15 April 2012
The Minister of State of Manpower and National Development, Tan Chuan-Jin announced on 12 April 2012 that the Central Provident Fund Board’s (CPF) Minimum Sum Topping-Up (MSTU) Scheme has been extended to top-ups for parents-in-law and grandparents-in-law.
From January 2013, CPF members can get income tax relief of up to $7,000 for cash top-ups to the Special or Retirement Accounts of their family members, including their spouse, siblings, parents, parents-in-law, grandparents and grandparents-in-law. Together with cash top-ups into one’s own CPF account, members can enjoy up to $14,000 tax relief.
Apart from cash, members can also use their CPF Ordinary Account savings to do the top-ups, provided they meet the prevailing Minimum.
Members will also be able to make a top-up from their Ordinary Account to their parents-in-law and grandparents-in-laws’ Special or Retirement Accounts, if the net balances in members’ Ordinary and Special Accounts, including the amount withdrawn for investments, are more than the prevailing Minimum Sum.
Source: Central Provident Fund Board
