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?...