THE TEMASEK TIMES

News and views from an unique perspective

Singaporean received deceased mother’s CPF after 31 years with $2 interest

Posted by temasektimes on October 21, 2018

When Singaporeans passed away, the monies remaining in their CPF accounts will be given to their children or nominees in cash within a few months. However for one Singaporean Rahayu Binte Mazlan, she received her deceased mother’s CPF savings only 31 years later.

Source: Facebook

In a post on her Facebook, she shared a letter from the CPF Board and wrote:

“My mum passed away in 1987. She nominated me as her beneficiary. Last wed, I received a letter from CPF that there is money in her CPF after CPF review”.

When Singaporeans buy properties using their CPF monies, they have to pay back the interest accrued back to the CPF board after they sell them. However, it appears that the same rule does not apply to CPF board holding on to the monies of deceased Singaporeans as Ms Rahayu found out herself after she called CPF board to demand for the interest owed:

“I went to CPF yesterday. I said that since they had kept my late mum’s money, they should pay interest. They say that that her case was after review so no interest. What I don’t understand is that why after 31 yrs then they review? What is going on with our CPF?”

She ended her post feeling humiliated by CPF’s “kind” gesture:

“CPF are you trying to fool me or mock me after 31 years? Before I got kids till now I have grandkids. Don’t know if I should be happy or angry”.

In response to queries from the state media, a CPF spokesman said all of the deceased’s CPF monies were disbursed within two months in 1987 – except for a “small residual amount” which had been retained for a specific housing-related transaction.

“This amount continued to attract interest until it was deducted several months later for the transaction. The interest accrued – which amounted to less than $2 – remained unclaimed.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

 
%d bloggers like this: