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Voluntary Contributions for your EmployeesVoluntary Contributions for your Employees<p>Besides making mandatory CPF contributions for your employees, you can make additional contributions voluntarily to build up your employees' retirement and/or healthcare savings.<br></p>TrueTrueTrueOthers;#

 

 

UnderstandWho can I make voluntary contributions (VC) for?<p></p><p>You can make VC for your employees who are Singapore Citizens or Singapore Permanent Residents. </p>670670
UnderstandWhat is the CPF Annual Limit?<p>​The CPF Annual Limit is the maximum amount of mandatory and voluntary contributions to all three CPF Accounts that a CPF member can receive in a calendar year. The current CPF Annual Limit is $37,740.<br></p>671671
UnderstandWhat is Additional MediSave Contribution Scheme (AMCS)?<p>Private sector employers can contribute more to their employees’ MediSave Account via the Additional MediSave Contribution Scheme (AMCS). Only Singapore Citizen and Singapore Permanent Resident employees are eligible for AMCS.</p><p>Employers can use the AMCS to implement the <a href="http://www.mom.gov.sg/employment-practices/schemes-for-employers-and-employees/portable-medical-benefits" target="_blank">Portable Medical Benefits Scheme (PMBS)</a>. They can also return or transfer any accrued medical benefit of their employees into their CPF MediSave Account. Employees may then use the additional MediSave contributions to purchase approved personal medical insurance to cover his/her future hospitalization needs, or meet healthcare expenses when the need arises. The implementation of the AMCS will help to enhance employees' medical coverage, not just during employment, but between jobs as well. In addition, AMCS contributions are tax-free for employees and relevant tax benefits may also apply to employers.</p><p>Participation in this scheme is voluntary. Employers may vary the number of employees receiving these additional contributions. Employers may also pay any amount so long as the total contribution to the employee's MediSave Account does not exceed $2,730 per year. Any excess contribution will be refunded to the employer without interest. AMCS contributions are not part of the prevailing <a href="/Employers/EmployerGuides/employer-guides/paying-cpf-contributions/voluntary-contributions-for-your-employees">CPF Annual Limit</a>.</p>672672
UnderstandWhat are the types of Voluntary Contributions (VC) I can make for my employees?<p>You can choose to make Voluntary Contributions (VC) to your employees' three CPF Accounts or to their MediSave Account only. Depending on the type of VC you are making, the following maximum amount of VC and tax deductions will apply:<br></p> <img class="img-responsive" alt="Types of Voluntary Contributions for Employees" src="/Assets/employers/PublishingImages/VCforee2.png" /> <p> <br>Mandatory contributions (MC) made by employers take precedence over VC when determining any excess made above the CPF Annual Limit. Any excess VC made above the CPF Annual Limit will be refunded without interest.<br></p><p>You can make VC of any amount (up to the applicable limits) at any time. The VC made will be treated as the current month's contribution. Backdating of VC to an earlier date is not allowed.</p><p>Use the <a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ContributionAllocation/ContributionAllocationCalculator">Voluntary Allocation Contribution Calculator</a> to find out how much is allocated to each of the three CPF accounts.</p><p>For more information on tax matters, please check with the <a href="https://www.iras.gov.sg/irashome/Businesses/Companies/Working-out-Corporate-Income-Taxes/Business-Expenses/" target="_blank">Inland Revenue Authority of Singapore (IRAS)</a>. </p><p>Besides making a VC to your employees, you can also consider topping up your employees’ Special Account (if recipient is below 55 years old) or Retirement Account (if recipient is 55 years old and above) via the <a href="/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme">Retirement Sum Topping-Up Scheme</a>. </p>674674
EvaluateWhat happens if I make an additional MediSave contribution to an employee who has reached the Member’s Basic Healthcare Sum?<p>Any MediSave contributions in excess of the Member’s Basic Healthcare Sum (BHS) will be transferred to the Special Account for members aged below 55 if they do not have the Full Retirement Sum, and to the Retirement Account for members aged 55 and above. Otherwise, the excess CPF contribution will be transferred to the Ordinary Account.</p><p> <strong>Note:</strong></p><p>The BHS will be adjusted yearly for members who are below age 65 in each year to keep pace with the growth in MediSave use by the elderly, especially with rising life expectancy and healthcare costs, as well as expansions in MediSave use. Once members turn age 65, their BHS will remain fixed.</p>675675
ApplyWhat do I need to make VC for my employees?<p> <a href="https://www.cpf.gov.sg/eSvc/Web/Employer/MyRequestEmployer">Apply for a separate CPF Submission Number (CSN)</a> to make VC. </p><p>Once your application is approved and depending on the type of VC you are making, you will receive the following CSNs:</p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr bgcolor="#d2d2d2"><td class="ms-rteTable-default" style="width:60%;"> <strong>Types of VC</strong></td><td class="ms-rteTable-default" style="width:40%;"> <a href="https://www.uen.gov.sg/" target="_blank"><strong>Unique Entity Number</strong></a><strong> + CPF Payment Code</strong></td></tr><tr><td class="ms-rteTable-default" style="width:60%;">To all three CPF accounts</td><td class="ms-rteTable-default" style="width:40%;">xxxxxxxxx-VCT-xx</td></tr><tr><td class="ms-rteTable-default" style="width:60%;">To MediSave Account only under the AMCS</td><td class="ms-rteTable-default" style="width:40%;">xxxxxxxxx-AMS-xx  </td></tr></tbody></table>673673
ApplyHow do I pay the VC? <p>After you receive the CSN for VC payments, you can submit the VC details and make payment in the same way you make mandatory CPF contributions for your employees. For example, if you are using CPF e-Submit@web to make mandatory CPF contributions, you can make VC via CPF e-Submit@web by using the CSN assigned for VC. </p>676676

 

 

 

 

CPF Contribution Allocation CalculatorCPF Contribution Allocation Calculator<a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ContributionAllocation/ContributionAllocationCalculator" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icgen.gif">calculators</a>

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top Up Retirement Sum (For Employers)<a href="/Assets/common/Documents/FORM_RSSTPC.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">FORM_RSSTPC.pdf</a><p>FORM RSS-TP/C</p><p>This form allows employers to make cash top-ups for their employees under the Retirement Sum Topping-up Scheme.<br></p>00PDF, 1.0MB

 

 

Voluntary Contributions for your EmployeesPaying CPF Contributions

 

 

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