Establishment of Central Provident Fund
6.—(1) For the purposes of this Act, there is established a fund called the Central Provident Fund — (a)
into which are to be paid all contributions authorised under this Act; and
(b)
out of which are to be met all payments authorised to be paid under this Act.
(2) The Board is the trustee of the Fund and all moneys belonging to the Fund may be —(a)
deposited in a bank or banks approved by the Board;
(b)
invested in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965; or
(c)
used for the purchase of any property and for the construction of buildings for the purposes of the Board or for letting to derive income therefrom and the Board may dispose of all or any part of the property or buildings.
(3)
(4) Subject to subsections (4C) to (4I), the Board must pay to a member of the Fund interest —(a)
at such intervals, and on the amount standing to the credit of the member in the Fund at such time, as the Board may determine; and
(b)
at such rate per annum as the Board may from time to time declare by notification in the Gazette, being a rate of interest which —(i)
is not less than 2.5% per annum; and
(ii)
may exceed 2.5% per annum if the Minister for Finance so approves.
(4A) For the purposes of subsection (4), the Board may declare different rates of interest for different parts of the amount standing to the credit of a member in the Fund.
(4B) The Board may, in its discretion, pay to a member of the Fund interest in addition to that referred to in subsection (4) —(a)
at such intervals as the Board may determine —(i)
on the whole or such part, as the Board may determine, of the amount standing to the credit of the member in the Fund at such time as the Board may determine; and
(ii)
if the member belongs to such class of members as the Minister may prescribe by regulations made under section 27Q, on the whole or such part, as the Board may determine, of the aggregate at such time as the Board may determine of —(A)
the amount of any premium paid by the member under section 27L; and
(B)
the interest that would have been payable thereon, if that amount had been standing to the credit of the member in his or her retirement account; and
(b)
at such rate per annum, and subject to such terms and conditions, as the Board may, with the approval of the Minister for Finance, determine.[23/2012]
(4C) Subject to subsection (4D), the Board may suspend the payment of interest on any amount standing to the credit of a member in the Fund on the transfer or crediting of that amount to the general moneys of the Fund on or after 1 April 2022.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(4D) Where the Board is notified on or after 1 April 2022 that a member has died, the Board may cease to pay interest on —(a)
any amount standing to the credit of the member in the Fund that is or has been transferred or credited to the general moneys of the Fund under section 13(7B) as in force immediately before 1 April 2022 or section 13 or 26; and[Act 36 of 2023 wef 01/04/2024]
(b)
any designated shares payments paid to the general moneys of the Fund under section 26B as in force immediately before 1 April 2022,
on or after either of the following dates:
(c)
the date of the transfer of the amount or payment of the designated shares payments (as the case may be) to the general moneys of the Fund before, on or after 1 April 2022;[Act 36 of 2023 wef 01/04/2024]
(d)
if the date of the member’s death is later than the date of transfer or payment mentioned in paragraph (c) — the date of the member’s death before, on or after 1 April 2022.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(4E) Where —(a)
the Board is notified before 1 April 2022 that a member has died;[Act 36 of 2023 wef 01/04/2024]
(b)
any amount standing to the credit of that member has not been transferred to the general moneys of the Fund under section 13(7B) as in force immediately before 1 April 2022; and[Act 36 of 2023 wef 01/04/2024]
(c)
the Board transfers that amount to the general moneys of the Fund under section 13 on or after 1 April 2022,
the Board may cease to pay interest on that amount after that amount is transferred to the general moneys of the Fund.
[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(4F) The Board need not pay interest on the designated shares payments of a deceased designated shareholder that are paid into the general moneys of the Fund under section 26(7)(a) on or after 1 April 2022.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(4G) Subsection (4D) does not apply to the amount mentioned in subsection (4D)(a) or designated shares payments mentioned in subsection (4D)(b) if the Board has, under subsection (4C), (4D), (4F) or (4I) as in force immediately before 1 April 2022, ceased to pay interest on that amount or designated shares payments, as the case may be.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(4H) Where, immediately before 1 April 2022, the Board has, under subsection (4E), (4G) or (4H) as in force immediately before that date, suspended the payment of interest on any of the following amounts, the payment of interest continues to be so suspended on or after that date as if that subsection had not been deleted, subject to the application of subsection (4D) or the restoration of interest under this Act:(a)
any amount standing to the credit of a member in the Fund that has been transferred to the general moneys of the Fund before 1 April 2022;[Act 36 of 2023 wef 01/04/2024]
(b)
any designated shares payments that were credited into the general moneys of the Fund before 1 April 2022.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(4I) Where, immediately before 1 April 2022, the Board has, under subsection (4C), (4D), (4F) or (4I) as in force immediately before that date, ceased the payment of interest on any of the amounts mentioned in subsection (4H)(a) or (b), the payment of interest continues to be ceased on or after that date as if that subsection had not been deleted, subject to the restoration of interest under this Act.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(5) If the Board is at any time unable to pay any sum which the Fund is required to pay under this Act, the sum required to be so paid is to be charged on and advanced to the Board from the Consolidated Fund and the Board must as soon as practicable repay to the Government the sum so advanced.
(6) [Deleted by Act 36 of 2023 wef 01/04/2024]
Contributions in respect of employees
7.—(1) Subject to any regulations made under section 77(1), every employer of an employee must pay to the Fund monthly in respect of each employee contributions at the appropriate rates set out in the First Schedule.[Act 30 of 2024 wef 15/12/2024]
(1A) The Board may, in its discretion and on such terms and conditions as the Board may impose, authorise an employer or a class or classes of employers to pay those contributions at other intervals not exceeding 6 months.
(2) Despite the provisions of any written law or any contract to the contrary, an employer is entitled to recover from the monthly wages of an employee the amount shown in the First Schedule as so recoverable from the employee.
(3) Where any employer who has recovered any amount from the monthly wages of an employee in accordance with subsection (2) fails to pay the contributions to the Fund within such time as may be prescribed, the employer shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 7 years or to both.
