Central Provident Fund (Topping Up of Medisave Account) (Amendment) Regulations 2004

Status:

Published in Subsidiary Legislation Supplement
on 30 Jun 2004

No. S 392

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Topping Up of Medisave Account) (Amendment) Regulations 2004

In exercise of the powers conferred by sections 15(6) and 77(1) 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.—(1) These Regulations may be cited as the Central Provident Fund (Topping Up of Medisave Account) (Amendment) Regulations 2004 and shall, with the exception of regulation 2(a) and (b), come into operation on 1st July 2004.

(2) Regulation 2(a) and (b) shall come into operation on 1st January 2005.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Topping Up of Medisave Account) Regulations 2003 (G.N. No. S 652/2003) is amended —

(a)	by deleting “$1,250” in paragraphs (a) and (b) of the definition of “relevant amount” and substituting in each case “$2,550”;
(b)	by deleting “$2,500;” in paragraph (c) of the definition of “relevant amount” and substituting “$5,100.”; and
(c)	by deleting the definition of “retirement account”.

Amendment of regulation 4

3. Regulation 4 of the Central Provident Fund (Topping Up of Medisave Account) Regulations 2003 is amended —

(a)

by deleting paragraph (1) and substituting the following paragraph:

“(1) For the purposes of section 15(6)(b) of the Act, a member shall, at the time of a withdrawal by him under section 15(2)(a), (3) or (4) of the Act, top-up or set aside in his medisave account, an amount referred to in paragraph (2) —

(a)

if —

(i)	he has set aside the minimum sum applicable to him prior to the time of withdrawal;
(ii)	he is exempted under regulation 6(1)(a) of the Minimum Sum Regulations or regulation 6(1)(a) of the Central Provident Fund (New Minimum Sum Scheme) Regulations 2004 (G.N. No. S 386/2004) from having to set aside any minimum sum;
(iii)	he is partially exempted under regulation 6(1)(b) of the Minimum Sum Regulations or regulation 6(1)(b) of the Central Provident Fund (New Minimum Sum Scheme) Regulations 2004 from having to set aside the minimum sum applicable to him and he has retained the required retention amount under that regulation prior to the time of withdrawal; or
(iv)	after a transfer has been made to his retirement account in accordance with regulation 5 or 8 of the Minimum Sum Regulations or regulation 5 or 8 of the Central Provident Fund (New Minimum Sum Scheme) Regulations 2004, as the case may be, the amount standing to his credit in the retirement account is not less than the minimum sum applicable to him; and

(b)

if the amount standing to his credit in his medisave account is less than the relevant amount applicable to him.”;

(b)

by inserting, immediately after the words “Minimum Sum Regulations” in paragraph (2)(a), the words “or in accordance with regulation 5 or 8 of the Central Provident Fund (New Minimum Sum Scheme) Regulations 2004 (G.N. No. S 386/2004), as the case may be”; and

(c)

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

“(4) In paragraph (1)(a), “minimum sum applicable” in relation to a member, means the minimum sum applicable to the member under regulation 4 of the Minimum Sum Regulations or regulation 4 of the Central Provident Fund (New Minimum Sum Scheme) Regulations 2004, as the case may be.”.

Made this 30th day of June 2004.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85 Vol. 16; AG/LEG/SL/36/2002/3 Vol. 6]

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

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