|
|
|
| |
|
|
Media Factsheet
Central Provident Fund Board
9 October 2011-- |
| |
To encourage CPF members to top up their own, or their loved ones’ CPF accounts, CPF Board is holding its Minimum Sum Topping Up (MSTU) Lucky Draw from 9 October 2011 to 15 December 2011. |
| |
| |
Members who make top-ups of at least $100 during the lucky draw period will stand a chance to win one of the three top prizes worth $4,000 each. This comprises $2,000 in shopping vouchers, and an additional $2,000 top-up into each recipient’s Special or Retirement Account. Another 50 members will each stand to win $200 in shopping vouchers. |
| |
| |
In addition, to encourage members to top up electronically, the first 2,000 members who top up at least $100 via GIRO, AXS or E-Cashier during the same period will each receive a $10 shopping voucher. |
| |
| |
Started in 1987, the MSTU Scheme aims to help members enhance their retirement savings, by topping up to their own, or family members’ Special or Retirement Accounts using their Ordinary Account savings or cash. Recipients can enjoy up to 5% interest currently on their CPF savings, thus building up their retirement nest egg faster. Members who make cash top-ups into their own and their family members’ Special or Retirement Accounts can enjoy up to $14,000 tax relief per calendar year1. |
| |
| |
There were about 30,000 MSTU transactions amounting to $250 million in 2010. In terms of number of transactions, this represented a 24% increase from 2009, and a growth of about 36%2 over the past five years. The top-up amount showed a similar increasing trend - an increase of 9% from $228.6 million in 2009, and an overall increase by 33%2 in the last five years. The growing number of top-ups is testament to the growing popularity of the MSTU scheme, as more members understand how it helps them and their family members to save for their retirement. |
| |
| |
The MSTU 2011 promotion is officially launched today, together with the CPF Board’s ‘Are You Ready’ campaign, which aims to encourage Singaporeans to kick-start their financial and retirement planning. |
| |
|
| Note to Editors: |
| 1. CPF members will receive up to $7,000 of tax relief for making cash top-ups to themselves and up to another $7,000 for making cash top-ups to eligible family members for the calendar year. Eligible family members include parents, grandparents, spouses and siblings. Recipients who are spouses or siblings must not have an annual income of $4,000 or more in the year preceding the top-up in order for the contributing CPF member to be eligible for the tax relief. |
| |
|
| |
2. Compound annual growth rate (CAGR). |
| |
| |
Public Enquiries
|
| |
For more information, please visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188. |
| |
| |