(4) Without limiting subsections (1) and (2) and the First Schedule, and subject to section 13B(2) and such terms and conditions as the Board may impose —(a)
an employee may at any time contribute voluntarily to the Fund a sum additional to that shown in the First Schedule as payable by the employer;
(b)
an employee who desires to have contributions in excess of the appropriate rate deducted from his or her monthly wages by his or her employer may give to his or her employer written notice to that effect, and thereafter, so long as he or she is employed by that employer, the employer must make the deductions from his or her wages for each month until such time, not being less than 6 months from the giving of the previous notice, as the employee gives further written notice to his or her employer of his or her desire to cease to have the excess monthly contributions deducted from his or her wages, and the employer must pay the amount of the excess deductions to the Fund in addition to the appropriate monthly contributions; or
(c)
an employer may at any time pay to the Fund contributions in respect of any of his or her employees at a rate in excess of the appropriate rate set out in the First Schedule.[6/2016]
[Act 39 of 2021 wef 01/01/2022]
(4A) [Deleted by Act 39 of 2021 wef 01/01/2022]
(5) Despite any contract to the contrary, an employer is not entitled to recover in any way from an employee in respect of contributions payable under this Act any sum in excess of that permitted to be recovered under subsection (2) together with any sum contributed voluntarily by the employee under subsection (4) and any employer who recovers or attempts to recover any greater sum shall be guilty of an offence.
(6) The portion of any contribution recoverable under the First Schedule from the wages of an employee in accordance with subsections (2) and (4) shall be recovered by the employer from the wages in respect of which the contribution is payable at the time of payment of those wages and not otherwise.
(6A) Subject to such conditions as the Board may prescribe, where an employer has, by error not occasioned by that employer’s negligence, omitted to recover from the wages paid to an employee any amount or part of any amount that the employer would otherwise have been entitled to recover at the time of payment of the wages, the amount or part thereof may be recovered from the wages payable by the employer to the employee not later than 6 months from the date of the payment of the wages in respect of which the amount or part thereof was omitted to be recovered.
(7) Despite subsection (6), where wages are payable at intervals of less than one month, if in any month it appears to the employer that the wages of any employee for that month are likely to exceed $500, the employer —(a)
may deduct from the employee’s wages at the time of each payment in the month the appropriate proportion of such sum as would be recoverable from the employee in accordance with the First Schedule in respect of the wages if paid at the same rate throughout the month; and
(b)
must make such adjustment as may be necessary on the occasion of the last payment in that month, but if the wages do not actually exceed $500 for that month, the employer must forthwith refund to the employee the amount of the deductions.
(8) The Minister may, by notification in the Gazette, amend the First Schedule and may prescribe in the First Schedule —(a)
different rates of contributions payable in respect of different types of wages;
(b)
the payment of contributions on such additional wages as may be specified in the First Schedule, and the computation of such contributions which may —(i)
be based on the wages of an employee for the preceding year or the current year; and
(ii)
be adjusted at the end of the year or in the last month of the employee’s employment with the employer based on the employee’s actual wages for the year; and
(c)
modifications to the contributions payable on an employee’s additional wages for any year by any of the employee’s employers which the Board is satisfied —(i)
are related in a manner approved by the Board; and
(ii)
meet any requirements specified by the Board.[6/2016]
(9) Despite subsection (6), where an employer is required to pay to the Fund any additional contributions on additional wages and is entitled to recover such contributions from the wages of the employee in accordance with the First Schedule, the employer may recover such contributions from the wages payable by the employer to the employee not later than 6 months from the end of the year in which the additional contributions are payable.
(10) Despite subsection (5), if it appears to the employer at the time when additional wages as specified in the First Schedule are payable to the employee that additional contributions in respect of such additional wages are likely to arise at the end of the year due to the recomputation of additional wages on which contributions are payable in accordance with the First Schedule, the employer may —(a)
contribute to the Fund a sum additional to that shown in the First Schedule as payable by the employer; and
(b)
despite subsection (6), recover the appropriate proportion of such sum in accordance with the First Schedule from the additional wages of the employee.
(11) Where an employer is required to pay to the Fund any additional contributions and is entitled to recover such contributions from the wages of the employee in accordance with the First Schedule, the Board may, despite subsection (1), if it is satisfied that the employer is unable to recover in full or in part from the wages of the employee and that the employee is no longer in the employment of the employer, waive the payment of that portion of the additional contributions that the employer is unable to so recover.[Act 30 of 2024 wef 15/12/2024]
Agreement by statutory body to pay excess contributions deemed void
8. Any agreement made between any statutory body specified in the First Schedule and any of its employees under which that body is liable to pay any contribution to the Fund in respect of that employee in excess of the amount prescribed as payable for that employee is, insofar as it relates to such liability, void and of no effect.
Contributions in respect of platform workers
8A.—(1) Subject to any regulations made under section 77(1), every platform operator must pay to the Fund contributions in accordance with the Fourth Schedule in respect of each platform worker of the platform operator.
(2) Subject to subsections (5) and (6), despite the provisions of any written law or any contract to the contrary, a platform operator that is required to pay contributions under subsection (1) in respect of a platform worker is entitled to deduct, from the platform worker’s platform remuneration in respect of a platform service provided by the platform worker for the platform operator, the recoverable amount in accordance with the Fourth Schedule.
(3) Where a platform operator —(a)
has deducted any amount from a platform worker’s platform remuneration under subsection (2); and
(b)
fails to pay the contributions to which the deducted amount relates to the Fund within the time specified in the Fourth Schedule for the payment of the contributions or within the extended time approved by the Board under subsection (7)(a), if any,
the platform operator shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 7 years or to both.
(4) Without limiting subsections (1) and (2) and the Fourth Schedule, and subject to section 13B(2) and such terms and conditions as the Board may impose —(a)
a platform worker may at any time contribute voluntarily to the Fund a sum additional to the contributions required under subsection (1); or
(b)
a platform operator may at any time pay to the Fund contributions in respect of any platform worker of the platform operator at a rate in excess of the applicable rate specified in the Fourth Schedule.
(5) Despite any contract to the contrary, a platform operator is not entitled to recover in any way from a platform worker in respect of contributions payable under this Act any sum in excess of the total amount that the platform operator is permitted to recover under subsection (2) from the platform worker’s platform remuneration and any platform operator that recovers or attempts to recover any greater sum shall be guilty of an offence.
