Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.
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bruinbear
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by bruinbear » Sat, 12 Jul 2008 5:23 pm
To have 50% of income suddenly locked up is not funny.
But mandatory CPF contributions does have some advantages. For instance, they can act as a tax shield. Of course the value of this tax shield depends on which tax bracket you are in. Given Singapore low income tax rates, this shield might not be worth that much.
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hertfordshire_lad
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by hertfordshire_lad » Tue, 11 Nov 2008 11:07 pm
Thanks for all the info above - this is just the kind of thread I was looking for.
I'm also considering PR, but worried about the drop in disposable income. I'm young, single, a masters degree holder from a good uni and have 5 years work experience, but still find potential employers and recruitment agents are not interested as i'm not PR. So, I find that the main benefit of taking PR is employment flexibility.
However, I wondered whether there are any other considerations when deciding to apply? Are there any other obvious pros/cons?
thanks in advance.
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Saint
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by Saint » Tue, 11 Nov 2008 11:27 pm
hertfordshire_lad wrote:Thanks for all the info above - this is just the kind of thread I was looking for.
I'm also considering PR, but worried about the drop in disposable income. I'm young, single, a masters degree holder from a good uni and have 5 years work experience, but still find potential employers and recruitment agents are not interested as i'm not PR. So, I find that the main benefit of taking PR is employment flexibility.
However, I wondered whether there are any other considerations when deciding to apply? Are there any other obvious pros/cons?
thanks in advance.
CPF contribution percentages in the first year are low and increase every year until full contribution. this is for both employer and employee. There is also a monthly income threshold which is only subject to contributions.
So in your first year of PR you will only pay 5% of a Max $4.5k per month income, so the most you will be deducted in 1st year is $225 per month.
subsequent year the contributions increase, 2nd year i think is 9%?
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sundaymorningstaple
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by sundaymorningstaple » Tue, 11 Nov 2008 11:39 pm
hertfordshire_lad wrote:Thanks for all the info above - this is just the kind of thread I was looking for.
I'm also considering PR, but worried about the drop in disposable income. I'm young, single, a masters degree holder from a good uni and have 5 years work experience, but still find potential employers and recruitment agents are not interested as i'm not PR. So, I find that the main benefit of taking PR is employment flexibility.
However, I wondered whether there are any other considerations when deciding to apply? Are there any other obvious pros/cons?
thanks in advance.
Here's the bummer......
You have to have a job initally (EP or S pass) in order to apply for PR unless you are applying on family ties (hard) or are coming in as a Landed Permanent Resident (LPR). This is an In-Principle Permanent Resident Approval. I think this will give you up to a year to find a job (PR will be given upon confirmation of an employment contract). see
http://www.smcmc.com/immigration/immigration.html
sms
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
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sundaymorningstaple
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by sundaymorningstaple » Tue, 11 Nov 2008 11:45 pm
As a PR you can take back all you CPF upon leaving Singapore, but you have to put it all back plus any interest that would have accrued had it be left there, if you plan on coming back anytime in the future to work.
It's actually a good things and has been for quite a number of years now as the interest rates (risk on risk) are about the best you will find. You can sock away around 15,600 a year and a minimum of 2.6% up to 4% and an additional 1% on the first 60K I believe.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
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hertfordshire_lad
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by hertfordshire_lad » Wed, 12 Nov 2008 12:00 am
Fantastic - Thanks for the speedy replies.
Yes, I'm an EP holder here and have been for just under a year. Just to clarify, is the ceiling of 4.5k per month both for the employee and employer CPF contributions?
How about housing implications? Would a PR have any advantage over an EP holder?
Also do you know whether it is still possible to apply without having had an Income Tax assessment document?
Many thanks again.
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Saint
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by Saint » Wed, 12 Nov 2008 12:09 am
hertfordshire_lad wrote:wow thanks for the speedy replies.
Yes, I'm an EP holder here and have been for just under a year.
Just to clarify, is the ceiling of 4.5k per month both for the employee and employer CPF contributions?
Also do you know whether it is still possible to apply without having had an Income Tax assessment document?
many thanks again.
Yes the ceiling is for for employee and employer.
As for your last question, yes it is possible to apply without an income tax assessment form but I'm not really the the right person to answer this

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revolta
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by revolta » Mon, 12 Jan 2009 9:56 am
sundaymorningstaple wrote:As a PR you can take back all you CPF upon leaving Singapore, but you have to put it all back plus any interest that would have accrued had it be left there, if you plan on coming back anytime in the future to work.
It's actually a good things and has been for quite a number of years now as the interest rates (risk on risk) are about the best you will find. You can sock away around 15,600 a year and a minimum of 2.6% up to 4% and an additional 1% on the first 60K I believe.
if drop PR can take all cpf including money in medisave? how long is the process for withdrawal of cpf?
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sundaymorningstaple
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by sundaymorningstaple » Sun, 22 Aug 2010 2:27 pm
10 business days wired to any bank you designate world wide.
Oh, please do not advertise in the forum. You surely know the rules by know.
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SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
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NZ pension and CPF issue article
Replies: 3
First post
Personally I think this is BS. CPF is savings scheme and not a pension. This is a bad outcome for Singaporeans etc who migrated to NZ.
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Thank you for that. I need to remember that as well as my Niece and her family immigrated to NZ 10 years ago. While they are still young (mid 30's)...
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Sun, 15 Mar 2020 4:05 pm
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Question about CPF cut
Replies: 4
First post
Hi Guys,
I'd like to ask about CPF cut; let's say my monthly salary is around SGD$5k. I understand when you converted to Singapore Permanent Resident...
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I would be surprised if on your salary you get PR though.
If your total compensation is 5k per month, then it suggests your monthly salary is below...
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CPF Clearance for Ex Singapore PR
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I'm an ex-Singapore PR who lost PR as I was outside Singapore at the time of renewal of REP 9 years back. I came back to Singapore a few years back...
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Sun, 06 Aug 2023 4:39 pm
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LVTP - tax and CPF contributions
Replies: 12
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I previously left a post about my situation: I am a UK citizen, wife SG citizen who have both been living and working in the UK for the past 7...
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Apologies, I missed the part that you were already married in which case not eligible for the PMLA, so you can only apply for the LTVP,
As for been...
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