pstrongApproximately 300,000 non-residents will cease participation in the CPF schemes./strong/p pSingapore’s Central Provident Fund (CPF) system will remain stable despite an expected outflow of monies from the closure of accounts of foreigners, the Ministry of Manpower (MOM) assured.
Singapore’s Central Provident Fund system will remain stable despite an expected outflow of monies from the closure of accounts of foreigners, the Ministry of Manpower assured.
Under the bill, CPF accounts that belong to non-residents will have their accounts automatically closed from 1 Apr 2024. Koh added that ceasing the participation of non-residents in CPF will also result in more efficiency for the CPF Board.
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