(6) A platform operator may deduct the recoverable amount under subsection (2) from the platform worker’s platform remuneration in respect of a platform service provided by the platform worker for the platform operator only within the time specified in the Fourth Schedule for the deduction of the recoverable amount or within the extended time approved by the Board under subsection (7)(a), if any.
(7) Subject to the limits (if any) prescribed in the Fourth Schedule, the Board may, on the application of a platform operator —(a)
approve an extended time for the payment of contributions or the deduction of a recoverable amount; or
(b)
specify that an option to be in a prescribed class of platform workers mentioned in subsection (8)(d) applies in relation to contributions payable by the platform operator for any alternative months, instead of the month or months prescribed in the Fourth Schedule.
(8) The Minister may, by notification in the Gazette, amend the Fourth Schedule and may prescribe in that Schedule —(a)
the computation of aggregate platform earnings;
(b)
the different rates of contributions payable in respect of different types of platform earnings and classes of platform operators or platform workers;
(c)
the times mentioned in subsections (3)(b) and (6), in respect of different types of platform earnings and classes of platform operators or platform workers;
(d)
whether and how a platform worker may opt to be in any class of platform workers, including requiring the Board’s approval, and when the option applies to any platform earnings, contributions and platform operators; and
(e)
matters as are necessary or expedient for giving full effect to the purposes and provisions of this section.
(9) Sections 9A and 9B do not apply to any platform remuneration paid or payable to a platform worker on or after a date prescribed by regulations made under section 77(1).[Act 30 of 2024 wef 15/12/2024]
Disclosure and provision of information to facilitate administration of contributions for platform worker
8B.—(1) On or after the date of commencement of paragraph 5 of the Fourth Schedule to the Platform Workers Act 2024, the Board may provide information concerning any platform worker to the following persons for the corresponding purpose:(a)
a platform operator — to pay contributions for a platform worker;
(b)
any other person — to enable the platform operator to pay contributions for the platform worker.
(2) On or after the date of commencement of paragraph 5 of the Fourth Schedule to the Platform Workers Act 2024, a platform worker must provide information to the Board or persons mentioned in subsection (1) to facilitate the performance of the duties, or the exercise of the powers, of the Board or those persons (as the case may be) in relation to the payment of contributions for the platform worker.[Act 30 of 2024 wef 15/10/2024]
Payment of interest on contributions in arrears
9.—(1) Where the amount of the contributions which an employer or a platform operator is liable to pay under section 7 or 8A (as the case may be) is not paid within such period as may be prescribed, the employer or the platform operator (as the case may be) is liable to pay interest on the amount for every day the amount remains unpaid at the rate and commencing from the date prescribed in regulations made under section 77(1).[Act 30 of 2024 wef 15/12/2024]
(2) Where the amount of the contributions a self‑employed person is liable to pay under section 9A is not paid within the time prescribed for payment, that person is liable to pay interest on that amount for every day the amount remains unpaid at the rate and commencing from the date prescribed in regulations made under section 77(1).[37/2019]
[Act 30 of 2024 wef 15/12/2024]
(3) The Board may, in any case in which it thinks fit, waive the payment of the whole or part of, or remit in whole or in part, any interest due or paid under subsection (1) or (2).
Contributions by self-employed person
9A.—(1) A self-employed person must pay contributions to the Fund, in respect of the self-employed person’s income determined in the manner prescribed by regulations made under section 77(1) —(a)
of an amount computed in the manner prescribed by regulations made under section 77(1);
(b)
before the expiry of the prescribed period, or any longer period that the Board specifies in any particular case; and
(c)
in the approved manner.[37/2019]
(2) Regulations made under section 77(1) may prescribe different manners of computation of the amount of contributions payable in respect of different classes of income or classes of self-employed persons.[37/2019]
(3) In this section —“approved manner”, in relation to the payment of contributions under this section, means any manner of payment of contributions that is permitted —(a)
by regulations made under section 77(1); or
(b)
by the Board for a particular payment;
“income” means assessable income from any trade, business, profession or vocation (other than from employment under a contract of service) ascertained in accordance with section 37(1) of the Income Tax Act 1947, and excludes any income prescribed by regulations made under section 77(1).[37/2019]
Estimated contributions by collectors
9B.—(1) Where a collector makes any revenue payment to a self‑employed person, the collector must pay a contribution to the Fund (called in this Act an estimated contribution) for the self‑employed person —(a)
of an amount computed in the manner prescribed by regulations made under section 77(1) based on the amount of the revenue payment;
(b)
before the expiry of the prescribed period, or any longer period that the Board specifies in any particular case; and
(c)
in the approved manner.[37/2019]
(2) Regulations made under section 77(1) may prescribe different manners of computation of the amount of estimated contributions payable in respect of different classes of revenue payment or classes of collectors or self-employed persons.[37/2019]
(3) A collector by whom any estimated contribution is payable in respect of a revenue payment to a self-employed person is entitled to deduct the amount of the estimated contribution payable from that revenue payment.[37/2019]
(4) Where a collector pays an estimated contribution in respect of a revenue payment to an approved payer in accordance with an approved manner of payment, the collector is taken to have paid the estimated contribution to the Fund.[37/2019]
(5) In this section —“approved manner”, in relation to the payment of contributions under this section, means any manner of payment of contributions that is permitted —(a)
by regulations made under section 77(1); or
(b)
by the Board for a particular payment;
“approved payer” means a person approved by the Board to assist a collector in making payment of any estimated contribution for a self-employed person in accordance with an approved manner of payment under this section.[37/2019]
Waiver of contributions
9C. The Minister may waive the payment of the whole or any part of any contribution required under section 9A or 9B in any particular case.[37/2019]
Disclosure and provision of information to facilitate administration of contributions under section 9A or 9B
9D.—(1) The Board may provide information concerning any self‑employed person to the following persons for the corresponding purpose:(a)
a collector — to pay any estimated contribution for a self‑employed person;
(b)
an approved payer — to pay any estimated contribution for, or revenue payment to, the self‑employed person in accordance with an approved manner of payment under section 9B.[37/2019]
(2) A self-employed person must provide information to the Board or persons mentioned in subsection (1) to facilitate the performance of the duties, or the exercise of the powers, of the Board or those persons (as the case may be) in relation to the payment of contributions for the self‑employed person under section 9A or 9B.[37/2019]
Expenses, etc.
