- From 1st April 2009, the member can only make top-ups using their CPF savings if the sum of their ordinary and special account balances (net balances), including the amount withdrawn under the CPF-IS scheme, is more than the prevailing minimum sum (no longer 1.5x). The maximum amount for top-up will be (net balances + CPF-IS withdrawn amount) - prevailing minimum sum.
That means the amount available for top-up will be lesser. - From 1st May 2009, the first $30,000 of the member's Special Account (SA) will no longer be allowed to use for investments. This is in addition to the $20,000 that is locked in the member's Ordinary Account (OA).
- From 1st Aug 2009, the member can use their CPF savings to top-up for their parents and grandparents, regardless of age.
- Changes are made to the CPF-Life annuity plans. Read more of the details here. More details will be out on September 2009.
- From YA2009, a member can receive 2 separate tax reliefs - up to $7,000 for minimum sum cash top-ups by the member or his employer to his own CPF and up to $7,000 for cash top-ups to the CPF of family members. (For tax relief on cash top-ups for spouses or siblings, the recipient must have earned $2,000 or less in the preceding year). Both reliefs will apply regardless of the age of the recipient when the top-ups are made. Employers who make the cash top-ups will receive full tax deduction for the top-ups made.
- From 1st Jan 2011, all CPF-IS funds must meet the strict admission criteria that was set in February 2006.
Sunday, February 15, 2009
CPF Changes from 1st April 2009
Topic(s):
CPF
These are the changes to the CPF from 1st April 2009. Seems like now there are changes every year.
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