s 6 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]