10.—(1) All expenses incurred by the Board including the cost of auditing the accounts of the Fund are to be defrayed out of the moneys of the Fund.[4/2015; 5/2018]
(2) Despite anything in this Act or the MediShield Life Scheme Act 2015, no money in the Fund is to be used to make any payment for the purposes of the MediShield Life Scheme Act 2015 or any costs or expenses incurred in the administration of the MediShield Life Scheme, except for —(a)
withdrawals or deductions from a member’s medisave account made in accordance with this Act or the MediShield Life Scheme Act 2015; or
(b)
any payment made by the Board, as a defaulter’s agent under section 12 or 13 of the MediShield Life Scheme Act 2015, from moneys payable from the Fund.[4/2015]
(2A) Despite anything in this Act or the CareShield Life and Long‑Term Care Act 2019, no money in the Fund is to be used to make any payment for the purposes of the CareShield Life and Long‑Term Care Act 2019 or any costs or expenses incurred in the administration of the CareShield Life Scheme or ElderShield Scheme, except for —(a)
withdrawals or deductions from a member’s medisave account made in accordance with this Act or the CareShield Life and Long‑Term Care Act 2019; or
(b)
any payment made by the Board, as a defaulter’s agent under section 24 or 25 of the CareShield Life and Long‑Term Care Act 2019, from moneys payable from the Fund.[26/2019]
(3) Despite anything in this Act, no money in the Fund is to be used to make any payment for the purposes of Part 3B or 4 or any costs or expenses incurred in the administration of the Lifelong Income Scheme or the Home Protection Insurance Scheme, except for withdrawals or deductions from any of a member’s accounts in the Fund made in accordance with this Act.[6/2016]
Financial provisions
11. The financial provisions set out in the Second Schedule apply to the Board.
Contributions to be paid into Fund
12.—(1) All sums recovered or collected on account of contributions to the Fund under this Act must be paid into or carried to the Fund in such manner as may be prescribed.
(2) The Board must cause to be credited to each member of the Fund —(a)
the amount of every contribution paid to the Fund for the member;
(b)
the interest payable to the member under section 6(4); and
(c)
any additional interest payable to the member under section 6(4B).
Crediting of contributions and interest into subsidiary accounts, etc.
13.—(1) Subject to this Act, the following subsidiary accounts are to be maintained for each member in respect of the money standing to the member’s credit in the Fund:(a)
an ordinary account;
(b)
a medisave account;
(c)
a special account or a retirement account, or both.[6/2016]
[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
[Act 33 of 2024 wef 19/01/2025]
(1A) An account referred to in subsection (1) is an account —(a)
maintained for the crediting, transfer and payment to the account of moneys or contributions in accordance with this Act, the MediShield Life Scheme Act 2015 or the CareShield Life and Long‑Term Care Act 2019; and
(b)
from which withdrawals, transfers and deductions may be made in accordance with this Act, the MediShield Life Scheme Act 2015 or the CareShield Life and Long‑Term Care Act 2019.[6/2016; 26/2019]
(2) Every ordinary account, medisave account and special account which was maintained by the Board for a member before 28 September 1984 is deemed to have been validly maintained.
(3) All moneys standing to the credit of a member in his or her special account as at 1 April 1984 are deemed to have been transferred to his or her medisave account except where the member is entitled at that date to withdraw such money under section 15.
(4) The Board must credit to the accounts of a member specified in subsection (1), in such manner as the Minister may direct, every contribution paid into the Fund for the member under —(a)
section 7;
(aa)
section 8A;[Act 30 of 2024 wef 15/12/2024]
(b)
section 9A;
(ba)
section 9B; or
(c)
such other provision as the Minister may prescribe.[37/2019]
(4A) The Minister may give different directions in respect of different classes of members under subsection (4).
(5) The Board must credit to each account of a member the interest referred to in section 6(4) on the amount standing to the credit of the member in that account.
(5AA) Despite subsection (5), where a member’s special account is closed under section 13AA(1), the Board may credit any interest mentioned in section 6(4) that had accrued to the amount standing to the credit of the member in the member’s special account in the following manner:(a)
if there is a shortfall in the retirement sum applicable to the member, or in the amount specified by the Minister for the member pursuant to section 15AA(5)(a) — credit the interest to the member’s retirement account, even if the interest so credited exceeds that shortfall;
(b)
in any other case or if (despite paragraph (a)) the prescribed circumstances apply — credit the interest to the member’s ordinary account.[Act 33 of 2024 wef 19/01/2025]
(5A) Where any additional interest is payable to a member under section 6(4B) —(a)
the Board must credit the additional interest into one or more of the member’s ordinary account, medisave account, special account, retirement account and nominee account (if any) in such manner as the Board may determine; and
(b)
the Board may make different determinations under paragraph (a) in respect of different classes of members.[6/2016]
(6) The Board must transfer to one or more designated accounts of a member, in accordance with any regulations made under section 77(1)(ka), any amount standing to the member’s credit in his or her medisave account which is in excess of such amount as the Minister may from time to time direct.
