why is the singapore government not releasing malaysians cpf savings?

Question

i am a malaysian currently having financial problems but hv got cpf savings which help me

Answer 1

I believe the rule had changed, now Malaysian are allow to withdraw their CPF money before retirement age, the requirement is You do not hold a valid Singapore Work Permit/Employment Pass or a Singapore Permanent Resident.

Probably you can check out with CPF board, website : www.cpf.gov.sg

Answer 2

For the same reason that the Singapore government is not releasing Singaporeans' CPF savings.

The contributions are part of working in this country.

Singaporeans and non-Singaporeans know about it.

While some people (Malaysians and also some Singaporeans) may not like the idea, it is part & parcel of the Singaporen & non-Singaporean choosing to work in this country.

For example, if a person from any country in the world chooses to work in Malaysia, he would be subject to the regulations of Malaysia.
If , after he stops working there, he suddenly demands money from Malaysia that he knows he's not legally entitled to as part of his known contract, I'm sure Malaysians would feel it's not fair.

Wanting to get something after having had a working contract or terms of a country that already specifies how it works is like wanting to get the best of everything... The CPF applies to Singaporeans too & , sorry, it's not fair to try to get the Singapore government to cough up something that you are not entitled to just because you need money.....
It also affects the macro-economics of the country. It would also affect the employability of Malaysians in Singapore as a whole because the Singapore government might be more wary/careful of allowing free & easy employment as she has been doing, if there are going to be unpredictable demands from other citizens of any other countries (not only Malaysia but any other countries).

I have many good personal friends from Malaysia , Thailand & other countries in the world. We are friends. Singapore is a small country and we hope this is not a reason for it to be bullied by other countries. Hope this helps. Akan datang.

Answer 3

The CPF is an investment which gives you interests and when you retire at age 60+ they will return you the money.

You won't get your money back because its under investment.

I have heard of cases where the M'sian went back Malaysia for good and appealed for his CPF to be returned. He got it. As i said it was a rumour, how true was that I do not know.

However I believe that Malaysians have the option not to deposit CPF.

Answer 4

I searched the CPF's webpage and this is what they have to say. Just go to the website that I gave you below to click on the relevant hyperlinks.

If you are a West Malaysian residing in West Malaysia,

You may withdraw your CPF in full if you satisfy all the following conditions:

1. You do not hold a valid Singapore Work Permit/Employment Pass or have renounced your Singapore Permanent Residency; and
2. You are:
a) 55 years old or above, or
b) below 55 years old but above 50 and have not worked in Singapore in the two years before your application, or
c) physically or mentally incapacitated from ever continuing in any employment or found to be of unsound mind.

You may apply online to withdraw. Alternatively, you can complete the application form and mail it to us.

To support your application, please mail us photocopies of the relevant supporting documents (as stated on the application form). The documents must be certified by a Notary Public* or an official from the Singapore High Commission.


If you are leaving Singapore and West Malaysia permanently with no intention of returning to either country for employment or residence:

You may apply online to withdraw. Alternatively, you can complete the application form and mail it to us.

To support your application, please mail us photocopies of the relevant supporting documents (as stated on the application form). The documents must be certified by a Notary Public* or an official from the Singapore High Commission.


*Who is a Notary Public?

A Notary Public is a public official who has the power in law to witness the signing of a written statement or certify the authenticity of documents and make them official. Usually, a Notary Public has in force a practising certificate as a solicitor/advocate/lawyer, depending on the legal system in that country. If the solicitor/advocate/lawyer has been empowered with the duties of a Notary Public and has a seal/stamp showing the official title of Notary Public, documents witnessed or certified by him are acceptable.

Upon approval of your withdrawal application, please note that:


If you have used your CPF to purchase a property, you will not be required to refund the amount withdrawn upon sale of the property.

If you have used your CPF Ordinary Account monies to invest under the CPFIS-Ordinary Account, your Investment Account will be automatically closed and any investment holdings or cash balance will be released to you by your agent bank. You may then liquidate the investments as and when you wish and the proceeds would be paid to you directly.

If you have used your CPF Special Account monies to invest under the CPFIS-Special Account, the Board will inform your product provider(s) to release any investment holdings to you. You may then liquidate the investments as and when you wish and the proceeds would be paid to you directly.

If you have outstanding tax liabilities, your CPF will be used to pay off the taxes as CPF Board is appointed as a collecting agent for the Income Revenue Authority of Singapore (IRAS).

For more information on prevailing tax rules, click here to access the IRAS website.


Mode of payment

The CPF withdrawn will be paid to you in Singapore Dollars.

You can choose to receive the monies through one of the following options:


Interbank GIRO into your Singapore Bank Account

Telegraphic Transfer to your overseas bank account

Demand Draft to be sent to your overseas address

CPF withdrawal cheque which can be encashed only at the Board's appointed bank in Singapore

Please refer to the application form for detailed information on the various options available.

Answer 5

Since mid 80 s I left s pore for good, now I m abt 54 this year tried sending mail to cpf.gov.sg unfortunately my questions was replied incorrect, can you pls advise me how to apply fr withdrawal of my cpf as I m no longer in s pore neither working more than 35 years.Much appreciate if you can guide me, thank you

Answer 6

as a bargaining tool for
1.malaysia to sell water to us,
2. shift the railway station to woodland
3.allow us to use their airspace
4. stop pointing fingers at singapore on every small little matters

Answer 7

they will release when u get old