If the current COVID-19 climate has made you worry about your employment status and income source, you're not alone. Many people have considered freelancing – be it side-hustles or even starting mini-businesses – to stay afloat. To thrive as a self-employed individual in Singapore, it is crucial to understand the CPF contribution schemes available to those in the gig economy and how they can help you. In this article, we will cover the following:
- The 2 CPF contribution schemes specific to the self-employed
- Why you should make CPF contributions
- Why you shouldn’t make CPF contributions
The 2 CPF contribution schemes specific to the self-employed
- Mandatory contributions into your MediSave Account (MA)
- Voluntary CPF contributions
Mandatory MediSave Contributions
The Government mandates that all self-employed personnel have to contribute to their MediSave Account as long as they
earn more than $6,000 in Net Trade Income (NTI) for the year. For many self-employed people, this means they will have to contribute as much as their employed peers....
