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The purpose of the CPF system is to help Singapore Citizens (SC) and Permanent Residents (PR) retire with peace of mind. In line with this, CPF members who are not SC or PR will have to close their CPF accounts.
With the closure of their CPF accounts, non-SC/PRs’ participation in CPF schemes will cease and they will be asked to transfer their CPF savings to their personal bank account. They have up to 31 March 2024 to do this, failing which their CPF accounts will be automatically closed, and any remaining savings will cease to earn the prevailing CPF interest rate. The remaining savings can still be transferred to their bank accounts at any time after that.
Non-SC/PR who wish to continue saving in Singapore may consider other options such as the Supplementary Retirement Scheme1 or through the purchase of relevant commercial investment products.
CPF Board will individually notify non-SC/PR from March 2023, using the contact details that they provided to the Board. Non-SC/PR may also refer to CPFB’s website at cpf.gov.sg/AccountClosure, and the accompanying factsheet (PDF, 0.1MB) for more details.
1 For more information, please refer to the Ministry of Finance website at go.gov.sg/supplementaryretirementscheme.