Interest Payment on CPF Amount Owed to Members under Full Savings Vesting (FSV) Bonus Scheme

Mr Zainal Sapari asked the Minister for Defence whether the Ministry will include the payment of interest that could have been earned on the CPF amount owed to members under the Full Savings Vesting (FSV) Bonus scheme that has been highlighted in the Auditor-General's Report for FY2015/16.

The Ministry of Defence (MINDEF) is working with the Central Provident Fund (CPF) Board to credit the CPF amount payable to servicemen who had received the Full Savings Vesting Bonus (FSVB). In accordance with the CPF guidelines, the total amount credited will include the interest that could have been earned if the CPF contributions had been made at the time of the FSVB payment.