Medisave - why it's good for you! Save for your retirement by making voluntary contributionss Enjoy higher coverage under DPS! Get online with EASE! Getting your SingPass E-submit your CPF! Contact us
Medisave - why it's good for you!
As a self-employed, you will need to pay Medisave contributions if you are earning a yearly net trade income of more than $6,000. Here’s how these contributions benefit you!   Saving for you & your family’s medical needs   The need for medical care increases as we grow older. Contributing to your Medisave account helps you to build up your healthcare savings over your working life, to help you meet your medical expenses now, and in the future. Your immediate family members can also use your Medisave savings.   Get insured under MediShield   MediShield is a catastrophic illness insurance scheme that helps you to meet the medical costs for prolonged illnesses. You can also use your Medisave to pay the MediShield premiums for your family members.   Attractive interest rates   The Government helps you to build up your medical savings by paying you interest on your Medisave contributions. The current interest rate of 4% p.a is much higher than the savings deposit rates offered by banks currently.   Tax benefits for your medical savings   Save for your medical needs, and enjoy tax savings! Your Medisave contributions are tax-exempt.
How much Medisave to pay
Contributions are between 6% to 8% of your net trade income. However, if the Inland Revenue Authority of Singapore (IRAS) has not previously issued you with a Notice of Assessment or Non-tax advice, your contribution will be based on the default income of $9,000 (for Year 2003 onwards).
Medisave Contribution Rates 35 years and below Above 35-45 years Above 45 years 6% 7% 8%
How to pay your Medisave
Pay your Medisave on time and renewing your license will be a breeze! Sign up for GIRO to pay your Medisave by monthly payments instead of one lump sum. It’s easier on your pocket, and you can plan your finances better.
Just download the GIRO application form from our CPF website and send it to us. Once the bank approves your application, we will work out a GIRO plan based on your outstanding Medisave contributions.
If you have an Internet banking arrangement with DBS or UOB, you can also pay at our website. You will need your CPF Account Number and SingPass to do this.
Save for your retirement by making voluntary contributions
In addition to saving for your medical needs, you can also save for your retirement with CPF. Make voluntary contributions to all three CPF accounts – the Ordinary Account, Special Account and Medisave Account. You will enjoy tax deductions on the your voluntary contributions, up to 36% of your assessable income or $25,920, whichever is lower. You will also enjoy an interest rate of 2.5% p.a. on your Ordinary Account savings, and 4% p.a. on your Special Account savings.
Your Ordinary Account savings can be used for housing and insurance needs. You can even choose to invest you’re your Ordinary Account savings to help you to enhance your nest egg. The Special Account savings will be for your retirement and investment in retirement-related products.
Voluntary contributions can be made via GIRO. You can download the form ‘Standing Instructions For Self-Employed Voluntary Contributions’ (CPF SE13) and the GIRO application form from our website.
Enjoy higher coverage under DPS!
You can now get better coverage under the Dependants’ Protection Scheme (DPS). The DPS is an individual term-life insurance scheme operated by the CPF Board, which provides financial protection to CPF members and their families against physical/mental incapacity or death of the insured members up to age 60. The sum assured has been increased from $36,000 to $44,000. CPF members who have been covered under the scheme also enjoy a special bonus sum assured ranging from $1,500 to $4,000, depending on the number of years they have been insured. These enhancements are being made without any increase in the premium. If you’re not covered yet, sign up now! Apply through our EASE service at www.cpf.gov.sg or call us at 1800-227 1188 (Code 6).
	Get online with EASE!
	Do your CPF transactions over the Internet in the comfort of your home or office. With the CPF E-Application Service (EASE), you can transact with us 24 hours a day, 7 days a week!
	To access the EASE services, go to our website, and click on “For self-employed”. Select EASE from the webpage and key in your CPF account number and Singapore Personal Access (SingPass). Some of our most popular services are:
	1) CPF contribution into 3 Accounts for Self-Employed 2) Declaration of Non Self-employed status 3) Medisave contribution top-up form for Self-Employed 4) Registration for CPF/Medisave Contributions by Self-employed 5) Self-employed Enquiries on Payment and Liability Status
	Getting your SingPass
	Your SingPass allows you to conduct online transactions on Government websites using one password. If you have your CPF PAL PIN, you will be prompted to reset it to your new SingPass when you log in. Otherwise, you can apply for or reset your SingPass in person at the following locations below. Visit our website for the full list of locations.
	- CPF Offices - Community Development Councils (CDCs) - Selected Community Clubs/Centres (CCs) - Singapore Post Offices
	E-submit your CPF!
	If you have any employees, you should e-submit the contribution details every month. E-submission is a simpler, faster, more convenient and secure way of submitting CPF contributions. You don’t have to worry about your payment advice and cheque being lost or delayed in the mail, or fill up the hardcopy payment advice every month!
	Don’t wait. Convert to e-submission now! For more information, visit our website or call our team at 6229 3195.
	CONTACT US
	Central Provident Fund Board
	Website: www.cpf.gov.sg
	Email: Self-employed@cpf.gov.sg
	Employer Call Centre: 1800-226 3877 (Code 2)
	Fax: 6258 2778
	Address: CPF Building 79 Robinson Road Singapore 068897