Interest Payment on CPF Amount Owed to Members under Full Savings Vesting (FSV) Bonus Scheme
- Mr Zainal Sapari asked if the Ministry of Defence (MINDEF) will pay interest on CPF amounts owed to servicemen under the Full Savings Vesting Bonus scheme, as noted in the Auditor-General's Report for FY2015/16.
- MINDEF is working with the CPF Board to credit the outstanding CPF amounts to affected servicemen.
- The credited amount will include interest that could have been earned if CPF contributions had been made on time, in line with CPF guidelines.
- This addresses the shortfall highlighted in the Auditor-General's Report regarding the FSV Bonus scheme.
- The action ensures compliance with CPF rules and rectifies the issue for servicemen.