Central Provident Fund (Amendment) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 30 Jul 2003

No. S 367

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Amendment) Regulations 2003

In exercise of the powers conferred by section 77(1)(a) of the Central Provident Fund Act, Dr Ng Eng Hen, Minister of State, Ministry of Education, charged with the responsibility of the Minister for Manpower, after consulting 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 2003 and shall be deemed to have come into operation on 1st January 2003.

New regulation 8

2. The Central Provident Fund Regulations (Rg 15) are amended by inserting, immediately after regulation 7, the following regulation:

“Refund of excess contributions

8.—(1) Where the Board is satisfied that —

(a)	the amount of voluntary contributions which have been paid into a member’s account in a year exceeds the sum specified in section 13B(2) of the Act; or
(b)	the amount of additional medisave contributions which have been paid by an employer in a year exceeds $1,500,

the Board may refund the excess contributions to the person who had paid the excess contributions into the member’s account

(2) The Board may require the person to whom the excess contributions are to be refunded to furnish to the Board such information as may be necessary for the purposes of determining whether any refund is payable under paragraph (1).

(3) The Board may retain the whole or any part of the excess contributions to be used to set off against any contribution or interest thereon which is due or may become due to the Board.

(4) In this regulation, “additional medisave contributions” means the contributions paid by an employer under section 7(4)(c) of the Act specifically for the purposes of the medisave account of his employee.”.

[G.N. No. S 695/2002]

Made this 28th day of July 2003.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC 18.3/01; AG/LEG/SL/36/2002/3 Vol. 3]

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

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