Many non-residents yet to claim savings from closed CPF accounts; over 80% have less than $5,000

All Central Provident Fund (CPF) accounts belonging to people who are neither Singapore citizens nor permanent residents — referred to as non-residents — have been closed since April 2024, but many have yet to claim their savings. The median unclaimed balance is $1,000, with more than 80% of accounts holding less than $5,000.

The CPF Board announced in March 2023 that accounts belonging to about 300,000 non-residents would be automatically closed from April 2024, as the CPF system is intended to help citizens and permanent residents retire with peace of mind.

Following continued efforts by the authorities to contact account holders, more non-residents have applied to withdraw their savings in recent years, but many have yet to do so.

In response to queries from Lianhe Zaobao, a CPF Board spokesperson said those who had not claimed their savings generally had lower balances than those who had withdrawn their money. However, the board did not disclose the number of people involved or the total amount of unclaimed savings.

Unclaimed CPF savings belonging to non-residents currently earn just 0.05% interest a year. From April next year, these savings will no longer earn any interest.

The spokesperson said the board has been continuing to try to reach non-residents who had not withdrawn their savings through various channels, including direct notifications and working with the Singapore Overseas Missions (SOMs) and foreign embassies.

As many left Singapore decades ago, the board may not have their latest contact details, so it has also placed advertisements in overseas newspapers. The spokesperson said the specific reasons why these account holders had not withdrawn their savings were unclear.

Before 1987, CPF contributions were mandatory for all employees working in Singapore, including non-residents. After 1987, non-residents working in Singapore on Work Permits were no longer required to make CPF contributions, but could do so voluntarily. This was later extended to all non-residents working in Singapore from 1995. From 2003, non-residents were disallowed from making voluntary contributions to their CPF accounts.

Many of those who have not withdrawn their savings are believed to be Malaysian citizens who worked in Singapore years ago.

Withdrawal applications take about 12 weeks on average to be processed, allowing the board to carry out the necessary checks to ensure that payments are made correctly. Processing may be faster if all documents are complete and meet the requirements.

The CPF Board spokesperson said those living overseas generally do not need to make a special trip to Singapore to apply for a withdrawal. Applicants can visit a SOM office to have their application form witnessed and all supporting documents certified true, before mailing the application to the Board by post.

Applicants residing in a country that is part of the Apostille Convention can also have their notarised documents certified by the designated Competent Authority (CA) of the country via the issuance of an apostille certificate.

Applicants who are in Singapore can visit a CPF Service Centre for assistance.

According to the CPF Board's website, Malaysian citizens who remember their CPF account numbers can complete the withdrawal form online. Once the application is approved, payment will be made by cashier's order.

Fifty-eight-year-old Zou Lizhu, who works in the food and beverage sector and lives in Negeri Sembilan, Malaysia, worked at an electronics factory in Singapore for nearly seven years from 1988 before returning to settle in Malaysia. After learning in late 2024 that her CPF account had been closed, Zou asked her daughter to book an appointment online and went to a CPF Service Centre in person to apply to withdraw her savings.

She said she had forgotten her CPF account number after so many years and was unsure how much money was in it.

“The counter staff were very friendly, and the withdrawal application process went smoothly. After I submitted the necessary documents, I recall that the CPF Board transferred a five-figure sum in Singapore dollars to my bank account within a few weeks.”

A 46-year-old self-employed man surnamed Guo from Perak, Malaysia, had worked in Singapore before the late 1990s, but had forgotten his CPF account number after many years back in Malaysia.

As the CPF Board cannot disclose personal account numbers over the phone or by email, Guo plans to visit a service centre in person when he comes to Singapore after Chinese New Year next year.

Non-residents seeking details about CPF account closures can visit cpf.gov.sg/AccountClosure.