Central Provident Fund (Prescribed Amount for Medisave Account) (Amendment) Regulations 2016

Status:

Published in Subsidiary Legislation Supplement
on 25 May 2016

No. S 232

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Prescribed Amount for Medisave Account)
(Amendment) Regulations 2016

In exercise of the powers conferred by section 77(1) of the Central Provident Fund Act, the Minister for Manpower, after consulting with the Central Provident Fund Board, makes the following Regulations:

Citation and commencement

1. These Regulations are the Central Provident Fund (Prescribed Amount for Medisave Account) (Amendment) Regulations 2016 and come into operation on 26 May 2016.

New regulation 4

2. The Central Provident Fund (Prescribed Amount for Medisave Account) Regulations (Rg 22) are amended by inserting, immediately after regulation 3, the following regulation:

“Prescribed amount for certain members entitled to withdraw money from Fund before 1 January 2016

4.—(1) Paragraph (2) applies to a member of the Fund (not being an excepted member) if —

(a)

before 1 January 2016, the member is entitled to withdraw the sum standing to the member’s credit in the Fund under section 15(2)(a) or (3) of the Act or is a member referred to in section 15(4) of the Act;

(b)

on 31 December 2015, the amount standing to the member’s credit in the member’s medisave account exceeds the specified amount; and

(c)

one of the following circumstances apply in relation to the member:

(i)	the member applied before 1 January 2016 to make a withdrawal according to section 15(2)(a), (3) or (4) of the Act but the Board had not authorised the withdrawal before that date;
(ii)	the member informed the Board before 1 January 2016 (in a manner acceptable to the Board) of the member’s intention to make a withdrawal according to section 15(2)(a), (3) or (4) of the Act and applies on or after 1 January 2016 to make that withdrawal.

(2) Despite regulations 2 and 3, the prescribed amount under section 16 of the Act for a member mentioned in paragraph (1) —

(a)	is $0, if A is less than or equal to C; or
(b)	is the difference between A and C, if A is more than C.

(3) In paragraph (2) —

(a)	A is the amount standing to the member’s credit in the member’s medisave account at the time of the withdrawal;
(b)	B is the amount standing to the member’s credit in the member’s medisave account on 31 December 2015; and
(c)	C is the difference between B and the specified amount.

(4) Despite regulations 2 and 3, the prescribed amount under section 16 of the Act for a member of the Fund (not being an excepted member) is the specified amount if —

(a)	before 1 January 2016, the member is entitled to withdraw the sum standing to the member’s credit in the Fund under section 15(2)(a) or (3) of the Act or is a member referred to in section 15(4) of the Act;
(b)	the member applies on or after 1 January 2016 to make a withdrawal according to section 15(2)(a), (3) or (4) of the Act, and has not (before 1 January 2016) informed the Board of the member’s intention to make that withdrawal; and
(c)	the Minister is satisfied that the withdrawal is necessary because of the member’s exceptional circumstances.

(5) In this regulation —

“excepted member” means a member who —

(a)	on 31 December 2015, was a member mentioned in regulation 3(2) and had not been granted approval under regulation 3(3); and
(b)	after that date, continues to be a member mentioned in regulation 3(2) and has not been granted approval under regulation 3(3);

“member with benefits” means a member who was, on 31 December 2015, and continues to be —

(a)	a member referred to in regulation 3(1); or
(b)	a member who had been granted approval under regulation 3(3);

“specified amount” means —

(a)	$13,050, if the member is a member with benefits; or
(b)	$43,500, in any other case.”.

[G.N. Nos. S 276/2010; S 769/2010; S 273/2011; S 265/2012; S 344/2013; S 428/2014; S 745/2015]

Made on 24 May 2016.

AUBECK KAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V58; AG/LEGIS/SL/36/2015/11 Vol. 1]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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