FROM Nov 1, CPF members can receive cash top-ups to their Special or Retirement accounts from more people, including extended family members and employers, under a law passed in Parliament on Tuesday.

Currently, the top-up is limited to spouses, siblings, children and grandchildren.

Explaining the change, Acting Manpower Minister Gan Kim Yong said: 'This will encourage family support and provide another route for employers to make voluntary contributions to employees' CPF.'

The Nov 1 starting date will allow givers to take advantage of the new tax exemption of up to $7,000 when they make cash top-ups to other CPF members before the year end, as announced during the Budget in February.

This in on top of the $7,000 tax exemption for making cash top-ups to their own CPF accounts.

Another change was removing the annual cap of $26,393, which is currently imposed on all mandatory and voluntary contributions for those who wish to top up Minimum Sum accounts of recipients who are below 55.

The changes to the CPF Act, passed on Tuesday, were part of a package of refinements made to the CPF system to help Singaporeans build up their retirement funds.

Since last year, the Government has been progressively liberalising the rules for CPF Minimum Sum top-ups by family members.