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CENTRAL PROVIDENT FUND& SKILL DEVELOPMENT LEVY
SINGAPORE CENTRAL PROVIDENT FUND (CPF)                     AND SKILL DEVELOPMENT LEVY (SDL) The Central Provident Fund or ...
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Singapore CPF Rates SDL Levy

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The Central Provident Fund or CPF is a compulsory pension fund scheme in which the employer and employee contribute a percentage of the monthly salary to the fund. CPF contribute on by the employer is mandatory for all local employees who are Singapore citizens or permanent residents earning more than S$50 a month

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Transcript of "Singapore CPF Rates SDL Levy"

  1. 1. CENTRAL PROVIDENT FUND& SKILL DEVELOPMENT LEVY
  2. 2. SINGAPORE CENTRAL PROVIDENT FUND (CPF) AND SKILL DEVELOPMENT LEVY (SDL) The Central Provident Fund or CPF is a compulsory pension fund scheme in which the employer and employee contribute a percentage of the monthly salary to the fund. CPF contribution by the employer is mandatory for all local employees who are Singapore Citizens or Permanent Residents earning more than S$50 a month. The maximum CPF contribution rate for employers and employees is 14.5% and 20% respectively and can be lower depending on certain factors such as employee age and permanent resident status. Employment pass holders do not have to contribute to CPF. 1st year PR 2nd year PR 3rd year onwards PR and Singapore citizen With effect from With effect from 1 Sep 2011 1 Sep 2012 (A) Employees age 50 years and below Employee 5.00% 15.00% 20.00% 20.00% Employer 4.00% 9.00% 16.00% 16.00% Total 9.00% 24.00% 36.00% 36.00% (B) Employees age above 50 to 55 years Employee 5.00% 15.00% 18.00% 18.50% Employer 4.00% 9.00% 12.00% 14.00% Total 9.00% 24.00% 30.00% 32.50% (C) Employees age above 55 to 60 years Employee 5.00% 12.50% 12.50% 13.00% Employer 4.00% 6.00% 9.00% 10.50% Total 9.00% 18.50% 21.50% 23.50% (D) Employees age above 60 to 66 years Employee 5.00% 7.50% 7.50% 7.50% Employer 3.50% 3.50% 6.50% 7.00% Total 8.50% 11.00% 14.00% 14.50% (E) Employees age above 66 Employee 5.00% 5.00% 5.00% 5.00% Employer 3.50% 3.50% 6.50% 6.50% Total 8.50% 8.50% 11.50% 11.50% All companies required to contribute a fee to the skill development fund. SDL contribution is payable by employers for all employees up to the first $4,500 of gross monthly remuneration at the rate of 0.25% or $2, whichever is higher. WORKER GROSS MONTHLY REMUNERATION SDL PAYABLE REMARKS A $150.80 $2.00 Minimum of $2 is payable B $609.50 $2.00 Minimum of $2 is payable C $2,000.00 $5.00 0.25% levy D $4,500.00 $11.25 0.25% levy E $4,502.00 $11.25 First $4,500 levied at 0.25% F $10,000.00 $11.25 First $4,500 levied at 0.25% Online Resources Central Provident Fund | Private Limited Company Guide | Corporate Compliance GuideLast updated on March 6, 2012 Copyright © 2012 Rikvin Pte Ltd
  3. 3. Helpful Links: Company Registration Immigration Accounting Taxation Services Offshore Incorporation RIKVIN PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Line : (+65) 6438 8887 Fax : (+65) 6438 2436 Email : info@rikvin.com Website : www.rikvin.com Reg No 200100602K EA License No 11C3030 This material has been prepared by Rikvin for the exclusive use of the party to whom Rikvin delivers this material. This material is for informational purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Where the source of information is obtained from third parties, Rikvin is not responsible for, and does not accept any liability over the content.Last updated on March 6, 2012 Copyright © 2012 Rikvin Pte Ltd

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