(6A) For the purposes of subsection (6), the Minister may direct different amounts for different classes of members.[26/2016]
(7) Where there is no balance in the medisave account of a member, the Board may, on the member’s application and with the Minister’s approval, transfer to the member’s medisave account the whole or such part, as the Board may determine, of —(a)
the amount standing to the member’s credit in any designated account, not exceeding the total amount which had been transferred from the medisave account to that designated account under subsection (6) (called in this subsection the transferred amount); and
(b)
any interest that would have been payable on the transferred amount if the transfer had not been made.[6/2016]
(7A) The Board may transfer any moneys standing in a member’s account in the Fund (other than a nominee account, if any) to the general moneys of the Fund in accordance with regulations made under section 77(1) if before, on or after 1 April 2022 —(a)
the Board is notified that the member has died;
(b)
the member’s accounts in the Fund are deemed to be dormant under section 2(1B); or
(c)
the Board is unable to ascertain the member’s identity.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(7B) The Board may, on or after 1 April 2024, transfer any moneys standing in a member’s account in the Fund (other than a nominee account, if any) to the general moneys of the Fund in accordance with regulations made under section 77(1) if the Board is satisfied that the member is not an applicable person.[Act 36 of 2023 wef 01/04/2024]
(7C) Where the Board has made an initial transfer specified in subsection (7D) of any amount standing to a member’s credit in the Fund from any account of the member in the Fund (called in this subsection Account A), the Board may in such circumstances as may be prescribed in any regulations made under section 77(1) —(a)
restore to Account A or transfer to such other account of the member in the Fund as may be prescribed in those regulations (called in this subsection Account B), the whole or such part, as the Board may determine, of the amount of the initial transfer; and
(b)
pay into Account A or Account B (as the case may be) the whole or such part, as the Board may determine, of any interest that would have been payable on the amount restored to Account A or transferred to Account B, if the initial transfer had not been made.[6/2016]
(7CA) Where Account A mentioned in subsection (7C) is a special account that has since been closed under section 13AA(1), subsection (7C) applies with the following modifications:(a)
any amount to be restored to Account A under subsection (7C)(a) may be paid to the member’s accounts in the Fund in accordance with section 13AA(4);
(b)
any interest (in respect of the restored amount) to be paid into Account A under subsection (7C)(b) may be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable.[Act 33 of 2024 wef 19/01/2025]
(7D) The initial transfer referred to in subsection (7C) is a transfer to the general moneys of the Fund under subsection (7B) as in force before 1 April 2022 or on or after 1 April 2024, subsection (7A) or regulations made under section 77(1).[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(7E) Where the Board —(a)
restores or transfers the sum of any initial transfers to a member’s account in the Fund under subsection (7C)(a) (called in this subsection and subsection (7F) S); and
(b)
is satisfied that while any part of S was standing to the credit of the member in the general moneys of the Fund, the member was not an applicable person, for any period, on or after 1 April 2024 (called in subsection (7F) the non-applicable period),
the amount of interest that the Board may pay under subsection (7C)(b) in respect of S must not exceed the reduced amount.
[Act 36 of 2023 wef 01/04/2024]
(7F) In subsection (7E), the “reduced amount” in respect of S is B + C, where —(a)
B is the amount that the Board determines under subsection (7C)(b) in respect of S for the period that any part of S was standing to the credit of the member in the general moneys of the Fund (excluding the non-applicable period); and
(b)
C is the amount computed as if —(i)
the reduced rate prescribed by regulations made under section 77(1) applies to S for the non-applicable period that is before 1 April 2027 (if any); and
(ii)
the reduced rate applicable to S for the non-applicable period that is on or after 1 April 2027 (if any) is nil.[Act 36 of 2023 wef 01/04/2024]
(7G) Subsections (7A) to (7F) as in force immediately before 1 April 2022 and subsections (7A), (7C) and (7D) as in force on or after that date do not preclude, and do not affect the validity of, any transfer to the general moneys of the Fund, whether before, on or after 1 January 2011, under any regulations made under section 77(1), of any amount standing to a member’s credit in the Fund.[Act 39 of 2021 wef 01/04/2022]
[Act 36 of 2023 wef 01/04/2024]
(7GA) Subsections (7E), (7F) and (7G) apply in respect of the restoration of any amount or payment of any interest under subsection (7C) read with subsection (7CA), and a reference in subsections (7E), (7F) and (7G) to subsection (7C)(a) or (b) or subsection (7C) includes a reference to any of those provisions as modified by subsection (7CA).[Act 33 of 2024 wef 19/01/2025]
(7H) Where the Board has transferred any money standing to the credit of a member in the Fund from any account of the member in the Fund (called in this subsection Account A) to any other account in the Fund (called in this subsection Account B) under section 15(6), 15AA(5), 18(1)(a), (2)(a) or (3)(a), 18A(1), 18B, 18C(1) or 18D, any condition referred to in section 27(2)(b) or (3) or any regulations made under section 77(1), the Board may, on its own motion or on the application of the member, and subject to such terms and conditions as it may impose —(a)
restore to Account A the whole or any part of the amount of the transferred money;
(b)
pay into Account A the whole or such part, as the Board may determine, of any interest that would have been payable on the restored amount if the restored amount had not been transferred to Account B; and
(c)
transfer, from Account B to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the restored amount while the restored amount was in Account B.[23/2012; 26/2016; 43/2017]
[Act 39 of 2021 wef 01/03/2022]
(7HA) Where either Account A or Account B (mentioned in subsection (7H)) or both are special accounts that have since been closed under section 13AA(1), subsection (7H) applies with the following modifications:(a)
if only Account A is closed —(i)
any amount to be restored to Account A under subsection (7H)(a) may be paid to the member’s accounts in the Fund in accordance with section 13AA(4); and
(ii)
any interest (in respect of the restored amount) to be paid to Account A under subsection (7H)(b) may be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable;
(b)
if only Account B is closed —(i)
any amount to be restored to Account A under subsection (7H)(a) may be deducted from the accounts in the Fund of the member for whom Account B was maintained, in accordance with section 13AA(7) or (8), whichever is applicable; and
(ii)
any interest to be transferred to the general moneys of the Fund under subsection (7H)(c) may be transferred from the accounts in the Fund of the member for whom Account B was maintained, in accordance with section 13AA(7) or (8), whichever is applicable;
(c)
if both Account A of a member (called Member A) and Account B of another member (called Member B) are closed —(i)
any amount to be restored to Account A under subsection (7H)(a) may be paid to Member A’s accounts in the Fund in accordance with section 13AA(4), by a deduction from Member B’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;
(ii)
subsection (7H)(b) applies, in relation to Member A, as modified by paragraph (a)(ii); and
(iii)
subsection (7H)(c) applies, in relation to Member B, as modified by paragraph (b)(ii).[Act 33 of 2024 wef 19/01/2025]
