From January next year, cash top-ups into the special or retirement accounts of this group of persons will enjoy tax relief.
The CPF Board said that a CPF member may enjoy up to S$7,000 relief for cash top-ups to family members under the extension.
Giving details at a retirement conference, Mr Tan said the government would need to amend the CPF Act and the Income Tax Act later this year to effect the change.
With this enhancement, the Minimum Sum Topping-Up Scheme will become an even broader avenue to help CPF members boost the retirement savings for themselves and their loved ones, Mr Tan added.
According to CPF, there were 38,200 Minimum Sum Top-Up transactions amounting to S$215.6 million in 2011.
Top-up for parents were most popular with 58 per cent of top-ups going into parents' accounts.
Top-ups into spouses' accounts made up 16 per cent.
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