Personal Finance
$2.7 Billion CPF Employer Contribution SCAM: How To Make Sure You’re Not One Of Them
By Seedly  •  September 20, 2019

The Straits Times reported a few days ago that the Central Provident Fund (CPF) Board clawed back nearly $2.7 billion over the past 5 years of unpaid CPF contributions from employers, to return to hundreds of thousands of employees.

Lower-income casual staff make up the majority of vulnerable workers often not paid CPF contributions by errant employers. According to ST, the figure last year alone was $595.9 million, up from $378.2 million in 2014, suggesting that the problem is not waning.

For most Singaporeans engaging in part-time work, many are not aware that they are entitled to CPF contributions. If an employee earns more than $50 a month, employers are required to make CPF contributions to the employee. Employees are required to make CPF contributions once they earn more than $500 a month.

Why Does This Matter?

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By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.
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