My net trade income is less than $6,000. How much MediSave contributions am I required to make in order to be assessed for concessionary WIS?
SEPs who earned an annual net trade income of less than $6,0001 are not required to pay MediSave contributions. However, in order to be assessed for concessionary WIS, SEPs still have to meet the following MediSave contribution amounts, according to their age:
30 to 34 years
|
35 to 44 years
|
45 to 49 years
|
50 years and above
|
$240
|
$270
|
$300
|
$315
|
SEPs are required to contribute to their MediSave Accounts as they do not receive regular MediSave contributions from employers. It is important to contribute regularly to ensure enough savings for healthcare needs. This is especially important during old age, when SEPs may have stopped working.
WIS is intended to supplement the MediSave contributions made by the SEPs.
1 SEPs earning exactly $6,000 will still need to make voluntary MediSave contributions to qualify for general WIS payments (i.e. non-concessionary WIS).