(7HB) Where the money transferred to Account B mentioned in subsection (7H) has been transferred to another account in the Fund of the member (called in this subsection Account C) pursuant to subsection (7C), section 15(6CA), 15AA(5) or 18(4), subsection (7H) applies with the following modifications:(a)
any amount to be restored to Account A under subsection (7H)(a) may be deducted from Account C;
(b)
any interest to be transferred to the general moneys of the Fund under subsection (7H)(c) may be transferred from Account C, and is the whole or any part, as the Board may determine, of —(i)
any interest paid on the restored amount while the restored amount was in Account B and Account C; and
(ii)
if applicable, any interest paid in respect of the restored amount in connection with an initial transfer specified in subsection (7D).[Act 33 of 2024 wef 19/01/2025]
(7I) Where the Board has credited any money to a member’s account in the Fund (called in this subsection Account A) under section 13(4), 13B(2) or 13C, or where any money has been paid into Account A under section 18(1)(b) or (c), (2)(b) or (3)(b) or any regulations made under section 77(1), the Board may, on the Board’s own motion or on an application to the Board, and subject to any terms and conditions that the Board may impose —(a)
refund to the person who paid the money, or pay to any person whom the Board is satisfied is entitled to that payment, the whole or any part of the money (called in this subsection the relevant amount) by a deduction from any of the following accounts in the Fund of the member:(i)
Account A;
(ii)
if Account A is a special account that has since been closed under section 13AA(1) — the member’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;
(iii)
if the money credited or paid into Account A has been transferred from Account A to another account in the Fund of the member (called in this subsection Account B) pursuant to subsection (7C), section 15(6CA), 15AA(5) or 18(5) — Account B; and
(b)
transfer interest to the general moneys of the Fund in the following manner:(i)
if paragraph (a)(i) applies — transfer from Account A, the whole or any part, as the Board may determine, of the interest paid on the relevant amount while the relevant amount was in Account A;
(ii)
if paragraph (a)(ii) applies — transfer any interest in respect of the relevant amount from the member’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;
(iii)
if paragraph (a)(iii) applies — transfer from Account B, the whole or any part, as the Board may determine, of —(A)
the interest paid on the relevant amount while the relevant amount was in Account A and Account B; and
(B)
if applicable, any interest paid in respect of the relevant amount in connection with an initial transfer specified in subsection (7D).[Act 33 of 2024 wef 19/01/2025]
(8) In this section, “designated account”, in relation to a member, means such ordinary account, special account or retirement account of the member as may be prescribed by any regulations made under section 77(1)(ka).[Act 33 of 2024 wef 19/01/2025]
(9) [Deleted by Act 36 of 2023 wef 01/04/2024]
Power to impose conditions relating to contributions by self‑employed persons
13A.—(1) Any power to register, license or maintain the particulars of any person, or to grant, renew or reinstate any registration, licence, certificate or permit, under any Act specified in the Third Schedule includes a power to impose conditions relating to the payment of contributions into the Fund, pursuant to section 9A, such contributions to be credited —(a)
to the medisave account of the person, applicant, registrant, licensee or holder of the certificate or permit, as the case may be; or
(b)
as otherwise provided under section 13(4).[37/2019]
(1A) The Board may give, to any person entitled to exercise any power referred to in subsection (1), such information concerning any member of the Fund as may be necessary to facilitate the exercise of that power by that person in relation to that member.
(2) The Minister may, by notification in the Gazette, amend the Third Schedule.
Closure of special account
13AA.—(1) The Board may, on or after the date of commencement of section 3 of the Central Provident Fund (Amendment) Act 2024, close the special account of a member who has attained the age of 55 years (whether before, on or after that date), unless any prescribed circumstances apply.
(2) In connection with the closure of the member’s special account under subsection (1), the Board must transfer the moneys standing to the credit of the member in the special account to the ordinary account or retirement account of the member (or both) in accordance with regulations made under section 77(1).
(3) Subsections (4) to (9) apply where the member’s special account has been closed under subsection (1).
(4) Where any amount (P) would have been payable to the member’s special account if not for its closure, the Board may pay P in the following manner:(a)
if there is a shortfall in the retirement sum applicable to the member or in the amount specified by the Minister for the member pursuant to section 15AA(5)(a) — pay P (in whole or in part) to the member’s retirement account towards the maintenance of that retirement sum or specified amount (as the case may be), and the remaining part (if any) of P to the member’s ordinary account;
(b)
in any other case or if (despite paragraph (a)) the prescribed circumstances apply — pay P to the member’s ordinary account.
(5) Subject to subsection (6), the Board may pay the whole or any part, as the Board may determine, of any interest payable on P paid under subsection (4) as if P were in the member’s special account for the relevant period and the special account had not been closed, in the following manner:(a)
if the shortfall mentioned in subsection (4)(a) remains after the payment to the member’s retirement account under subsection (4)(a) — to the member’s retirement account, even if the interest so paid exceeds that shortfall;
(b)
if there is no longer any shortfall mentioned in subsection (4)(a) after the payment to the member’s retirement account under subsection (4)(a), or if P was paid under subsection (4)(b) — to the member’s ordinary account.
(6) Where —(a)
P is a refund arising from the request of the member to vary or cancel the member’s application to withdraw moneys from the member’s special account; or
(b)
the Board considers it reasonable to do so in the circumstances,
the Board may, instead of making any payment of interest under subsection (5), pay interest in the following manner:
(c)
if P was paid (in whole or in part) to the member’s retirement account under subsection (4)(a) — pay to the member’s retirement account the whole or any part, as the Board may determine, of any interest payable on the amount of P so paid as if that amount were in the member’s retirement account for the relevant period, even if the interest so paid exceeds the shortfall mentioned in subsection (4)(a);
(d)
if P was paid (in whole or in part) to the member’s ordinary account under subsection (4)(a) or (b) — pay to the member’s ordinary account the whole or any part, as the Board may determine, of any interest payable on the amount of P so paid as if that amount were in the member’s ordinary account for the relevant period.
(7) Subject to subsection (8), where any amount (D) would have been deducted or transferred from the member’s special account if not for its closure, the Board may —(a)
deduct or transfer both of the following from the member’s available ordinary account balance:(i)
D, in whole or in part;
(ii)
the whole or any part, as the Board may determine, of any interest payable on the amount of D so deducted or transferred, as if that amount were in the member’s ordinary account for the relevant period; and
(b)
if D is not deducted or transferred under paragraph (a)(i) in whole — deduct or transfer both of the following from the amount standing to the credit of the member in the member’s retirement account:(i)
the remaining part of D, in whole or in part;
(ii)
the whole or any part, as the Board may determine, of any interest payable on the amount of the remaining part of D so deducted or transferred, as if that amount were in the member’s retirement account for the relevant period.
