facebookWhy is the RSTU capped at only $7k? Are there plans to increase it? - Seedly

Anonymous

26 Jun 2019

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SeedlyTV

Why is the RSTU capped at only $7k? Are there plans to increase it?

Why isn't it possible to top up more then 7k for Retirement Scheme Top Ups?

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Hi,
You can enjoy tax relief of up to $7,000 per calendar year if you are topping up for yourself and additional tax relief of up to $7,000 per calendar year if you are topping up for your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, for cash top-ups within the current Full Retirement Sum.
For more information on top-ups, please visit https://www.cpf.gov.sg/Members/Schemes/schemes/...
Thank you.

Hariz Arthur Maloy

12 Jun 2019

Independent Financial Advisor at Promiseland Independent

Tax relief is capped at 7k but RSTU is until SA hits the prevailing Full Retirement Sum. You just don't get the tax relief for contributions above 7k.

Another 7k is given for top ups to loved ones accounts.

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