Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam announced the following initiatives relating to CPF during the FY2013 Budget Statement in Parliament on 25 February 2013:
- Enhancements to the Workfare Income Supplement (WIS) Scheme
The WIS scheme has been enhanced as follows:
| 1) | Income cap extended to $1,900/month to benefit more Singaporean workers |
| 2) | Higher WIS payouts of up to $3,500/year to better provide for expenditure needs and enhance retirement savings |
| 3) | More WIS to be given out in cash to help recipients with their immediate expenses (40% of WIS payouts for employees and 10% of WIS payouts for self-employed persons) |
| 4) | Increase in WIS payments to CPF Medisave and Special Accounts, without reducing contributions to the Ordinary Account, to boost the healthcare and retirement savings of older low-wage workers |
| 5) | Additional criteria to improve targeting of WIS to focus on WIS recipients with limited access to household wealth |
The changes will apply to work done from 1 January 2013 onwards.
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