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Forum Letter Replies

Response to TODAY's Forum Letter on "How will MINDEF make up for oversight on Central Provident Fund (CPF) contributions?"

13 August 2016

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I refer to the forum letter "How will MINDEF make up for oversight on Central Provident Fund (CPF) contributions?" on 9 Aug by Mr Sunny Goh.

The Full Savings Vesting Bonus (FSVB) was started in 2007 for SAF regulars as part of the Savings and Employee Retirement (SAVER) scheme, to be paid after a period of minimum service. As part of the SAVER retirement scheme, no CPF contributions were made. However, the Auditor-General’s Office view was that FSVB should be treated as a bonus during employment which should attract CPF contributions.

As with any employer making back-payment of CPF contributions, MINDEF will make the required CPF contributions for servicemen who qualified for and had received the FSVB in the past. CPF contributions will also be made to servicemen who will be receiving the FSVB henceforth.

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