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Singapore CPF

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Lượt Xem: 352 người Cập Nhật: 19/01/2022 Lúc 12 Gờ 15 Phút

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Cpf contribution in Singapore

What is the CPF and Why Should Employers Pay?

The CPF is Singapore's social security net teaching that employees have enough saved funds for retirement, hospitalization, and housing. Employers need to mandatorily pay the entire contribution to the Provident Fund. The employer can later deduct a certain portion from the employee's salary as specified by the authorities. In this way, Singapore citizens and Permanent Residents are forced to save money for a minimum quality of life. PF contributions are universally recognized as the most viable way to ensure that your employees are able to fend for themselves and keep inflation at bay.

you can read more about " Singapore CPF contribution " here

Singapore CPF Contribution Rates for 2021?

The percentage of employee wages that are to be contributed towards his/her Central Provident Fund (CPF) is 37% for the productive age group of persons below 55 years of age. Of this 37%, 17% is to be contributed by the employer while 20% will be out of the employee's salary.

Is it mandatory for employers to pay CPF contributions?

In Singapore, the CPF is a compulsory social security saving plan which is contributed by both the employee and the employer, the contribution done by the both parties goes to the healthcare, housing, and retirement needs of the employee. Every citizen of Singapore and permanent resident of Singapore under a contract of service or under part time or permanent employment must submit monthly CPF contributions.

Singapore CPF Contribution Rates

CPF contributions vary depending on the employee's age, citizenship, and total monthly wages. The contribution rate is dictated by the employee's category that he/she falls into. For Singapore Citizens, contribution rates are calculated from the third year onwards and apply to the private sector and public sector non-pensionable employees.

Singapore CPF Contributions for Foreign Employees

For Singapore Permanent Residents, contribution rates are applicable in the first 2 years of obtaining their SPR status. Singapore employers are not mandated to submit CPF contributions for their foreign employees until he/she obtains SPR status. The employer and employee pay a lower rate known as graduated employer-graduated employee contribution rate in the first two years of acquiring SPR status and contribute normal rates from the third year onwards.

What is the Minimum Wage Above Which CPF Contributions become necessary?

Every employee who earns more than $50 per month in Singapore should have CPF contributions submitted by their employer every month. For earning employees over $500 per month, the employer can deduct the employee's share from his/her salary.

If the employee receives other allowances and payments such as transport, bonus, and other allowances, CPF contribution is also payments from these allowances.

Examples of Other Payments on Which CPF Contribution Must Be Deducted:

Cash incentives, Commissions

Overtime pay only for those employees with monthly basic salaries under $4,500 and $2,500 respectively,

Allowances such as transport allowance, meal allowance, laundry, Bonuses

When Should I Pay CPF Contributions?

CPF contributions must be paid at the end of the month and paid on time. You must inform your employees when these dues are paid.

Your employees have the right to question you if you don't pay their CPF amounts on time and at the applicable rates.

If the employee receives other allowances and payments such as transport, bonus, and other allowances, CPF contribution is also payments from these allowances.

Examples of Other Payments on Which CPF Contribution Must Be Deducted: