MOM ‘do not track’ PR’s complete withdrawals of their CPF, there must be more that MOM do not know about our CPF ? Not true la ..

 

    Tan Chuan-Jin

Was away at a meeting and came back to feedback about why we don’t track withdrawal for PR monies from CPF.

Strange that CNA and Today omitted the first part of my response. It is a completely wrong report. It stated that CPF withdrawals by PRs were not tracked. Gave the impression we had no idea about the withdrawals. Worrying if we don’t and I’d be mighty upset too!  This was my full response.

“The average amount withdrawn per year by CPF members leaving Singapore from 2003 to 2013 was $426m, or about 0.3% of average total members’ balances. This includes the amounts withdrawn by former Singapore Citizens, former Permanent Residents and foreigners who contributed to the CPF before 2003.

 CPF Board does not track the amount separately for PRs who have given up their residency.”

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Comments :

‘CPF Board does not track the amount separately for PRs who have given up their residency.’ Sir, why not?

Tan Chuan-Jin  :    We track all the withdrawals. So if we wanted to break it down we can. But we don’t eyeball it as a specific line item because our main concern should be withdrawals and its impact if any. Which in present circumstances, there are no particular concerns.

Number of PRs who have left have been raised as a PQ before in Parliament.

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  • Good that you clarify it soon. Else become another issue. But alas, the headline grabbing news has been circulated. How many would read the correction (if any) is questionable. And unforturnately, most will remember the negative headlines. The media need to improve their standards!

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 Channel NewsAsia Singapore

News Link ->  CPF members leaving Singapore withdrew more than $400m each year from 2003 to 2013.

Editor’s Note: This article corrects an earlier version which wrongly stated that the government does not track CPF withdrawals by Permanent Residents who leave Singapore.

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