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ExpatSingapore Message Board 28 May 2012, 2:01:02 am *
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Author Topic: CPF  (Read 2169 times)
TimmyB
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CPF
« on: 14 November 2000, 17:43:00 pm »
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I wonder if someone could give me some advice on this. I have been told several stories and am thoroughly confused.

I am contributing to CPF at the moment as well as my company. When my contract finishes, can i draw it out ?

I am planing to spend 3 months travelling and then come back here to work. Some people have said i won't get another EP if i've cashed in my CPF, others say i'll have to put it all back in if i intend to get PR at some point and others say i can't draw it out until i'm 55.

Any advice would be greatly appreciated.

thanks

Tim

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CPF
« on: 14 November 2000, 17:43:00 pm »
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Keith
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« Reply #1 on: 15 November 2000, 5:13:00 am »
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I was never a PR, I paid into the CPF fund before you had to decide to be a PR or not. When I left Singapore for good a few months ago there was no problem cancelling my CPF and getting all the money credited to my Singapore current account. You need to take down your passport to show that you have cancelled your Employment Pass, so they know that you are supposedly leaving for good - so if you intend to return but need the CPF money don't tell them that! It takes a couple of weeks or so for the CPF to be processed and credited to your account, you don't get it on the spot! However, you should have an ID no. so you can check the status on the internet, I was very impressed to be able to do this. However, I had a huge final tax bill to pay so it ate away a lot of the CPF money!

Also the Kiwi guy (I think he was married to a local) who runs the drycleaners took all of his CPF money out when he decided to live in South Africa. He didn't like it there and returned to Singapore permanantly, and they allowed him to rejoin the CPF scheme  - and kept the same no. He said as "long as you keep your nose clean you're ok". But I guess if you did want to join 2nd time around they would make you wait until retirement age to draw the $$$!  

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gnome
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« Reply #2 on: 15 November 2000, 11:36:00 am »
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Hi Timmy, - My understanding is that if you are not coming back to work here (forever), you can take the money.  It doesn't mean you can never come back - if you did this, you can work in Sg again if you have to pay all the money back to CPF with interest (not very much).

Whether you would get an EP again? - I'm not sure... I guess it depends on your skills I'd guess.  But would govt take a good view to someone irresponsibly spending their old age retirement money on an excellent holiday in the tropics??  But what a brilliant idea for future changes to the CPF - a "Holiday Spending Account"!!

I'd go to the CPF board and ask them directly u know.

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TimmyB
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« Reply #3 on: 15 November 2000, 11:42:00 am »
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Thanks Gnome !!

Do you know the address for CPF ?

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gnome
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« Reply #4 on: 16 November 2000, 6:19:00 am »
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 http://www.cpf.gov.sg/cpf_info/home.asp  

or in the real world: Right near Tanjong Pagar MRT

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