Tuesday, February 25, 2014

Hidden Treasures

A relative had passed on, but he made sure his worldly affairs were put in order first. Although he listed all his bank accounts and particulars, he missed out on the names of nominees for his Central Provident Fund (CPF) balance. CPF would not release the information, claiming confidentiality between the statutory board and the deceased. The lawyers said they could get a court order for the details, but the next of kin decided not to take that potentially contentious route. If the beneficiaries wanted to keep it a secret, let them carry it to their own graves. Nobody knew what happened to the $80K.

The unclaimed monies at the CPF total $7 million and up. More than $50m lies in other statutory boards - Inland Revenue Authority $36m, Media Development Authority $4.2m, Public Utilities Board $1m. Unless they are claimed within 6 years, they disappear into the government coffers. It was reported last month that $118.5m are kept at the ministries and courts.

People are evicted from their flats if they missed out on the Service & Conservancy Charges (S&CC), issued with an arrest warrant for a misplaced parking fine, cut off from electricity and water supply if the bill is not paid. But when they owe you money, it's a different story.

The Ministry of Finance may oversee the sums held by the statutory boards, ministries and courts, but they sure ain't too bothered about making them report on the unclaimed money stashed away. To have an idea of the numbers involved, mosey over to www.unclaimedmonies.gov.sg and see how many debts are outstanding:
Ministry of Culture, Community and Youth - 464
Ministry of Finance - 248
Ministry of Home Affairs - 196
Ministry of Manpower - 2566
Central Provident Fund Board - 1744
Housing and Development Board - 1856
Land Transport Authority - 6054
Singapore Examinations and Assessment Board - 301
Factory Registration Fee - 2218
Registration fees for sale, resale and transfer of flats - 441
Miscellaneous - 3399
Rental Deposit - 582

The blurb on the website says that public sector agencies holding on to these monies would very much like to return the monies to the rightful owners, but have not always been able to do so because they could not contact the owners despite repeated attempts to do so. Try explaining that to the people who owe money to the same public sector agencies.


  1. They make it more difficult by not mentioning names. If they are really interested in returning the monies, they can easily published the names on the web. They followed LKY's advice. What's wrong with getting more money into the treasury?

  2. Aljunied GRC was the only town council to be scored a red for S&CC in arrears. In other words, the 4-legged kinds and their civil servant handlers are saying Aljunied GRC's town council isn't efficient enough in evicting the HDB dwellers, regardless of whether they are still paying their mortgages to the HDB (some have actually fully paid their lease). Maybe 4-legged kinds would advise Aljunied which ah loong runners are on the pap's approved list for their eviction jobs?!

  3. It’s so simple, doesn’t need to be a rocket scientist to figure it out. Don't like them dun vote for them, right?

    But, but, but, but, but, but, but......... for fifties majority Sinkies keep voting for them! Everyone blames the Garment, or should we blame the voters?

    1. It's not as simple as you think. Most people read government propaganda their whole life. They have been unable to think on their own. (Do you call that social engineering? brainwash?) The government is even cracking down on the Internet so you can only read the "right" thing. Until the press freedom index matches the level of Taiwan or South Korea, the people is just like a herd of sheep.

    2. In the matrix, you can choose to take the red pill. I guess most people prefer the blue one to stay blissfully unaware.


    3. "It's not as simple as you think. Most people read government propaganda their whole life."

      Gimmie a break, can't see what was going on, nor able to think? OK, OK I'll give you a break. However there are two F****King bloggers, Gintai and Chua Chin Leng aka redbean, once die-hard PAP supporters, now vocal oppositions. This is what redbean said in his blog..

      "JC, your comments about whether Sinkies saw it coming is a bit unfair. Till 15 or 20 years ago, things were looking good, good leaders, good policies, Sinkie lives getting better, getting richer, aiming forward to a period of golden years with super talented leaders deserving millions and millions. Sinkies were not complaining....

      No one could really complain and saw it coming then unless he is psychic. Who knows instead of apples we got lemons and now it is spiralling downwards."

      F***king Sinkies, calling those who knew "psychic"?

