Saktiandi Supaat on Central Provident Fund (Amendment) Bill
Under proposed measures to ringfence the benefits of the CPF system to Singaporeans and Permanent Residents, non-residents will soon have to withdraw their money or see it no longer earn the prevailing CPF interest rate. In Parliament on Monday (Nov 6), MP Saktiandi Supaat asked how many such accounts will be affected and what percentage of all accounts they constitute, whether any particular demographic of workers is affected by this change and if Singapore is “doing anything special” to prepare for the expected outflow of monies. Saying there must have been good reasons why foreigners were allowed to take part in the CPF scheme, he asked how those considerations had changed and whether employers might now turn more to foreign workers for whom they would not have to pay additional CPF contributions. Mr Saktiandi also wanted to know if the move is a sign of impending “significant changes” such as raising the interest rates for CPF accounts.
Under proposed measures to ringfence the benefits of the CPF system to Singaporeans and Permanent Residents, non-residents will soon have to withdraw their money or see it no longer earn the prevailing CPF interest rate. In Parliament on Monday (Nov 6), MP Saktiandi Supaat asked how many such accounts will be affected and what percentage of all accounts they constitute, whether any particular demographic of workers is affected by this change and if Singapore is “doing anything special” to prepare for the expected outflow of monies. Saying there must have been good reasons why foreigners were allowed to take part in the CPF scheme, he asked how those considerations had changed and whether employers might now turn more to foreign workers for whom they would not have to pay additional CPF contributions. Mr Saktiandi also wanted to know if the move is a sign of impending “significant changes” such as raising the interest rates for CPF accounts.
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