Government urges non-citizens, non-permanent residents to close CPF accounts

Over 300,000 accounts will be affected

The Singapore Central Provident Fund (CPF) Board announced that members who are not citizens of the country and non-permanent residents (non-SC/PR) should close their CPF accounts before 31 March 2024.

Over 300,000 non-SC/PR who have CPF accounts, including those who received contributions from employers or made voluntary contributions before 2003 and individuals who relinquished their citizenship or permanent residency, will not participate in CPF schemes after they closed their accounts. They are required to transfer their CPF savings to their personal bank accounts.

If they fail to do so, their accounts will be closed automatically on 1 April 2024, and any remaining savings will cease to earn the prevailing CPF interest rate. They can still transfer their savings to their bank accounts at any time after that.

Non-SC/PRs who want to continue saving in Singapore may still consider other options, such as the Supplementary Retirement Scheme or purchasing any relevant commercial investment products.

According to the CPF Board, the closure is the final step in ensuring that Singapore’s pension system will focus on catering to the retirement, housing, and healthcare needs of its citizens and permanent residents.

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