Central Provident Fund (Topping Up of Medisave Account) (Amendment) Regulations 2014

Status:

Published in Subsidiary Legislation Supplement
on 30 May 2014

No. S 382

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Topping up of Medisave Account)
(Amendment) Regulations 2014

In exercise of the powers conferred by sections 15(6) and 77(1) of the Central Provident Fund Act, 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 (Topping Up of Medisave Account) (Amendment) Regulations 2014 and shall come into operation on 1st June 2014.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Topping Up of Medisave Account) Regulations (Rg 30) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by inserting, immediately after the definition of “applicable percentage”, the following definition:

“ “committed amount” —

(a)	in relation to any member to whom the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2) apply, has the same meaning as in those Regulations; or
(b)	in relation to any member to whom the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31) apply, has the same meaning as in those Regulations;”;

(b)

by deleting paragraph (a) of the definition of “initial amount” and substituting the following paragraph:

“(a)

in relation to a person who makes a withdrawal under section 15(2)(a), (3) or (4)(a) of the Act, the total amount of moneys standing to his credit in his ordinary account and special account immediately before any transfer from those accounts to his retirement account at the time of the withdrawal, excluding —

(i)	the reserved amount standing to his credit in his ordinary account; and
(ii)	the excess, if any, of the committed amount over the total amount which he has withdrawn from the sum standing to his credit in the Fund under section 15(2)(a), (3) or (4) of the Act; or”;

(c)

by inserting, immediately after the definition of “initial amount”, the following definition:

“ “medisave retention amount”, in relation to a person, means the amount specified under section 15(6D) of the Act, for the purposes of section 15(6)(b) of the Act, which is applicable to that person;”; and

(d)

by deleting the definition of “relevant amount” and substituting the following definition:

“ “reserved amount”, in relation to a member, means such reserved amount as may be applicable to that member under the Central Provident Fund (Reserved Amount) Regulations 2014 (G.N. No. S 380/2014).”.

Amendment of regulation 4

3. Regulation 4 of the principal Regulations is amended —

(a)

by deleting the words “regulation 6(1)(b)” wherever they appear in paragraph (1)(a)(iii) and substituting in each case the words “regulation 6(2)”; and

(b)

by deleting sub-paragraph (a) of paragraph (2) and substituting the following sub-paragraph:

“(a)

the excess, if any, of —

(i)	the applicable percentage of the member’s initial amount; over
(ii)	the amount (if any) transferred at that time from the initial amount to the member’s retirement account under the Central Provident Fund (Revised Minimum Sum Scheme) Regulations or the Central Provident Fund (New Minimum Sum Scheme) Regulations, as may be applicable to the member; or”.

Miscellaneous amendments

4. The principal Regulations are amended by deleting the words “relevant amount” in the following provisions and substituting in each case the words “medisave retention amount”:

Regulations 4(1)(b) and (2)(b) and 5(1)(b), (2)(b) and (2A)(b).

[G.N. Nos. S 290/2005; S 465/2006; S 712/2007; S 561/2008; S 552/2009; S 770/2010; S 728/2011; S 707/2012; S 824/2013]

Made this 27th day of May 2014.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V57; AG/LLRD/SL/36/2010/28 Vol. 1]

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

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