Singapore. More may be able to transfer CPF savings to parents and grandparents
Proposed changes to the Central Provident Fund (CPF) Act will lower barriers for members to transfer funds to their parents and grandparents for their retirement. The CPF Amendment Bill 2017 was introduced for its first reading in Parliament on Monday (Oct 2).
After amendments to the CPF Act are passed, members will have to set aside a lower sum before they can transfer CPF savings in their accounts to their parents and grandparents, the Ministry of Manpower (MOM) said in a press release.
Members will be able to transfer savings from their CPF accounts to their parents or grandparents after setting aside the basic retirement sum if they have property pledges or charges to meet the full retirement sum, MOM said.
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