Thursday, 4 June 2015
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 …