Central Provident Fund (Amendment) Regulations 1997

Status:

Published in Subsidiary Legislation Supplement
on 27 Jun 1997

No. S 297

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Amendment) Regulations 1997

In exercise of the powers conferred by section 77 of the Central Provident Fund Act, the Minister for Labour, after consultation with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Amendment) Regulations 1997 and shall come into operation on 1st July 1997.

Amendment of regulation 7

2. Regulation 7 of the Central Provident Fund Regulations (Rg 15) is amended —

(a)

by deleting paragraphs (3), (4) and (5) and substituting the following paragraphs:

“(3) If contributions again become payable for the member or it is established that the member has not attained the age of 65 years, any amount which has been transferred out of the member’s account and is accounted for as unclaimed under paragraph (1) or (2) shall be restored to the member’s account and credited with interest as if the transfer had not taken place.

(4) Any amount which remains accounted for as unclaimed for more than 10 years shall be transferred to the Reserve Account of the Fund.

(5) Where any amount has been —

(a)	accounted for as unclaimed and has not been restored under paragraph (3); or
(b)	transferred to the Reserve Account under paragraph (4),

the Board shall, upon the application of any person entitled to the whole or part of the amount, restore to the member’s account the amount due to the applicant and credit interest on the amount restored as if it had not been transferred out of the member’s account.”; and

(b)

by deleting “(4)” in the first line of paragraph (6) and substituting “(5)”.

[G.N. No. S 427/92]

Made this 19th day of June 1997.

MOSES LEE KIM POO

Permanent Secretary,
Ministry of Labour,
Singapore.

[ML 03/77 V2; AG/SL/19/95/9]

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

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