Parliament: Changes proposed to help build retirement savings; allow quicker publication of accident reports

Currently, CPF members must meet the prevailing Full Retirement Sum before they can transfer extra savings to their parents' or grandparents' accounts.
Currently, CPF members must meet the prevailing Full Retirement Sum before they can transfer extra savings to their parents' or grandparents' accounts.PHOTO: ST FILE

SINGAPORE - More people may soon be able to help their elders save for retirement.

Changes to the Central Provident Fund (CPF) Act have been proposed in Parliament to lower the minimum amount they must hold in their own CPF accounts before making transfers to their parents and grandparents.

Currently, CPF members must meet the prevailing Full Retirement Sum - which is $166,000 for CPF members aged 55 this year - before they can transfer extra savings to their parents' or grandparents' accounts.

Members aged 55 and above need to meet the retirement sum specified for their cohort.

Under the changes proposed by the Manpower Ministry (MOM) on Monday (Oct 2), CPF members will be able to make the transfers if they have at least the Basic Retirement Sum - which is half the full sum - and a sufficient property pledge or charge to make up the rest of the full sum.

The ministry said in a press statement that this change is part of enhancements "which aim to improve the retirement adequacy of CPF members". Last year, the threshold to make transfers to a spouse's CPF account was lowered to the Basic Retirement Sum, instead of the full sum.

MOM also proposed changes to the Workplace Safety and Health (WSH) Act on Monday.

It wants the Commissioner for WSH to be allowed to publish "learning reports" on accidents, dangerous occurrences or occupational diseases being investigated, even before the investigation is over.

This would provide speedier warnings or recommendations to others on the potential dangers, as the reports can cover factors leading to the incidents or diseases; expert opinions; and recommendations to prevent such cases or minimise the likelihood of them recurring.

The reports will not be admissible in evidence in court, except for cases such as official inquiry commissions or committees.

The proposed amendments to the two laws are scheduled to be debated at the next Parliament sitting.