Mr Gan urged CPF members to take advantage of the more relaxed rules, noting that such top-ups can mean higher bonus payments from the CPF Board. -- ST PHOTO: LAU FOOK KONG
CHANGES to CPF rules will allow about 18,000 more people to contribute to the accounts of their family members.
An amendment was passed on Monday that removes the age limit on members who can receive CPF top-ups.
Previously, CPF members could contribute to the accounts of their parents and grandparents, only if these intended recipients were aged 55 and older.
This age restriction will be lifted from next month.
A younger set of working Singaporeans will then be able to contribute to the retirement savings of their family members.
Manpower Minister Gan Kim Yong disclosed just how many would be affected by the change during the second reading of the CPF (Amendment) Bill. Madam Halimah Yacob (Jurong GRC) had asked for the figure.
In giving the number, Mr Gan urged CPF members to take advantage of the more relaxed rules, noting that such top-ups can mean higher bonus payments from the CPF Board.
For instance, CPF member aged 56 to 65 this year are given a bonus when they defer drawing down their retirement savings.
Mr Gan also made it clear that family members are already able to make regular top-ups via Giro.
Read the full report in Tuesday's edition of The Straits Times.
