The CPF Board (CPFB) has recovered about $516.0 million in CPF arrears in 2015, benefitting over 360,000 employees. The CPF arrears recovered were from underpayment, non-payment and late payment of CPF contributions by employers.
Breakdown of CPF arrears recovered in 2015
| |
CPF contributions recovered |
No. of employees who benefitted |
No. of employers from which CPF was recovered |
| Underpayment/ Non-payment |
$15.2 million |
14,708 |
1,840 |
| Late payment |
$500.8 million |
More than 353,000 |
About 5,600 per month |
Source: CPF Board
Payroll Compliance Audit – Don’t Wait for CPF Audit!
The Central Provident Fund (CPF) Board takes a serious view on employers who do not fulfill their CPF obligations to their employees. It is important that employers pay CPF contributions promptly and correctly as many employees rely on their CPF savings for their retirement, healthcare and housing needs.
If there is any detection of late payment or non-payment of CPF contributions, CPF Board will take actions to recover any arrears or CPF contributions owing. Interest on late payment and a composition amount may be imposed on the defaulting employers.
- PayrollServe can assist you in achieving and maintaining compliance with the CPF Board.
- We will review the payroll records submitted to us and highlight discrepancies, as well as make relevant recommendations to ensure compliance with Singapore’s regulations.
- Monthly Payroll Records
- Wage Classification
- CPF Computation
- Treatment of Taxable Items
- IRAS Reporting and Tax Clearance
- Statutory Board Submissions
Contact us today for more information
Payroll Outsourcing Services
PayrollServe specialises in meeting basic to complex payroll and HR Administration needs of businesses in Singapore. We support your organisation with the full range of scalable payroll and HR Management solutions. Whether it is managing the payroll of your entire staff force, or the confidential data of your management team, our dedicated in-house team based in Singapore is on hand to provide expert consultation and support.
By outsourcing your payroll and HR administration to PayrollServe, your HR team is able to focus on improving rather than managing existing business operations.
Contact us today for more information.
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