Tan See Leng on Central Provident Fund (Amendment) Bill

Central Provident Fund (CPF) top-up and payout processes will be made simpler, under the Central Provident Fund (Amendment) Bill. Funds from the Ordinary and Special Accounts will be automatically transferred to the Retirement Accounts of seniors to minimise the disruption to their regular payouts. It will also be easier and faster for beneficiaries to receive assets of CPF members upon death. Manpower Minister Tan See Leng, who outlined the key proposals in Parliament on Monday (Nov 1), said simplifying the CPF system will help members build up their retirement nest eggs and receive retirement payouts smoothly. Together with the Retirement and Re-employment (Amendment) Bill, they will support Singaporeans to earn and save more, he said.