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| 14 September 2007 |
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The Government is introducing the Medisave Contribution Draw (MCD) to encourage low-income self-employed persons (SEPs) and informal workers to contribute to their Medisave accounts. This will also allow them to benefit from the Workfare Income Supplement (WIS) scheme.
Schedule
2. The MCD will consist of four quarterly draws for each year of work done. The first draw for Medisave contributions made for work done in 2007 will be held in June 2008. The second and third draws will be held in September and December 2008. The fourth quarterly draw, which is the Annual Grand Draw, will be held in Mar 2009. The scheme will be administered by the CPF Board. The MCD will run for three years and will be reviewed thereafter.
Prizes
3. There are three top prizes and 300 consolation prizes for the quarterly draws. Prizes will be given in cash. The top prize for the quarterly draw is $3,000. For the Annual Grand Draw, there will be three top prizes of up to $5,000 cash and a total of 500 consolation prizes. More details are in Annex A.
Qualification Criteria
4. The MCD is open to all low-income SEPs/informal workers who are Singapore citizens and satisfy the following criteria: |
| a. |
Monthly income of not more than $1,500; and |
| b. |
Living in a property with an Annual Value of not more than $10,000 |
5. To qualify for the first MCD quarterly draw in June 2008, SEPs/informal workers must make their Medisave contributions for the liability arising from income earned this year by 30 April 2008.
6. Chances for each draw will be awarded in proportion to the amount of Medisave liability paid before the draw. One chance will be awarded in each draw for every 10% of the Medisave liability paid up to the month preceding the draw. Participants who pay up in full before the deadline for the first draw will have the maximum number of chances in all four draws. All SEPs/informal workers who contribute at any time before the Grand Draw will get to participate in the Grand Draw. Details are at Annex B.
Contact Information
7. Information on the WIS scheme can be found at www.wis.sg. Queries can also be addressed to CPF Board via:
- Email at wis@cpf.gov.sg
- Hotline number at 1800 -2222-888
Mon-Fri: 8am – 5pm, Sat: 8am – 1 pm
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MEDISAVE CONTRIBUTION DRAW - STRUCTURE OF PRIZES
Quarterly Draws will be held in June 08, September 08, and December 08:
| Prize |
No. of Prizes |
Prize Value ($) |
| 1st |
1 |
3,000 |
| 2nd |
1 |
2,000 |
| 3rd |
1 |
1,000 |
| Consolation |
300 |
100 | |
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Grand Draw will be held in March 09:
| Prize |
No. of Prizes |
Prize Value ($) |
| 1st |
1 |
5,000 |
| 2nd |
1 |
3,000 |
| 3rd |
1 |
2,000 |
| Consolation |
500 |
200 | |
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MEDISAVE CONTRIBUTION DRAW - QUALIFYING CRITERIA
1. For every 10% of the Medisave liability fulfilled (rounded down to the nearest 10%) by each quarterly draw, the participant will receive 1 “chance” to participate in that quarterly draw. This will help those who make small contributions to also participate. However, participants who pay up in full before the first draw will enjoy the maximum number of chances and they will be able to participate in all four draws.
2. At each draw, the participants’ liability to date would be assessed, and the number of chances accumulated would be entered in the draw.
Details are shown in the table below:
Scenarios for different payments
| Scenarios for different payments |
No.of chances |
| Total |
Jun 08 |
Sep 08 |
Dec 08 |
Mar 09 |
| (A) Paid everything by May 08 in one lump sum |
40 |
10 |
10 |
10 |
10 |
| (B) Paid 25% by first draw, 50% by second draw, 75% by third draw and 100% by 4th draw |
24 |
2 |
5 |
7 |
10 | |
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Example:
Mr Tan, aged 40, earns $12,000 in 2007. His Medisave liability is 2.5%, so he needs to contribute $300.
| If Mr Tan: |
He will receive: |
| Contributes $300 fully to his Medisave liability before May 08 |
10 chances for each draw, and 40 chances in total |
| Contributes in monthly instalments via GIRO of $25 per month |
1 chance for every $30 (10%) contributed before each draw. E.g. 5 chances if he contributes $150 (50%) by the second draw. |
| Defaults on his payments |
No chances given for the period he defaulted. However, contributions already made before he defaults, will continue to be awarded chances for each draw. | |
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