| To help Singaporeans
build up sufficient CPF savings to buy shares
in Singapore Telecom and other Government owned
companies and statutory boards which will be privatised
from time to time, the Government implemented
two SOTUS exercises in 1993 and 1995. This year,
the Government will implement a third SOTUS scheme
to top-up CPF accounts of citizens aged 21 and
above. Special recognition will be given to national
servicemen, as recommended by the RECORD II Committee.
The Government will therefore make contributions
to CPF accounts as follows:
- to all Singapore citizens
- to citizens who have performed NS
- to citizens on active NS
To qualify, CPF members must
credit at least $500 into their accounts during
the 12-month period from 1 March 1996 to 28 February
1997. The Government will pay in its contributions
on 28 February 1997. Members who contribute less
than $500 will receive a pro-rated contribution
from the Government. This is expected to cost
the Government $480 million. |
