The Amount For Top-Up
On this page, if you are topping up for yourself, key in your NRIC and proceed to select “Self” under the drop-down menu for “Recipient’s relationship to me”.
If you are topping up for your parents, proceed to key in their NRIC and select “Parent” under the drop-down menu for “Recipient’s relationship to me”.
To fully maximise the MRSS, you can top up $600 to enjoy the full dollar-for-dollar matching amount the Government will give under the scheme. Regardless, the top up can be split into smaller sums as long as we top up by the end of the year.
#3 Confirmation of Top Up Amount
Upon confirming the amount to top-up, you will be brought to the confirmation page where we can double-check the entry again.
As mentioned, since MRSS is done via RSTU, the CPF members who do the voluntary cash top-up will get to enjoy the same benefits under RSTU. In this case, we can enjoy the same tax relief given for RSTU top-ups.
Here, we can proceed to generate the PayNow QR for the cash top-up.
#4 Making Payment Via PayNow QR
For top-up via E-cashier, we can select either PayNow or E-nets. For this guide, we will be opting to make payments via PayNow.
Here, you can select PayNow and proceed to make payment where CPF board will generate a QR code for us to scan with our banking application.
On this last page, you will receive the PayNow QR code. Here, we can scan it and the payment will be confirmed by the end of the day.
You will also receive an email in our inbox notifying you about this transaction and the amount you have topped up.
Read Also: Here’s What Your CPF Full Retirement Sum Might Look Like When You’re 55
The post Step By Step Guide To Top Up Your CPF Matched Retirement Savings Scheme (MRSS) appeared first on DollarsAndSense.sg.
0 Mga Komento