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No. S 574

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2003

In exercise of the powers conferred by section 77(1)(o) 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, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2003 and shall come into operation on 9th December 2003.

Amendment of regulation 12

2. Regulation 12 of the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16) is amended by inserting, immediately after paragraph (4), the following paragraphs:

“(5) Notwithstanding paragraph (1)(a), the Board may, subject to such terms and conditions as it may impose, allow a member to withdraw monthly, from the minimum sum deposited in his retirement account, an amount exceeding that specified in regulation 14 (1).

(6) The Board shall not, under paragraph (5), allow a member to withdraw an amount exceeding that specified in regulation 14 (1) unless the Board is satisfied that the member has a serious and chronic medical condition.”.

[G.N. Nos.S 350/98; S 299/99]

Made this 4th day of December 2003.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85 V17; AG/LEG/SL/36/2002/2 Vol. 3]

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