Broadening Tax Relief for Parent Relief/Parent Relief (Disability) to Include Seniors to Help Them Stay Active in Workforce
11 Nov 2024Parliamentary Question by Mr Zhulkarnain Abdul Rahim:
To ask the Prime Minister and Minister for Finance whether the tax relief for Parent Relief/Parent Relief (Disability) which recognises individuals supporting their parents or parents-in-law can be broadened to include dependants who are (i) above 50 years old or (ii) earning an annual income not exceeding $5,000, so as to encourage seniors to stay active in the workforce for as long as possible.
Parliamentary Reply by Second Minister for Finance, Mr Chee Hong Tat:
1. Parent Relief, including Parent Relief (Disability), is provided to promote filial piety and provide recognition to taxpayers for their efforts in supporting their parents, grandparents, parents-in-law and grandparents-in-law in Singapore. It was announced in Budget 2024 that the income threshold for dependant-related reliefs, including Parent Relief, will be increased from $4,000 to $8,000, with effect from Year of Assessment 2025.
2. There are other government schemes which support seniors to stay active in the workforce and encourage employers to hire seniors. These include the Senior Employment Credit, Part-Time Re-Employment Grant, SkillsFuture Level-Up Programme, and Career Conversion Programmes.