Non-residents in Singapore will have their participation in CPF schemes terminated, so that the system and its resources can be better focused on the core objective of helping residents meet their retirement, housing and healthcare needs.
That was one of the aims of a Bill which was moved for a second reading in Parliament on Monday by Senior Minister of State for Manpower Koh Poh Koon. He said this is the final step in a process that has been underway over the years. The CPF accounts of non-residents will be closed from 1 April 2024. CPF savings that are not transferred to bank accounts by this date will be moved to the general monies of the Fund and no longer earn the prevailing CPF interest rate.
That was one of the aims of a Bill which was moved for a second reading in Parliament on Monday by Senior Minister of State for Manpower Koh Poh Koon. He said this is the final step in a process that has been underway over the years. The CPF accounts of non-residents will be closed from 1 April 2024. CPF savings that are not transferred to bank accounts by this date will be moved to the general monies of the Fund and no longer earn the prevailing CPF interest rate.
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