Singapore legislation

Clause 5

of Central Provident Fund (Amendment) Bill

Clause 5

Amendment of section 18

Section 18 of the principal Act is amended —

(a)

by deleting the words “of the sum standing to his credit in the Fund as may be prescribed” in subsections (1)(a) and (3)(a) and substituting in each case the words “(not exceeding such amount as may be prescribed) of the sum standing to the member’s credit in the Fund as the Board may determine”; and

(b)

by inserting, immediately after subsection (8), the following subsections:“(8A) The Minister may —

(a)

for the purposes of subsection (1)(a) or (3)(a), prescribe different amounts that may be transferred by different classes of members to different classes of relevant individuals;

(b)

for the purposes of subsection (2)(a), specify different amounts that may be transferred by different classes of members to different classes of relevant individuals; and

(c)

for the purposes of subsection (2)(b), specify different amounts that may be paid by different classes of persons to different classes of members.(8B) The Board may, for the purposes of subsection (1)(a), (2)(a) or (3)(a), determine different portions that may be transferred by different classes of members to different classes of relevant individuals.”.

Read in full context — Central Provident Fund (Amendment) Bill →