Attention Singapore Employers: New CPF Contribution Rates from 1 January 2014

Sept 28, 2013

Dear Singapore Employers

There are new CPF contribution rates for low-wage workers. In the Budget Speech 2013, the Government announced that the CPF contribution rates for low-wage workers earning monthly wages of >$50 to <$1,500 would be increased to help them save more for retirement. This will apply to wages earned from 1 January 2014. For more information on the new rates, please click here. The new rates will be applied automatically when you submit CPF contribution details through CPF e-Submit@web

In regards to refunds or adjustments of CPF Contributions paid in error, CPF contributions are deemed as properly paid after one year from the date of payment. They cannot be refunded or adjusted after that. It is therefore important to ensure that your employees’ CPF contributions are paid correctly, and to notify CPF Board of any errors early. You can use the online applications available on the CPF website to apply for refunds or adjustments. Applications must be made within one year from the date of payment.

Sincerely,
Neil Satterwhite
Founder & CEO, Tiger-Consulting
Via Central Provident Fund Board

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