CPF members leaving S'pore withdrew more than $400m each year from 2003 to 2013
- POSTED: 29 May 2014 15:19
- UPDATED: 29 May 2014 23:10
Manpower Minister Tan Chuan-Jin reveals CPF members leaving Singapore withdrew 0.3 per cent of average total members' balances each year, from 2003 to last year.
SINGAPORE: From 2003 to 2013, Central Provident Fund members leaving Singapore withdrew $426 million, or 0.3 per cent of the average total members' balances each year. This includes the amounts withdrawn by former citizens, former Permanent Residents (PRs) and foreigners who contributed to CPF before 2003.
Manpower Minister Tan Chuan-Jin gave this update in Parliament on Thursday (May 29). He said the CPF Board does not track the amount separately for PRs who have given up residency.
On whether they can return to Singapore to work, Mr Tan said evaluations will be done to determine their suitability. The Government will look into their track record and history before making a decision.