CENTRAL PROVIDENT FUND TOP-UP SCHEME

Dr Kanwaljit Soin asked the Minister for Labour (a) how many new accounts and activated old accounts have taken advantage of the Central Provident Fund Top-up Scheme so far and (b) what is the plan for the unused portion of the $200 million budgeted for the scheme.

Dr Lee Boon Yang: (a) As at 16th August 1993:

(i) 39,335 Singaporeans have opened new CPF accounts and

(ii) 71,224 CPF members have activated their CPF accounts.

(b) According to the Minister for Finance, the figure of $200 million quoted in his Budget Statement on 26th February 1993 was only an estimate of what the CPF Top-up Scheme is expected to cost Government

There is no unused portion because the FY93 Supply Act did not include any provision for this purpose as the scheme was only announced on Budget Day. Accordingly, when the total grant requirement has been determined, payment into the CPF accounts will be made by a drawdown from the Contingencies Fund. The total amount drawn from the Contingencies Fund for this purpose will subsequently be replenished by including it in a Supplementary Supply Bill to be tabled in Parliament.