Central Provident Fund (Prescribed Amount for Medisave Account) Regulations

Status:

Not current version
(version history — see timeline)

Central Provident Fund Act

(CHAPTER 36, Sections 16 and 77(1))

Central Provident Fund (Prescribed Amount for Medisave Account) Regulations

Rg 22

G.N. No. S 360/2006

REVISED EDITION 2010

(31st May 2010)

[1st July 2006]

Citation

1. These Regulations may be cited as the Central Provident Fund (Prescribed Amount for Medisave Account) Regulations.

Prescribed amount generally

2. Subject to regulation 3, the prescribed amount under section 16 of the Act shall be $49,800.

[S 276/2010 wef 01/07/2010]

[S 273/2011 wef 01/07/2011]

[S 265/2012 wef 01/07/2012]

[S 344/2013 wef 01/07/2013]

[S 428/2014 wef 01/07/2014]

[S 745/2015 wef 01/01/2016]

Prescribed amount for members with certain medical benefits

3.—(1) The prescribed amount under section 16 of the Act shall be $14,940 for any member of the Fund who —

(a)	is a retired public officer and is entitled to medical benefits under the Co-payment on Ward Charges Scheme administered by the Public Service Division, Prime Minister’s Office; or
(b)	is entitled to medical benefits under any other scheme which, in the opinion of the Minister for Health, confers medical benefits comparable to those under the Co-payment on Ward Charges Scheme referred to in sub-paragraph (a). [S 276/2010 wef 01/07/2010] [S 769/2010 wef 01/01/2011] [S 273/2011 wef 01/07/2011] [S 265/2012 wef 01/07/2012] [S 344/2013 wef 01/07/2013] [S 428/2014 wef 01/07/2014]

[S 745/2015 wef 01/01/2016]

(2) The prescribed amount under section 16 of the Act shall be nil for any member of the Fund who —

(a)	is a retired public officer and is entitled to medical benefits under the Fixed Amount on Ward Charges Scheme administered by the Public Service Division, Prime Minister’s Office; or
(b)	is entitled to medical benefits under any other scheme which, in the opinion of the Minister for Health, confers medical benefits comparable to those under the Fixed Amount on Ward Charges Scheme referred to in sub-paragraph (a).

(3) Notwithstanding paragraph (2), a member of the Fund referred to in that paragraph may apply to the Minister for Health for approval to maintain in his medisave account the amount of $14,940, and such application shall be irrevocable.

[S 276/2010 wef 01/07/2010]

[S 769/2010 wef 01/01/2011]

[S 273/2011 wef 01/07/2011]

[S 265/2012 wef 01/07/2012]

[S 344/2013 wef 01/07/2013]

[S 428/2014 wef 01/07/2014]

[S 745/2015 wef 01/01/2016]

(4) The Minister for Health may, in granting any approval under paragraph (3), impose such terms and conditions as he considers appropriate.

Prescribed amount for certain members entitled to withdraw money from Fund before 1 January 2016

4.—(1) Paragraph (2) applies to a member of the Fund (not being an excepted member) if —

(a)

before 1 January 2016, the member is entitled to withdraw the sum standing to the member’s credit in the Fund under section 15(2)(a) or (3) of the Act or is a member referred to in section 15(4) of the Act;

(b)

on 31 December 2015, the amount standing to the member’s credit in the member’s medisave account exceeds the specified amount; and

(c)

one of the following circumstances apply in relation to the member:

(i)	the member applied before 1 January 2016 to make a withdrawal according to section 15(2)(a), (3) or (4) of the Act but the Board had not authorised the withdrawal before that date;
(ii)	the member informed the Board before 1 January 2016 (in a manner acceptable to the Board) of the member’s intention to make a withdrawal according to section 15(2)(a), (3) or (4) of the Act and applies on or after 1 January 2016 to make that withdrawal.

(2) Despite regulations 2 and 3, the prescribed amount under section 16 of the Act for a member mentioned in paragraph (1) —

(a)	is $0, if A is less than or equal to C; or
(b)	is the difference between A and C, if A is more than C.

(3) In paragraph (2) —

(a)	A is the amount standing to the member’s credit in the member’s medisave account at the time of the withdrawal;
(b)	B is the amount standing to the member’s credit in the member’s medisave account on 31 December 2015; and
(c)	C is the difference between B and the specified amount.

(4) Despite regulations 2 and 3, the prescribed amount under section 16 of the Act for a member of the Fund (not being an excepted member) is the specified amount if —

(a)	before 1 January 2016, the member is entitled to withdraw the sum standing to the member’s credit in the Fund under section 15(2)(a) or (3) of the Act or is a member referred to in section 15(4) of the Act;
(b)	the member applies on or after 1 January 2016 to make a withdrawal according to section 15(2)(a), (3) or (4) of the Act, and has not (before 1 January 2016) informed the Board of the member’s intention to make that withdrawal; and
(c)	the Minister is satisfied that the withdrawal is necessary because of the member’s exceptional circumstances.

(5) In this regulation —

“excepted member” means a member who —

(a)	on 31 December 2015, was a member mentioned in regulation 3(2) and had not been granted approval under regulation 3(3); and
(b)	after that date, continues to be a member mentioned in regulation 3(2) and has not been granted approval under regulation 3(3);

“member with benefits” means a member who was, on 31 December 2015, and continues to be —

(a)	a member referred to in regulation 3(1); or
(b)	a member who had been granted approval under regulation 3(3);

“specified amount” means —

(a)	$13,050, if the member is a member with benefits; or
(b)	$43,500, in any other case.

[S 232/2016 wef 26/05/2016]

[G.N. Nos. S 360/2006; S 260/2007; S 404/2007; S 326/2008; S 219/2009]

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