Editor,
As per media reports, I read that the Government has issued a Press note stating that deficit employees who wish to opt out of CPF can now withdraw 100% of their CPF amounts that were transferred to SBI Laitumkhrah, Shillong.
Now, since I fall in this category, 6 months before my retirement, I, as per the instructions of the Government, had transferred my accumulated CPF amounts along with the interest earned to this Centralized Provident Fund Account. I had till 6 more months, contributed my share to this Centralized Provident Fund account with a hope that the Government, as per its declaration/ claims of giving priority to education, would take care of the educators and speed up the matter to give pensionary benefits.
Now, as per 2023 Draft Scheme, the contributor can take out only 50% of the accumulated CPF amount. Further, as per the contested and rejected 2026 Scheme, the Contributor can take out 50% of the accumulated CPF amount. Now, however as per the Press Note, a contributor can take out 100% of the CPF accumulated amount.
Keeping this in mind, I am wondering if this is as per the CPF Act or is it as per 2023 Draft Scheme or is it as per the 2026 Scheme. Now, the Press Note states “opt out of CPF” which makes me wonder about the implication. Does this mean we get our saved CPF amount only and without interest, or does this mean that we get our saved CPF amount with interest? If we get interest, then I seek clarity on what interest rate (CPF/ Savings / Fixed deposit rates) or, if we are denied interest on what grounds is interest being denied, as this money was kept in the SBI Bank Account, and banks give interest on deposits?
Further, another concern is that, like my other colleagues (both retired and still serving), I have not received my personal subscriber ID, and no statement of accounts has been provided to anyone for the entire period we have contributed to the Centralised CPF Account Pool. How can I trust the Government to give me my deserved dues when there is no transparency? Here, I would like to urge the Government to furnish my/ our personal subscriber IDs. This basic requirement must be provided from the time the Centralized Provident account was opened; it is not months but years that have passed.
I would also like to seek clarity and add here other possibilities, which is what if we wish to take out only 50% of our CPF accumulated amount and leave the remaining 50%. I make this statement in the hope that if the judiciary, whom I keep my trust in, decides on a favourable pension scheme, I am provided an opportunity to avail the same without facing the hardship of returning the required share with interest and also to ensure that I am not denied the Pension benefits because I have withdrawn the entire 100%.
As an intellectual, I feel that the Government Department, which has sent this Press Note, has hurriedly announced without thinking of the due legalities involved, despite the matter being subjudice.
As a retiree, no doubt I am facing financial duress; I seek clarity and due legal consideration. The Government cannot corner me and advantageously use my present financial position and force me to act without understanding the implications. I am retired, I am old, but I am still at the end of the day, an educator, and I wish that those at the helm of affairs can appreciate the difference between being educated and literate.
Name withheld on request
