Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 1997

Status:

Published in Subsidiary Legislation Supplement
on 18 Jul 1997

No. S 325

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 1997

In exercise of the powers conferred by section 77(1) 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 (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 1997 and shall be deemed to have come into operation on 1st July 1997.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations 1995 (G.N. No. S 306/95) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by deleting the word “First” in paragraph (2)(a); and

(b)

by inserting, immediately after paragraph (3), the following paragraph:

“(4) In these Regulations, “payment” means payment of moneys other than moneys standing to the credit of the payer in the Fund and “pay” shall be construed accordingly.”.

Amendment of regulation 3

3. Regulation 3(3) of the principal Regulations is amended —

(a)	by deleting “$90,000” and substituting “$100,000”; and
(b)	by deleting “$16,000” and substituting “$24,000”.

Amendment of regulation 5

4. Regulation 5 of the principal Regulations is amended —

(a)	by deleting “$90,000” in the fourth line and substituting “$100,000”; and
(b)	by deleting “$16,000” in paragraph (a) and substituting “$24,000”.

Amendment of regulation 6

5. Regulation 6 of the principal Regulations is deleted and the following regulation substituted therefor:

“Maximum topping-up limit

6. For the purposes of regulations 7 and 8, the maximum topping-up limit applicable to a recipient —

(a)	where the recipient is born on or after 1st January 1932 and is a member immediately before he attains the age of 55 years, is the minimum sum applicable to him; and
(b)	where the recipient is not a member immediately before he attains the age of 55 years, is $50,000.”.

Amendment of regulation 10

6. Regulation 10 of the principal Regulations is amended —

(a)

by deleting the words “in cash” wherever they appear in paragraph (1); and

(b)

by deleting paragraph (2) and substituting the following paragraph:

“(2) All transfers and payments to a recipient under these Regulations shall be made within the period of 10 years from the date the recipient attains the age of 55 years.”.

Amendment of First Schedule

7. The First Schedule to the principal Regulations is amended by deleting the word “FIRST” in the heading and substituting the word “THE”.

Deletion of Second Schedule

8. The Second Schedule to the principal Regulations is deleted.

[G.N. No. S 284/96]

Made this 10th day of June 1997.

MOSES LEE KIM POO

Permanent Secretary,
Ministry of Labour,
Singapore.

[ML 55.2/85 V5; AG/SL/19/95/2]

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

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