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CPF Act (amount payable (depends on Employee's (age (55 & below…

- - - - 55 & below
        
        17% (employer) + 20% (employee)
      - above 55 - 60
        
        13% (employer) + 13% (employee)
      - above 60 - 65
        
        9% (employer) + 7.5% (employee)
      - above 65
        
        7.5% (employer) + 5% (employee)
      - change of age group
        
        after the month of his 55th, 60th, or 65th birthday
    - - Ordinary Wages (OW)
        
        example
        
        monthly salary
        
        food allowance
        
        ceiling
        
        6k/month
      - Additional Wages (AW)
        
        example
        
        annual bonus
        
        leave pay
        
        ceiling
        
        $102K - total OW subject to CPF for the year
        
        use the current year's OW if the OW > 5K
        
        use previous year's OW, if OW < 5K
    - - PR
        
        1st year
        
        1st year ends on the last day of the month of the first anniversary of SPR conversion
        
        ICA's letter will indicate the date of SPR conversion
        
        4% (employer) + 5% (employee)
        
        2nd year
        
        starts from the first day of the month after the month of the first anniversary
        
        ends on the last day of the month of the second anniversary of SPR conversion
        
        9% (employer) + 15% (employee)
        
        3rd year & onward
        
        starts from the first day of the month after the month of the second anniversary
      - citizen
  - - - system bug
      - delayed notification in employment status
      - wrong/duplication
      - use wrong contribution rate
    - - inform employee
      - CPF Act Section 74 - refund only if payment made in error
      - online application
  - - - detection system
      - industry surveys
      - employee's feedback
      - inspections
        
        on site visit
        
        audit wage records
      - legal action
        
        court fines
        
        criminal and civil proceedings
        
        up to $1K/charge
- - - - after final exam (from Jan of the following year)
      - during normal school term