Central Provident Fund (Reserved Amount) Regulations 2014

No. S 380

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Reserved Amount) Regulations 2014

In exercise of the powers conferred by section 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 (Reserved Amount) Regulations 2014 and shall come into operation on 1st June 2014.

Definitions

2. In these Regulations —

“relevant time” means —

(a)	in relation to a reserved amount set aside under section 15AA(5) of the Act or section 15(2A), (7B) or (8A) of the Act as in force before 1 March 2022 — the time of the withdrawal or surrender or other time determined by the Minister (as the case may be) mentioned in that provision; and [S 126/2022 wef 01/03/2022]
(b)	in relation to a reserved amount set aside under section 15(6) of the Act — the time of the withdrawal mentioned in that provision;
(c)	[Deleted by S 126/2022 wef 01/03/2022]
(d)	[Deleted by S 126/2022 wef 01/03/2022]

“specified payment” has the meaning given by section 14(5) of the Act.

[S 1024/2021 wef 01/01/2022]

Reserved amount to be set aside in certain circumstances

3.—(1) The reserved amount to be set aside in a member’s ordinary account for the purposes of section 15(6)(c) or 15AA(5)(b) of the Act or a former provision at the relevant time shall, if any circumstances set out in the first column of the Schedule apply to the member at that time, be the total of the amounts specified in the second column of the Schedule corresponding to each of the applicable circumstances.

[S 126/2022 wef 01/03/2022]

(2) Notwithstanding paragraph (1), where the circumstances set out in both items 1 and 2 of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 1 and 2 of the Schedule shall not exceed the total of the following amounts:

(a)	the amount of the cash grant or specified payment credited into the member’s ordinary account under section 14(1) or (1A) of the Act, as the case may be; [S 727/2016 wef 01/01/2017] [S 1024/2021 wef 01/01/2022]
(b)	any interest which the member is liable to pay to the Government under the terms of the cash grant or specified payment, as the case may be. [S 727/2016 wef 01/01/2017] [S 1024/2021 wef 01/01/2022]

(2A) Despite paragraph (1), where the circumstances set out in both items 1 and 2A of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 1 and 2A of the Schedule must not exceed the amount of cash grant or specified payment credited into the member’s ordinary account under section 14(1) or (1A) of the Act, as the case may be.

[S 727/2016 wef 01/01/2017]

[S 1024/2021 wef 01/01/2022]

(3) Notwithstanding paragraph (1), where the circumstances set out in any 2 or more of items 3, 4 and 5 of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 3, 4 and 5 of the Schedule shall not exceed the total of the following amounts:

(a)	the amount of the loan paid into the member’s ordinary account under section 14A(2) of the Act; and
(b)	any interest or other charges which the member is liable to pay to the Government under the terms and conditions of the loan.

(4) Where the Board has determined that the whole or any part of any amount set aside under this regulation is no longer required for the purpose for which it was set aside, that whole or part of the amount set aside shall immediately cease to be set aside as a reserved amount.

(5) In this regulation, “former provision” means section 15(2A)(c), (7B)(c) or (8A)(c) of the Act as in force before 1 March 2022.

[S 126/2022 wef 01/03/2022]

Application for Board’s agreement to set aside reserved amount

4. An application for the Board’s agreement to set aside a reserved amount for the purposes of item 6 of the Schedule shall be made in writing to the Board in such manner as the Board may direct.

Made this 27th day of May 2014.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V57; AG/LLRD/SL/36/2010/56 Vol. 1]

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

Search within Legislation