15 Feb '11, 10am

Do you know that you can actually do a CPF top-ups for your elderly parents for their retirement plans and for...

Do you know that you can actually do a CPF top-ups for your elderly parents for their retirement plans and for...

THE CPF Board on Tuesday revealed that the total amount of top-ups for 2010 was $250 million - a 9 per cent increase from the $228.6 million in 2009. The number of transactions for this Minimum Sum Topping-Up (MSTU) Scheme also increased to 29,975 in 2010 from 24,143 in 2009. This marks a 24 per cent increase from 2009, and a compounded growth rate of about 36 per cent in the past five years. The MSTU allows top-ups for a member's own account or for family members' accounts up to the prevailing Minimum Sum of $117,000. The top-ups, which can come from the CPF Ordinary Account or be in cash, can go into the Special Account - for recipients below 55 - or Retirement Account, for those aged 55 and above. Recipients can enjoy up to 5 per cent interest on their CPF savings, and those who make the cash top-ups are eligible for tax reliefs per year of up to $14,000.

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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