Changes to Central Provident Fund accounts will take effect in April 2024

At a glance

• On 6 November 2023, the Central Provident Fund (CPF) (Amendment) Bill 2023 (Bill) was passed by the Singapore parliament.
• The key changes implemented by the Bill will be coming into effect from 1 April 2024.

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On 6 November 2023, the Bill was passed by the Singapore parliament. The key changes implemented by the Bill will be coming into effect from 1 April 2024. All CPF accounts not belonging to Singapore citizens or permanent residents will be automatically closed and there will be further clarification and streamlining of the administration of CPF schemes for better service delivery (eg providing an electronic service platform to access documents).

In addition, the following changes will also be made for deceased CPF members:

• from 1 February 2024, disclosure of deceased members’ CPF information will be granted to
• their respective nominees and (upon application) beneficiaries under relevant intestacy laws; and
• transactions which arise or follow from obligations which preceded the deceased CPF’s members’ demise (eg refunds to employers where excess CPF contributions were made) will be processed.