CPF top-ups growing in popularity
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Feb 16, 2011 - Straits Times
by Jessica Cheam
SINCE his father died three years ago, operations manager Chia Pen Chueun has made use of a CPF scheme to help his mother.
He has been topping up the 74-year-old's CPF account with $7,000 in cash every year. She does not have much in her CPF as she is a housewife.
'I've found the scheme helpful as it provides a regular income for my mother and gives me tax breaks,' said Mr Chia, 51, who is married with two children.
This Minimum Sum Topping-Up Scheme saw $250 million in top-ups last year, the CPF Board said on Tuesday.
This is a 9 per cent increase from $228.6 million in 2009.
The number of top-up transactions also rose to 29,975 last year from 24,143 in 2009, or a 24 per cent increase.
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why dun give the money directly to mum?
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I also thought why not.
Possibly it's more for his own benefit ie. tax breaks.
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cos they like to pay the 3 dollar admin fee what....
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Bcos the guy earn too much... tax breaks more worth it ... cos pay less taxes... mum gets the money steel...