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What happens when my actual MediSave payable differ from the amount of MediSave contributions I made via Contribute-As-You-Earn (CAYE)?

Your actual MediSave payable for income earned in the year will be computed after you’ve declared your actual income in the following year.

If your total Contribute-As-You-Earn (CAYE) contributions are higher than your actual MediSave payable for the latest year, you can choose to receive a refund of your excess CAYE contributions or retain them in your MediSave Account (MA).

Example:

Based on his estimated income of $21,000 for 2020, Sam has made a total contribution of $2,100 via CAYE. In the following year, he declared that he earned a lower Net Trade Income (NTI) of $19,000 for 2020. As such, Sam’s actual MediSave payable is $1,900. He can choose to receive a refund of $200 or retain the $200 in his MA.

If your total CAYE contributions are lower than your actual MediSave payable for the latest year, you will be required to top up the remaining amount. You’ll be informed via a notification, and you can choose to make payment via a lump-sum payment(s) or GIRO instalments.

Example:

Based on his estimated income of $21,000 for 2020, Sam has made a total contribution of $2,100 via CAYE. In the following year, he declared that he earned a higher NTI of $30,000 for 2020. As such, Sam’s actual MediSave payable is $3,000 and he will have to top up the shortfall of $900.