CPFB | What benefits do self-employed persons enjoy from making MediSave contributions?

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What benefits do self-employed persons enjoy from making MediSave contributions?

When you contribute to MediSave, you enjoy:

Up to 6% interest¹ per annum on your MediSave savings
- Savings in the MediSave Account earn 4% interest¹ per annum, and the first $60,000 of your combined CPF balances earns an additional 1% interest per annum. Members aged 55 and above will also enjoy an additional 1% interest per annum on the first $30,000 of their combined CPF balance from 1 January 2016.
Tax relief of up to 37% of your annual net trade income (NTI), the CPF Annual Limit of $37,740 or the actual amount contributed by you, whichever is lower. No tax relief is given if your assessed NTI for the year of assessment is zero or negative.

Use of MediSave savings to pay for a variety of medical expenses

Hassle-free licence application and renewal

You may also be eligible for Workfare Income Supplement (WIS) payouts of up to $2,667 annually.

¹Based on the current 4% interest rate floor for MediSave savings. Refer to CPF interest rates for the current rates.