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16 Dec 2021
2 mins
Cessation of the Seafarers’ Provident Fund (SPF) Administration

SMOU set up the Seafarers’ Provident Fund (SPF) in 2001 to enhance the retirement needs of the seafaring members who served on board vessels covered by SMOU Collective Bargaining Agreement (CBA).  The SPF was then managed by the Wavelink Thrift and co-managed by NTUC Thrift & Loan.

However in 2012, due to the re-modelling of its business concept to align with the economic situations after 2009, and the changes in the Ministry of Community Development, Youth and Sports (MCYS) ruling, NTUC Thrift & Loan could no longer support the SPF beyond June 2012.

Since its termination on 30 June 2012, the SPF has been regulated under the Scheme of Administration to provide a clear and transparent mechanism for the dissolution and distribution of the SPF funds.  In reaching out to the SPF account holders, SMOU has utilised multiple channels and platforms including sending out reminder letters, emails, publications in local /overseas newspapers/bulletins/social media via Facebook/SMOU Seavoices, distribution of SPF poster, engagement with all CBA shipping companies and overseas maritime organisations.

The initial closing date of December 2019 had been extended by another 2 years, to December 2021 to further facilitate the SPF disbursement.

SMOU is pleased that as at 30 Nov 2021, S$17.2m has been collected by more than 12,000 SPF members during the withdrawal period.  With the 31 Dec 2021 deadline, claims for SPF withdrawal will be ceased.

SMOU greatly appreciates the strong support of the SPF Advisory Committee, all CBA shipping companies, maritime partners and SPF members.  SMOU will continue to look out for other opportunities to improve the welfare of our seafaring members working on board our CBA vessels.