Quick, fast leg fast hand go sign contract with your old mum or dad that the monthly payments go to you ah.
9652.1
http://newpaper.asia1.com.sg/news/story/0,4136,196219,00.html?
Looking up with CPF top-ups
CPF records $158m in 2008 top-ups, more than double the previous year
By Tan May Ping
March 19, 2009 Print Ready Email Article
WITHOUT a permanent job for the past three years, Mr Jackson Tan, 53, struggled to give his elderly father a monthly cash allowance.
Click to see larger image
TNP GRAPHIC: KELVIN CHAN
He didn't know then that he could top-up his 78-year-old father's CPF account so that the latter could receive monthly payouts.
Mr Tan was not aware of changes in the scheme until he asked the CPF Board two weeks ago, and was relieved when he discovered he could sign up to transfer funds from his CPF account to his father's a few days later.
'It makes a lot of difference for me especially since I don't have a steady income,' said Mr Tan, who is now a part-time financial adviser.
He transferred $3,600 from his CPF account. His father will now receive $297 a month for a year.
The Minimum Sum Topping-Up scheme allows members to voluntarily top up their own and their family members' CPF accounts to build up the Minimum Sum, using either cash or CPF savings.
Last year, there was a record $158 million in top-ups, more than the double the $68 million in 2007.
Members used $102 million in cash for the top-ups last year. The remainder came from their CPF savings.
Topping-up applications doubled, from 8,773 in 2007 to 16,776 last year.
The reason: It's become easier to top up because of the Government's ongoing efforts to help families and encourage members to participate in the CPF Life scheme.
Mr Lo Tak Wah, CPF Board's director of retirement and investment, said: 'The increase in the number and amount of top-ups is heartening, and this is because we've made it easier for members to top up.
'Even in the current recession, we would encourage those who can to make top ups to their family and take advantage of the available tax incentives.'
Members enjoy a tax relief of up to $7,000 if they top up in cash for others.
Recipients benefit as the first $60,000 in their combined balances earns them an extra 1 per cent interest, allowing them to grow their retirement funds faster.
Currently, the Ordinary Account earns 2.5 per cent interest, while the Medisave, Special and Retirement accounts earn 4 per cent interest.
They will also be able to use their retirement funds to participate in CPF Life to get income for life.
Mr Tan said: 'It's been hard because I have not been working actively. At his age, my father has a lot of medical bills. With the monthly payouts, at least he won't have to worry about seeing the doctor and getting his medicine.'
His father has heart and lung problems, diabetes and high blood pressure.
He plans to continue topping-up his father's account using his CPF savings every year.
He topped-up the accounts of both his parents about 10 years ago and reached the then-allowed limit, or the Minimum Sum for his parents' cohort, when they turned 55.
'I didn't know that there were changes to the scheme, and that I could top-up my father's account again, until I enquired about it,' he added.
Changes introduced since November last year include expanding the list of recipients to extended family and employees.
Changes to Minimum Sum Topping-Up scheme
# Oct 07: Top-up to grandparents' accounts allowed. Members also allowed to top-up to the prevailing Minimum Sum - $106,000 currently - instead of the Minimum Sum when the recipient's cohort turned 55.
# Jan 08: CPF and cash top-up to Special Account of non-working spouse and siblings below age 55 allowed.
# Nov 08: Members of all ages allowed to receive cash top-up to their Retirement and Special accounts, including extended family members and employees. Annual cap of $26,393 removed on cash top-ups to recipients aged below 55.
Additional tax relief of up to $7,000 a year for cash top-up by the member or his employer to his own Minimum Sum.
# From 1 Apr 09: CPF top-up requirements will be lowered to the prevailing Minimum Sum, down from 1.5 times.
# From 1 Aug 09: The CPF top-up recipients list will be expanded to include parents/grandparents below age55
9652.1
http://newpaper.asia1.com.sg/news/story/0,4136,196219,00.html?
Looking up with CPF top-ups
CPF records $158m in 2008 top-ups, more than double the previous year
By Tan May Ping
March 19, 2009 Print Ready Email Article
WITHOUT a permanent job for the past three years, Mr Jackson Tan, 53, struggled to give his elderly father a monthly cash allowance.
Click to see larger image
TNP GRAPHIC: KELVIN CHAN
He didn't know then that he could top-up his 78-year-old father's CPF account so that the latter could receive monthly payouts.
Mr Tan was not aware of changes in the scheme until he asked the CPF Board two weeks ago, and was relieved when he discovered he could sign up to transfer funds from his CPF account to his father's a few days later.
'It makes a lot of difference for me especially since I don't have a steady income,' said Mr Tan, who is now a part-time financial adviser.
He transferred $3,600 from his CPF account. His father will now receive $297 a month for a year.
The Minimum Sum Topping-Up scheme allows members to voluntarily top up their own and their family members' CPF accounts to build up the Minimum Sum, using either cash or CPF savings.
Last year, there was a record $158 million in top-ups, more than the double the $68 million in 2007.
Members used $102 million in cash for the top-ups last year. The remainder came from their CPF savings.
Topping-up applications doubled, from 8,773 in 2007 to 16,776 last year.
The reason: It's become easier to top up because of the Government's ongoing efforts to help families and encourage members to participate in the CPF Life scheme.
Mr Lo Tak Wah, CPF Board's director of retirement and investment, said: 'The increase in the number and amount of top-ups is heartening, and this is because we've made it easier for members to top up.
'Even in the current recession, we would encourage those who can to make top ups to their family and take advantage of the available tax incentives.'
Members enjoy a tax relief of up to $7,000 if they top up in cash for others.
Recipients benefit as the first $60,000 in their combined balances earns them an extra 1 per cent interest, allowing them to grow their retirement funds faster.
Currently, the Ordinary Account earns 2.5 per cent interest, while the Medisave, Special and Retirement accounts earn 4 per cent interest.
They will also be able to use their retirement funds to participate in CPF Life to get income for life.
Mr Tan said: 'It's been hard because I have not been working actively. At his age, my father has a lot of medical bills. With the monthly payouts, at least he won't have to worry about seeing the doctor and getting his medicine.'
His father has heart and lung problems, diabetes and high blood pressure.
He plans to continue topping-up his father's account using his CPF savings every year.
He topped-up the accounts of both his parents about 10 years ago and reached the then-allowed limit, or the Minimum Sum for his parents' cohort, when they turned 55.
'I didn't know that there were changes to the scheme, and that I could top-up my father's account again, until I enquired about it,' he added.
Changes introduced since November last year include expanding the list of recipients to extended family and employees.
Changes to Minimum Sum Topping-Up scheme
# Oct 07: Top-up to grandparents' accounts allowed. Members also allowed to top-up to the prevailing Minimum Sum - $106,000 currently - instead of the Minimum Sum when the recipient's cohort turned 55.
# Jan 08: CPF and cash top-up to Special Account of non-working spouse and siblings below age 55 allowed.
# Nov 08: Members of all ages allowed to receive cash top-up to their Retirement and Special accounts, including extended family members and employees. Annual cap of $26,393 removed on cash top-ups to recipients aged below 55.
Additional tax relief of up to $7,000 a year for cash top-up by the member or his employer to his own Minimum Sum.
# From 1 Apr 09: CPF top-up requirements will be lowered to the prevailing Minimum Sum, down from 1.5 times.
# From 1 Aug 09: The CPF top-up recipients list will be expanded to include parents/grandparents below age55
