CPF Alert - Increase in enforcement on CPF contribution errors
24 September 2018
The Central Provident Fund (CPF) is a compulsory comprehensive savings scheme for Singaporeans and permanent residents who are employed in Singapore. The scheme, which is funded by mandatory contributions from employers and employees, serves to meet the retirement, housing and healthcare needs of Singaporeans and Singapore Permanent Residents.
In recent years, there has been a step-up in the CPF Board’s audit activity, and hence it is paramount for employers to know the requirements of CPF contributions to ensure compliance and avoid the non-compliance consequences. Learn about the common errors and how companies can review its CPF process in this alert.
As usual, please free to reach out to us if you would like to know how we can assist you. We hope that you find this useful.