SINGAPOREANS WITH DISABLED CHILDREN WHO ARE ADULTS

SINGAPOREANS WITH DISABLED CHILDREN WHO ARE ADULTS

**

(Assistance): **

7.

Ms Denise Phua Lay Peng asked the Minister for Manpower (a) how will his Ministry assist Singaporeans, with disabled children who are adults, who not only need to look into their own retirement needs but also the financial needs of their disabled children, especially upon the parents’ demise; and (b) whether his Ministry will help relieve the anxieties of these families by allowing parents or other contributors to top up the disabled adult's CPF Special Account which attracts a higher interest rate than the Ordinary Account.

Column: 2009

Dr Ng Eng Hen: Parents can make provision for the retirement needs of their children by voluntarily contributing to their CPF accounts, subject to an annual limit of $25,245. These contributions can also earn a higher return if the monies are transferred from the Ordinary Account to the Special Account, up to the prevailing Minimum Sum. CPFB will periodically review top-up provisions by family members for one another as part of its ongoing efforts to improve the retirement adequacy of all members.

Parents can also use their CPF funds to buy insurance and investment-linked insurance products to provide for their families in the unfortunate event of their demise or incapacity. One of these products, the Home Protection Scheme, is administered by the CPF Board, while others, like the Dependants’ Protection Scheme and many others, can be purchased from private providers.

Column: 2009