Voluntary CPF Contributions (VC)
Employer
Employers can make VC to their employees’ CPF accounts by applying for a separate CPF Submission Number (CSN). You can apply for the CPF Submission Number (CSN) via our Online Application service. Please submit your application at least 2 weeks before making your first CPF contribution.
You will receive a welcome package together with your CPF Submission Number after we have processed your application. You will also receive your Payment Advice (Form CPF/91) to make your first CPF contribution via cheque.
However, you are strongly encouraged to sign up for CPF e-Submission when making your first CPF contribution. To do so, please submit the following documents at least 7 weeks before making your first CPF contribution:
1. CPF e-Submission Registration Form
2. Application for Interbank GIRO Form (if applicable)
Please take note there is no backdating of payment for VC and lump sum payment of VC made will be treated as current month.
CPF Member
Singaporeans and Singapore Permanent Residents can make a VC either to (i) all the 3 CPF Accounts (non-tax deductible); or (ii) to the Medisave Account only (tax deductible for recipient only).
VC can be made using the following methods:
1) e-Cashier at CPF website – Payment can be made via eNETS.
2) AXS Station – Payment can be made via an ATM card (D-pay or NETS) or Diners Club Credit Card. Payment by ATM card is subject to the daily withdrawal limit set by the respective banks.
3) iNETS kiosk – Payment can be made via NETS, CashCard or FlashPay Card. Payment by NETS is subject to the daily withdrawal limit set by the respective banks.
4) GIRO (for monthly VC into 3 CPF Accounts only) – by completing a GIRO form. Upon GIRO approval, member can indicate the VC amount via My Requests or complete the Standing Instruction Form.
5) Cheque payment – Payment should be submitted with FORM VC/1 – Voluntary Contribution for CPF Member
All voluntary contributions are subject to the prevailing limit of $27,158 for the calendar year, which include mandatory contributions paid by employers.
Until year 2000, EP holders could do voluntary contribution, and I did, though my employer didn't match my contribution, and the employers didn't have to match m contribution .. but the rate was 20% off my basic pay, nothing less, nothing more.sundaymorningstaple wrote:Nope. Not any more. From what I understand that ability hasn't been around for a number of years now. Tell your friend to watch is money if it was a financial planner who told you this. The guy's liable to waltz off with your money. It was stopped because of the high interest rates paid by CPF. This was a benefit only for PR & Citizens so it was abolished.
Say nothing lahsundaymorningstaple wrote:I've been here since 1982. I know when it was abolished. But I didn't think it was really relevant today as it's over a decade ago. Lot's of things changed. I lived here for the first 11 years, had one wife, two kids and three cars all on a tourist visa. Say how?
Users browsing this forum: No registered users and 5 guests
