Neil Parekh Nimil Rajnikant on Central Provident Fund (Amendment) Bill
The Central Provident Fund (Amendment) Bill fosters better financial planning, greater transparency and confidence in social security which will enhance both individual retirement readiness and the overall stability of Singapore's workforce, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Monday (Oct 14), he pointed out that besides providing benefits to citizens and businesses, there are challenges. He wanted to know when the automatic closure of the CPF Special Account would take effect after a member turns 55. He also asked for details on the formula for calculating the interest in funds transferred from the closed special accounts. Turning to small- and medium-sized enterprises, he wanted to know what support will be given to help them manage the change of internal systems to handle the new CPF procedures that may increase the burden of compliance for businesses, especially those with limited administrative resources.
The Central Provident Fund (Amendment) Bill fosters better financial planning, greater transparency and confidence in social security which will enhance both individual retirement readiness and the overall stability of Singapore's workforce, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Monday (Oct 14), he pointed out that besides providing benefits to citizens and businesses, there are challenges. He wanted to know when the automatic closure of the CPF Special Account would take effect after a member turns 55. He also asked for details on the formula for calculating the interest in funds transferred from the closed special accounts. Turning to small- and medium-sized enterprises, he wanted to know what support will be given to help them manage the change of internal systems to handle the new CPF procedures that may increase the burden of compliance for businesses, especially those with limited administrative resources.
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