Over 300,000 accounts set to be affected by the new CPF rule

Singapore. According to the Singapore Central Provident Board, members who are non-citizens or permanent residents should close their accounts before 31 March 2024.

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The new rule will affect over 300,000 people, including those who received employee and voluntary contributions before 2023, as well as those who relinquished their permanent residency or citizenship.

Those who are affected are required to transfer their CPF savings to bank accounts. If they fail to do so, the account will be automatically closed on 1 April 2024, and all receiving savings will not earn the prevailing interest rate for CPF. However, they are still permitted to transfer their savings to their bank accounts anytime after this date.

Non-PRs/SCs can continue saving through SRS or any commercial investment products.

This step was done to ensure Singapore’s pension system will only focus on citizens and permanent residents.

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