SINGAPORE – About 300,000 Central Provident Fund (CPF) accounts belonging to foreigners who are neither Singapore citizens or permanent residents will be required to close by March 31, 2024. These accounts were set up before 2003 – when non-citizens or permanent residents were disallowed from making voluntary contributions to their CPF accounts. After the deadline, they will be shut down...
Some of these CPF accounts happen to include people who have relinquished their citizenship or permanent residency.SINGAPORE – About 300,000 Central Provident Fund accounts belonging to foreigners who are neither Singapore citizens or permanent residents will be required to close by March 31, 2024.
In a statement on Wednesday, the CPF Board said: “Any remaining savings will cease to earn the prevailing CPF interest rate. The remaining savings can still be transferred to their bank accounts at any time after that.” Most of them have low balances, and more than 200,000 of them have less than $5,000 accrued over the years, as Singapore adopted various changes in its CPF contribution policy for foreigners.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CPF accounts belonging to 300,000 foreigners must be closed down by March 31, 2024SINGAPORE – About 300,000 Central Provident Fund (CPF) accounts belonging to foreigners who are neither Singapore citizens or permanent residents will be required to close by March 31, 2024. Read more at straitstimes.com.
Read more »
CPF accounts of those who are not Singaporeans or PRs to close from April 2024SINGAPORE: The Central Provident Fund (CPF) accounts of members who are not Singaporeans or permanent residents will automatically close from Apr 1, 2024. This is the final step in efforts to ensure that the CPF system focuses on its objective of catering to the retirement, housing and healthcare needs of
Read more »
Faster economic growth, lower inflation to come in 2024, economists say in MAS surveySINGAPORE — GDP growth is expected to be higher in 2024 after slower growth forecasted this year, while inflation is expected to be ease this year, and drop further in 2024.
Read more »
Stories you might’ve missed, March 6 - Singapore NewsHere are the top stories published today...
Read more »
Morning Digest, March 7 - Singapore NewsHere are the top stories you might've missed...
Read more »
Stories you might’ve missed, March 7 - Singapore NewsHere are the top stories published today...
Read more »