5.8 Firstly, we will encourage Singaporeans to voluntarily put aside more savings whenever they can. We will make it easier for Singaporeans to top up CPF accounts for themselves and their family members in order to meet the Minimum Sum, and we will provide more tax incentives for them to do so.

5.9 The Ministry of Manpower will now allow members below 55 to top up their CPF savings up to the Minimum Sum. Further, employers will now be allowed to make top-ups to their employees? Minimum Sum.

5.10 To encourage topping-up of CPF accounts, I will broaden the tax reliefs currently available. Today, there is a single $7,000 tax relief available for qualifying Minimum Sum top-ups either for oneself or family members, provided the beneficiary is 55 and above. I will allow two separate tax reliefs - up to $7,000 for top-ups by the member or his employer to his own Minimum Sum, and up to another $7,000 for top-ups to their family members' Minimum Sum. Both reliefs will apply regardless of the age of the recipient when the top-ups are made. Employers will also enjoy a full tax deduction for top-ups to their employees' accounts.

5.12 The Supplementary Retirement Scheme (SRS) provides a tax incentive for Singaporeans as well as foreigners to save for retirement outside of the CPF scheme. Today, only employees are allowed to contribute to the SRS. To enable employers to play a part towards the retirement savings of their employees, we will allow them to directly contribute to the SRS on behalf of their employees. This will provide an inexpensive method for employers to provide retirement benefits without the need to set up company pension funds, which may have high overheads. With more Singaporeans now working beyond the retirement age, we will also remove the age limit on contributions to the SRS.