On Dec. 29, SIN GVT published legislation on Central Provident Fund.
SIN GVT published a suite of instruments governing the Central Provident Fund (CPF).
Follows May 2023, SIN GVT issued a suite of CPF-related legislation, see #174721.
Notification
The Central Provident Fund (declaration of rates of interest) (no. 3) notification 2023 determines rates of interest payable on amounts standing to the credit of a fund member, and revokes an earlier equivalent order (S649/2023) noted in #174721.
Amending Instruments
The following instruments make minor/ technical changes to existing CPF legislation.
Central Provident Fund (refunds) (amendment no. 2) regulations 2023.
Central Provident fund (revised workfare income supplement scheme) (amendment) regulations 2023.
Central Provident Fund (financial penalties) (amendment) regulations 2023.
Central Provident Fund (public sector employees) (amendment no. 2) regulations 2023.
Central Provident Fund (new retirement sum scheme) (amendment no. 3) regulations 2023.
Central Provident Fund (self-employed persons) (amendment no. 2) regulations 2023.
Central Provident Fund act 1953 (amendment of first schedule) (no. 2) notification 2023.
Effectiveness
The instruments detailed above come into operation on Jan. 1, 2024.
In Jan. 2024, SIN GVT revoked CPF rules re notice to attend SIN Courts, see #199837.
Mar. 2024 Rates of Interest
On Mar. 28, 2024, SIN GVT published the Central provident fund (declaration of rates of interest) notification 2024, revoking the no. 3 notification (S923/2023) from 2023.
Interest for ordinary account and nominee ordinary account is at 2.5% per annum.
Whereas interest for special account, nominee special account, retirement account and nominee retirement account, will be set at the rate of 4.05% per annum.
Notification comes into operation on Apr. 1, 2024.
Jun. 2024 Amending Instruments
On Jun. 28, 2024, SIN GVT published instruments amending existing CPF legislation.
Central provident fund (medisave account withdrawals) (amendment no. 2) regulations 2024, which are deemed to have come into operation on Apr. 1, 2024.
Also, the following instruments which come into operation from Jul. 1, 2024.
It also published the Central provident fund (declaration of rates of interest) (no. 2) notification 2024, which is effective on Jul. 1, 2024 and revokes S263/2024 above.
Sep. 5, 2024 Medisave Account Withdrawals
On Sep. 5, 2024, SIN GVT issued the Central provident fund (medisave account withdrawals) (amendment no. 3) regulations 2024, in operation on Sep. 6, 2024.
Introduces amendments to regulations 2, 3, 9A, 14, 24 and 26 under the Central provident fund (medisave account withdrawals) regulations (Rg 17).
Sep. 25, 2024 Rates of Interest Notice
On Sep. 25, 2024, SIN GVT published the Central provident fund (declaration of rates of interest) (no. 3) notification 2024, which comes into force on Oct. 1, 2024.
The instrument specifies rates of interest payable and revokes S543/2024 above.
Nov. 2024 Late Contribution Interest
On Nov. 29, 2024, SIN GVT published the Central provident fund (amendment no. 3) regulations 2024 regarding interest on late contributions, effective Dec. 15, 2024.
The amendments clarify interest charges on unpaid contributions and apply to both employers and platform operators who fail to make timely CPF contributions.
Interest payable at the higher of either 1.5% per month or SGD 5 for unpaid period.
The instrument also specifies the scope of contributions covered and unpaid period.
In Dec. 2024, SIN GVT issued amendment re Retirement Sum Scheme, see #235885.
In Dec. 2024, SIN GVT issued amendments re enhanced retirement sum, #235886.
Dec. 2024 Notice on Rates of Interest
On Dec. 16, 2024, SIN GVT published Central provident fund (declaration of rates of interest) (no. 4) notification 2024 indicating interests rates applicable re CPF accounts.
It set an interest rate of 2.5% per annum for ordinary and nominee ordinary accounts.
The rate is 4% for Medisave accounts, nominee Medisave accounts, special accounts, nominee special accounts, retirement accounts, and nominee retirement accounts.
Notification comes into operation on Jan. 1, 2025.
Regulators
SIN GVT
Entity Types
IA; Inv Co; Pension
Reference
OG S973/2024, 12/16/2024; OG S922/2024, 11/29/2024; OG S740/2024, 9/25/2024; OG S696/2024, 9/5/2024; OG S558/2024, S557/2024, S556/2024, S555/2024, S554/2024, S553/2024, S552/2024, S551/2024, S550/2024, S549/2024, S543/2024, 6/28/2024; OG S263/2024, 3/28/2024; OG S923/2023, S922/2023, S921/2023, S920/2023, S919/2023, S918/2023, S917/2023, S916/2023, 12/29/2023; Rpl S649/2023; Rpl S263/2024; Rpl S543/2024
