Singapore legislation

Clause 25

of Central Provident Fund (Amendment) Bill

Clause 25

Amendment of section 77

Section 77(1) of the principal Act is amended —

(a)

by inserting, immediately after paragraph (l), the following paragraph:“(m)for the purposes of sections 20(1)(b)(iii), (1A)(c), (1B), (1C) and (1D) and 25(1)(a)(iii), (1B)(b) and (1C) to (1H) and, in particular, to provide for the determination of the amount of any periodic instalment referred to in section 20(1)(b)(iii) or (1A)(c) or 25(1)(a)(iii);”; and

(b)

by deleting paragraph (o) and substituting the following paragraph:“(o)for the purposes of sections 15(6) and (7) and 18(1) and (1A) and, in particular, to —

(i)

prescribe the minimum sum referred to in section 15(6)(a), including different minimum sums for different classes of members;

(ii)

prescribe the method of computing the minimum sum;

(iii)

prescribe the amount of the minimum sum which may be withdrawn, and provide for the manner in which the minimum sum may be withdrawn, after a member has attained the prescribed age; and

(iv)

without prejudice to the generality of sub paragraph (iii), provide for the Board to pay an amount of the minimum sum withdrawn by a member into the member’s account in the Fund, and for the circumstances in which payment will be made to a member in this manner;”.