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CPF Contribution for Non PR

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calvink
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CPF Contribution for Non PR

Postby calvink » Sat, 26 Mar 2011 1:40 am

I've been informed by one of my friend whos a financial planner, that for non-pr who works in SG, they are entitle to contribute to CPF and the employer has to do the same thing as well, provided both parties reach a mutual agreement that the company is willing to do so...though not having a PR status...

Anyone has any idea about this?

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sundaymorningstaple
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Postby sundaymorningstaple » Sat, 26 Mar 2011 6:34 am

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.

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.

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ecureilx
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Postby ecureilx » Sat, 26 Mar 2011 3:00 pm

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.


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.

In 2000, it was abolished, and I smarty-pants asked if I could get back the 10K or so in my CPF and the answer was NOOOOOOOOOOOOOO - not until you depart singapore for good or depart this earth ..

Well, since I got my PR, atleast I had some starting balance, instead of zero balance ..

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Postby sundaymorningstaple » Sat, 26 Mar 2011 3:13 pm

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? :lol:

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ecureilx
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Postby ecureilx » Sat, 26 Mar 2011 3:58 pm

sundaymorningstaple 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? :lol:


Say nothing lah :D :D

Well, if I am not mistaken, atleast 12 months or so of my CPF went in when I was on EP ...

Yah, it is not relevant anyway, as it is abolished .. ;)

PS: how could you have only one wife, on tourist visa ?? :D :twisted:

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Postby sundaymorningstaple » Sat, 26 Mar 2011 6:50 pm

ecureilx wrote:
PS: how could you have only one wife, on tourist visa ?? :D :twisted:


[-X :-$

The other wives were in the US. :o


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