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FLIGHT INFORMATION CURRENCY CONVERTER
CPF contributions - Who must pay? continued
Continued from FrontPage
With effect from 1 April 2000, the following rates of CPF contributions apply:
|
AGE |
EMPLOYER |
EMPLOYEE |
TOTAL* |
| 55 years & below |
12% |
20% | 32% |
| Above 55 to 60 yrs old |
4.5% |
12.5% | 17% |
| Above 60 to 65 yrs old |
2.5% |
7.5% | 10% |
| Above 65 yrs old |
2.5% |
5% | 7.5% |
*based on employee's wages per month.
What happens is that the employer has to pay both the employer's and the employee's shares of CPF contributions in the first instance. The employer then recovers the employee's share of the CPF contributions from his wages.
Besides the employee's ordinary wages, the following types of allowances and payments attract CPF contributions: acting allowance, anniversary cash award, annual wage supplement, attendance allowance, bonus, cash incentive, child-care subsidy, children's education allowance, commission, cost-of-living allowance, festival allowance, fixed-holiday allowance, gratuity paid to serving employees, grooming allowance, housing allowance, laundry allowance for personal clothing, temporary lay-off benefits, leave pay, long service cash award, maternity allowance, meal allowance, overtime pay, probation pay, productivity cash award, public-holiday pay, sales-performance award, service charge, shift allowance, stand-by allowance, tips, and transport allowance paid other than for official duties.
The maximum CPF amount payable on ordinary wages is S$1800 a month, based on ordinary wages of S$6000 a month.
CPF contribution is not payable on the following: education allowance for employee's self-improvement programme, entertainment allowance, finder's introduction fees, gratuity paid to employees upon termination of employment, holiday allowance (variable sum given as reimbursement for holiday expenses incurred by employees), housing allowance (forming part of employer's expenditure & paid directly to third party, eg. landlord), incentive allowance in kind (eg. token gifts), laundry expenses (reimbursement for laundry expenses to uniformed employees), long service award (payment to employees with at least 10 years' service and only once in their career), maternity subsidy (reimbursement paid under company's maternity expenses scheme), meal allowance (reimbursement for staying beyond working hours, eg overtime), handphone & pager allowance (forming part of employer's expenditure and paid directly to third party, eg. service provider), productivity award (in kind, eg. token gifts), staff welfare benefits (gifts given to staff on their marriage or birth of their children), termination benefits (retirement gratuity, retrenchment pay, ex-gratia payment, salary in lieu of notice, severance pay, compensation for loss of employment), transport allowance (reimbursement for travel in the course of official duty), reimbursement for travel between home & workplace beyond normal working hours, reimbursement for travel between home/office and the place of assignment, reimbursement for actual transport expenses (where the employer is obliged to provide transport for employees & where the transport is not available), and workmen's compensation.
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