(8) If the prescribed circumstances apply, the Board may instead of making any deduction or transfer under subsection (7) —(a)
deduct or transfer D (in whole or in part) from the amount standing to the credit of the member in the member’s retirement account; and
(b)
deduct or transfer the interest paid (if any) on the amount of D so deducted or transferred, in the following manner:(i)
deduct or transfer from the amount standing to the credit of the member in the member’s retirement account — the whole or any part, as the Board may determine, of the interest paid on D —(A)
while D was in the member’s special account before its closure; and
(B)
while D was in the member’s retirement account after the closure of the member’s special account, and before such deduction or transfer of interest from the retirement account;
(ii)
deduct or transfer from the member’s available ordinary account balance — the whole or any part, as the Board may determine, of the interest paid on D while D was in the ordinary account after the closure of the special account, and before such deduction or transfer of interest from the ordinary account.
(9) Unless otherwise provided by or under this Act, where a member’s special account has since been closed under subsection (1) and the Board is required or permitted to determine the whole or any part of any interest that would have been payable on —(a)
an amount standing to the credit of the member in the member’s special account;
(b)
an amount that is treated as if it had not been deducted, transferred or withdrawn from the member’s special account;
(c)
an amount (including an amount equivalent to the value of an instrument) that is treated as if it had been restored to the member’s special account and not debited from that account;
(d)
an amount that is treated as if it had been transferred to the member’s special account upon the occurrence of any event;
(e)
an amount that is treated as if it had been paid on its due date to the member’s special account; or
(f)
an amount that is treated as if it were in the member’s special account by way of any other transaction,
the Board may make that determination by reference to any interest that would have been payable on that amount as if that amount were standing to the credit of the member in the member’s special account, and the special account had not been closed.
(10) In this section —“available ordinary account balance”, in relation to a member, means the amount standing to the credit of the member in the member’s ordinary account, after excluding any reserved amount standing to the credit of that member in his or her ordinary account;
“relevant period” means —(a)
in a case of any amount mentioned in subsection (4) that was withdrawn or transferred from the member’s special account before its closure — the period starting on the date of the withdrawal or transfer (as the case may be) and ending on the date immediately before the date the amount is paid (in whole or in part) to the member’s retirement account or ordinary account under subsection (4);
(b)
in a case of any amount mentioned in subsection (4) that does not fall under paragraph (a) but would otherwise have been payable to the member’s special account — the period starting on the date the amount was payable to the member’s special account and ending on the date immediately before the date the amount is paid (in whole or in part) to the member’s retirement account or ordinary account under subsection (4); or
(c)
in a case of any amount mentioned in subsection (7) that would have been deducted or transferred from the member’s special account — the period starting on the date the amount was in the special account or transferred to the special account (as the case may be) and ending on the date immediately before the amount was deducted or transferred (in whole or in part) from the member’s ordinary account or retirement account under subsection (7).
(11) For the purposes of this section and section 77(1)(kb), a reference to a payment of any amount to a special account, an ordinary account or a retirement account includes a reference to the refund, restoration or crediting of the amount to, or the retention of the amount in, any of those accounts.[Act 33 of 2024 wef 19/01/2025]
Voluntary contributions to Fund
13B.—(1) Without affecting section 7(4) or 8A(4), any person may voluntarily pay to the Fund contributions for the benefit of any member of the Fund (including himself or herself), subject to regulations made under section 77(1) and any terms and conditions imposed by the Board.[Act 30 of 2024 wef 15/12/2024]
(2) Subject to regulations made under section 77(1), the Board must credit every voluntary contribution under subsection (1) or section 7(4) or 8A(4) into an ordinary account, a medisave account, a special account or a retirement account of the member in such manner and at such rate as the Minister may direct.[Act 30 of 2024 wef 15/12/2024]
[Act 33 of 2024 wef 19/01/2025]
(3) The Minister may give different directions under subsection (2) in respect of different classes of members.[Act 39 of 2021 wef 01/01/2022]
Other contributions to Fund
13C.—(1) Except as specifically provided under this Act, the Board may permit a person to pay to the Fund contributions for himself or herself under prescribed circumstances, if the person satisfies the conditions (if any) imposed by the Board in any particular case.[Act 39 of 2021 wef 01/04/2022]
(2) [Deleted by Act 39 of 2021 wef 01/04/2022]
(3) Where the Board permits a person to contribute to the Fund, the Board may determine the manner and amount of the person’s contribution to the Fund, including —(a)
the account or accounts of that person in the Fund to which the amount of contribution is to be credited; and
(b)
the amount to be credited into each account of that person in the Fund.[6/2016]
(4) This section applies subject to any regulations made under section 77(1) and any terms and conditions imposed by the Board.[Act 39 of 2021 wef 01/04/2022]
Limits on aggregated contributions
13D. The aggregate of such amounts contributed to the Fund by or for a person as may be prescribed by regulations made under section 77(1) must not, in any year, exceed such sum as may be prescribed by regulations made under section 77(1).[Act 39 of 2021 wef 01/01/2022]
Crediting of cash grant or specified payment to Fund
14.—(1) The Board may after 1 June 1984 accept any cash grant made by the Government for the benefit of any person who qualifies for such grant under any approved scheme, and the Board must credit the cash grant into such account in the Fund of that person as the Minister may direct.[6/2016]
(1A) The Board may, in the circumstances approved by the Minister, credit the amount of a specified payment to be paid to a person into such account of that person in the Fund as the Minister may direct, instead of paying the specified payment directly to the person.[Act 39 of 2021 wef 01/01/2022]
(2) A cash grant or specified payment credited into a member’s account in the Fund under subsection (1) or (1A) (as the case may be) is deemed to be a contribution to the member for the purposes of this Act.[Act 39 of 2021 wef 01/01/2022]
(2A) Any cash grant or specified payment credited into a member’s account in the Fund under subsection (1) or (1A) or interest thereon may be withdrawn by the member under this Act for the purposes of the cash grant or specified payment (as the case may be) and in such manner as the Board may determine.[Act 39 of 2021 wef 01/01/2022]
(3) Subject to any limitations prescribed by regulations made under section 77(1), in the circumstances mentioned in subsection (3AA), the Board is entitled to recover on behalf of the Government the following amounts from any moneys standing to the credit of any person in the Fund:(a)
the whole or part of the amount of any cash grant or specified payment credited into the Fund under subsection (1) or (1A) (as the case may be) for the benefit of the person;
(b)
any interest which the person is liable to pay to the Government under the terms of any cash grant or specified payment mentioned in paragraph (a).[Act 39 of 2021 wef 01/01/2022]
(3AA) The following circumstances are specified for the purposes of subsection (3):(a)
before, on or after the date of commencement of section 42 of the Central Provident Fund (Amendment) Act 2021, the person mentioned in subsection (3) —(i)
has obtained the cash grant or specified payment mentioned in that subsection, by means of any false or misleading statement or any document that is false or misleading in any particular;
(ii)
has committed a breach of any of the terms and conditions of the cash grant or specified payment mentioned in that subsection; or
(iii)
is eligible to receive another cash grant or specified payment, or a cash grant or specified payment of a different amount, in place of the cash grant or specified payment to be recovered;
(b)
the person mentioned in subsection (3) no longer satisfies a continuing condition (if any) of the cash grant or specified payment mentioned in that subsection.[Act 39 of 2021 wef 01/01/2022]
(3A) The Board is entitled to recover on behalf of the Government the whole or part of the amount of any cash grant or specified payment paid into the Fund under subsection (1) or (1A), as the case may be, for the benefit of any person, from any money standing to the credit of that person in the Fund before, on or after the expiry of the prescribed period mentioned in paragraph (b) if —(a)
the whole or part of the cash grant or specified payment is paid in error into the person’s account in the Fund before, on or after 1 January 2017; and[Act 39 of 2021 wef 01/01/2022]
(b)
before the expiry of the prescribed period beginning on the date on which the cash grant or specified payment was paid into the person’s account in the Fund in error —(i)
the Board issues a notice of intent to recover that amount, whether or not received by the person; or
(ii)
the Government, in such manner as the Board may require, requests the Board to recover that amount.[26/2016]
[Act 39 of 2021 wef 01/01/2022]
(3B) Where the Board has, before 1 January 2017, recovered any of the following amounts, the recovered amounts are taken to be and always to have been validly recovered and no legal proceedings lie or may be instituted or maintained in any court of law in respect of any such recovery:(a)
the whole or part of the amount of any cash grant or payment paid in error into a person’s account in the Fund;
(b)
any interest on any cash grant or payment mentioned in paragraph (a).[26/2016]
(3C) Where the Board has recovered any amount from a person’s account in the Fund under subsection (3) or (3A), the Board may transfer, from the person’s account in the Fund to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the recovered amount while the recovered amount was in the person’s account in the Fund.[26/2016]
(3D) Any interest transferred to the general moneys of the Fund before 1 January 2017, which if transferred on or after that date would be permitted under subsection (3C), is taken to be and always to have been validly transferred, and no legal proceedings lie or may be instituted or maintained in any court of law in respect of any such transfer.[26/2016]
(4) Any money recovered by the Board from any person under subsection (3) must be refunded forthwith to the Government.
(4A) Despite sections 20(1)(b) and (1A), 25 and 25A —(a)
the Board may recover or transfer (as the case may be) any amount from a person’s account in the Fund under this section even after the person’s death; and
(b)
where, before 1 January 2017, the Board had recovered or transferred (as the case may be) any amount from a person’s account in the Fund after the person’s death, which if recovered or transferred on or after that date would be permitted under this section, the amount is taken to be and always to have been validly recovered or transferred, and no legal proceedings lie or may be instituted or maintained in any court of law on account of or in respect of any such recovery or transfer.[26/2016]
[Act 39 of 2021 wef 18/06/2022]
(4B) Subsections (3) to (3D) and (4A) apply despite any other provisions of this Act, but are without prejudice to any other right of action or remedy which the Board or the Government may have under any written law or rule of law.[26/2016]
(5) In this section —“approved scheme” means a scheme approved by the Minister;
“cash grant” means a cash grant made by the Government under any approved scheme;
“continuing condition”, in relation to a cash grant or specified payment, means a condition that —(a)
a person must continue to satisfy after the cash grant or specified payment is credited into the account of the person in the Fund; and
(b)
on or before the crediting of that cash grant or specified payment into the account of the member in the Fund, has been —(i)
made known to the person; or
(ii)
publicised in a prescribed manner (which may include publication on a website);[Act 39 of 2021 wef 01/01/2022]
“specified payment” means any payment to be made by the Board to a person pursuant to —(a)
any activity engaged in by the Board under section 76(1)(a) whether before, on or after the date of commencement of section 42 of the Central Provident Fund (Amendment) Act 2021; or
(b)
any written law other than this Act.[Act 39 of 2021 wef 01/01/2022]
Loan by Government to member
14A.—(1) The Board may, from time to time, accept moneys lent by the Government to any member of the Fund pursuant to any approved loan scheme.
(2) The Board must credit the moneys lent to any member under subsection (1) into the ordinary account of that member.
(3) Any moneys paid into the Fund under subsection (2) are deemed to be contributions for the purposes of this Act and those moneys or interest thereon may be withdrawn under the provisions of any regulations made under this Act for such purposes and in such manner as may be prescribed by the regulations.
(4) Despite anything in this Act, the Board may allow a member who has taken a loan from the Government pursuant to an approved loan scheme to withdraw any part of the contributions and interest standing to the member’s credit in the Fund for the repayment of the loan and the payment of any interest or other charges which the member may from time to time be liable to pay to the Government under the terms and conditions of that loan.
(5) The Board is entitled to receive any repayment and payment under subsection (4) on behalf of the Government.
(6) Despite anything in this Act, the Board is entitled to recover on behalf of the Government any moneys lent to a member pursuant to any approved loan scheme and which have been paid into the Fund for the benefit of the member under subsection (2), together with any interest and other charges which the member is liable to pay to the Government under the terms and conditions of the loan from any money standing to the credit of the member’s accounts in the Fund if the member —(a)
fails to pay any sum under the loan when due; or
(b)
is in breach of any other term or condition of the loan.
(7) Any moneys received or recovered by the Board from any member under subsection (5) or (6) must be refunded immediately to the Government.
(8) In this section, “approved loan scheme” means a loan scheme approved by the Minister.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
