Does the CPF Matched Retirement Savings Scheme only apply to CPF Life? Or is it also applicable to the Retirement Sum Scheme?

The CPF Matched Retirement Savings Scheme applies to both CPF Life and the Retirement Sum Scheme. The government will match every dollar you voluntarily contribute to your CPF Retirement Account, up to an annual cap. This matching applies regardless of whether you are enrolled in CPF Life or the Retirement Sum Scheme.
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Overview of the three schemes:

• CPF Life is a lifelong monthly payout scheme that provides income for life during retirement.

• The Retirement Sum Scheme allows you to set aside a retirement sum to provide you with a monthly payout during retirement.

• The CPF Matched Retirement Savings Scheme is designed to encourage CPF members to top up their CPF Retirement Account.

I think it applies to both, but those who are eligible will be notified by CPF board.

The scheme targets only those who are 55-70, and have less than BRS set aside, so these are the folks who will have low cpf payout as it is. [I beleve you get 800-1k per mth maximum at the full BRS amount now). The scheme encourages top-ups and the 1 for 1 match to get the higher payout, because you are looking at folks who may have so little in their cpf that they may only be getting less than 100 to 200 monthly payout.

Basically the target recipients will be those under Merdaka generation and a little younger than that, as there are a large portion of those folks who had few education, and jobs that may not contribute cpf.

If you know of someone who qualifies, then you should consider helping them even if you may not qualify for the tax relief. Any dollar added to their cpf goes a long way for their lives.