      Again today, trying to tell everyone about TPP (Trans-Pacific Partnership). Guess wat, no one care, just like many years ago?


  4. They have the name and I/C no. of the persons. It's puzzling how they are unable to contact the persons to refund the money??

    1. Yeah. It is just that they never make the effort to return the money.

    2. If confidentiality is so important even after one is dead, does it mean to say the CPF owes no duty to any CPF member to inform his/her nominee(s) once the CPF member kicked the bucket ?

      Meaning if any nominee is not aware of being nominated, then rest assured the monies will go to the Govt after 6 years ? Is this the motive of the CPF Board ?

    3. That's a very valid point. Even when we move house, the NRIC will always have the most recent address.

  5. Please do a CPF nomination. If you did one before you are married, please re-nominate as the old one will be invalid. If you do not do a nomination, it will be very difficult for your beneficiaries to get the money because CPF board will need to get details of all possible beneficiaries even if they are deceased.

    It is a real pain. Why can't they operate like an insurance company where any proper claimants can file papers and get the CPF money? Makes no sense to me.

  6. Remember the old house in Joo Chiat? The lawyers for the deceased's estate was required by law to advertise in the newspapers and the Government Gazette inviting claimants to come forward. Obviously, it pays the "bo-chap". Shouldn't the Auditor-General demand that they advertise? In any event, as trustees of the money the CPF would be required by law to write to the beneficiaries.

  7. They mailed ns men notifications for ns45 reward, but if ns men do not register with them, the rewards get forfeited. How is that so?

  8. They only worship money. U think they care abt humans at all?

  9. Nominees will receive the cheque from CPF. It is up to the nominees to reveal that they received money from the deceased.
    No one else knows. I know this as I was once a nominee of my dad's CPF. My siblings were very curious what happened to his CPF money.. and CPF refused to reveal who received it.

    In moments like this, the situation becomes highly sensitive and can get explosive. It may provoke rivalry, jealousy and family disunity during a period of grief.

    I have also noticed that I received from the CPF some odd sums of money last year. According to CPF, these were "residual" sums from the DPS ( Dependant's Protection Scheme). It seems that it is from unclaimed sums accumulated through time. (I am uncertain of the mechanism ).

    Unclaimed monies should be redistributed to everyone else in the pool ( whatever that pool is ) It should not be retained, neither should it be transferred to the Gov.

    But I am sure there will be lots of debate over that too! Issues like how long should the unclaimed monies be left till redistribution. What happens if the person returns to claim after the deadline?.. moral hazzards..

    1. may i know if the money given to you, the nominee, was distributed in cash /cheque to your bank account, or directly into your CPF account which is once again, untouchable?


    2. The nominee will receive the CPF money via cheque. The nominee is at liberty to do whatever with the cheque.

      All money belonging to CPF member will be distributed according to nomination. If no nomination, then CPF will use guidelines similar to intestate law. All monies means OA,SA,RA,MA.

      It is better to nominate while the brain is still engaged.

  10. Returning back our CPF money, whether we are alive or dead, very hard. Ask money from them from Medifund ($1.9 billion), CEL, CHAS, ComCare, Public Assistance Scheme, Edusave Endowment Fund, Lifelong Learning Endowment Fund ($4.6 billion) etc etc, what they call "targeted help", also hard, but they have a lot of money there - the kuay lapis. Who qualify - need means testing and only if we and all our siblings are totally broke then can get. But foreigners get scholarship so easy. Basket!

    But take money from us so easy - GST, COE, CPF, income tax etc. In 2012, $86 million unspent Medifund was returned to the Reserves. And ony 4000 get $120 a month for Foreign Domestic Workers Grant but still pay levy, and only 3000 get PA (Public Assistance) of $360 a month - very little poor here or hard to qualify? Like one Minister say, what do you want, 3 meals a day from hawker centre, food court or restaurant. And so on. Aiya.

    1. That is why people buy properties using as much CPF as possible. Since cannot see in our lifetime, might as well use as much of it as allowed.

      If can, leave it all to loved ones, animal shelters or religious charities... they will get them in cash ( cheques) not in their CPF accounts.