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SINGAPORE: The government is extending the LIFE Bonus (L-Bonus) scheme to those with at least S$20,000 in their CPF Minimum Sum.
As for those whose balances fall below this amount, the scheme will also be extended to them but on a pro-rated basis.
However, if they top up their accounts to S$20,000, they would also qualify for the full L-Bonus.
Finance Minister Tharman Shanmugaratnam, who made these announcements in Parliament on Wednesday, said this group of CPF members must be prepared to receive lower monthly payouts compared to those with S$40,000 or more.
Housewives, among others, are expected to benefit from the extension of the L-Bonus.
Over the last three days, MPs such as Dr Lim Wee Kiak, Mr Ang Mong Seng, Dr Amy Khor, Mdm Cynthia Phua, Professor Kalyani Mehta and Mdm Halimah Yacob had highlighted the special challenges facing women, especially housewives, who do not have much in their CPF accounts and who also face the prospect of outliving their husbands.
Agreeing that this is an important issue, Mr Tharman said it is something everyone should address.
The L-Bonus will provide a strong incentive for husbands, children and other family members to top up the accounts of housewives.
And as this applies to all income groups, the finance minister said tax relief has been enhanced to encourage those in middle- and high-income groups to top up their family members' accounts.
Get the Finance Minister's speech here
- CNA/so
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