14.

Apart from providing for their own financial security, individuals currently enjoy a tax relief for cash top-ups to the Minimum Sum Account of their parents. At present, a taxpayer who tops up in cash to his own or his parents' retirement accounts will be allowed a tax relief on the amount topped up, up to $6,000 a year. To promote inter-generational ties and the concept of extended families, I have decided to extend this relief to cover top-ups in cash for grandparents with effect from Year of Assessment 2001. Details will be released by CPF Board in due course.