MP for Pasir Ris-Punggol GRC , Gan Thiam Poh said that the government should give more incentives to people who top-up the CPF accounts of family members.
He suggested incentives such as tax reliefs on top of the current $7,000 relief per year.
Mr Gan said this during the budget debate, commenting on the recent changes making it possible to top up family members' CPF accounts.
He cited the impact that tax reliefs have had on donations in the past year when the tax relief was raised from 250% to 300% of donation amounts. This had resulted in more donations being made and he suggested that a similar thing can be done to incentivize CPF top-ups for family members.
If we do indeed need more incentives to force people to put more money into CPF, doesn't this indicate that people don't feel that it is a good idea to put more money into CPF? Is this due to the lack of flexibility in how users can use their funds?
Mr Gan also noted that more needs to be done also to educate the public on the new initiatives as many may be unaware of all the different policies regarding their CPF savings.
Generally though, he said that he has received fairly positive feedback on the new initiatives.