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| 1. |
What is the Medisave Contribution Draw? |
| 2. |
Am I eligible for the Medisave Contribution Draw? |
| 3. |
What are the prizes? |
| 4. |
When will the draws be held? |
| 5. |
When will I know how many chances I have? How will I know if I win? |
| 6. |
What are the qualifying criteria for the Grand Draw? |
| 7. |
How many chances will I receive for each draw? |
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| 1. |
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The Medisave Contribution Draw (MCD) is a lucky draw administered by CPF Board to encourage low wage self-employed persons (SEPs) and informal workers to contribute to their Medisave accounts and benefit from the Workfare Income Supplement (WIS) scheme. |
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| 2. |
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The MCD will be opened to all low wage SEPs earning up to $1,500 a month, and living in a property with an annual value of $10,000 or less. SEPs and informal workers of all ages may qualify.
To qualify for the first MCD quarterly draw for 2007 income, SEPs/informal workers must make their Medisave contributions in full or in part for the liability arising from income earned in the year 2007 by 30 April 2008. |
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| 3. |
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The prizes will be given in cash, to help participants in meeting their daily needs. The payout structure is below:
Quarterly Draw: |
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| Prize |
No. of Prizes |
Prize Value ($) |
| 1st |
1 |
3,000 |
| 2nd |
1 |
2,000 |
| 3rd |
1 |
1,000 |
| Consolation |
300 |
100 | |
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Grand Draw: |
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| 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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| 4. |
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The draws will be held every quarter from June 2008, for Medisave contributions made for work done in 2007. A Grand Draw will be held on March 2009.
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| Date |
Action |
| Jan 2007 - Dec 2007 |
Participant works |
| From Aug 07 |
Participant makes contributions for Medisave liabilities |
| Jan 2008 |
First WIS payment to participants who have made Medisave contributions by Nov 2007 for work done in the first half of 2007 |
| Jan 2008 - Apr 2008 |
Participant declares his income earned in 2007 to IRAS or CPFB
Participant makes contribution for Medisave liabilities |
| May 2008 |
Second WIS payment to participants who have fulfilled their Medisave liabilities for the full 2007 work year |
| Jun 2008 |
1st MCD quarterly draw |
| Sep 2008 |
2nd MCD quarterly draw |
| Dec 2008 |
3rd MCD quarterly draw |
| Mar 2009 |
MCD Grand Draw | |
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| 5. |
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Details of ticket allocation will be announced closer to the first draw in June 2008. CPF Board will inform the winners by post. Winners for each draw will also be announced in the newspaper after each draw. |
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| 6. |
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All SEPs/informal workers who contribute towards their Medisave liabilities will get to participate in the Grand Draw. Contributions up to the month preceding the Grand Draw will be used to determine the number of chances awarded. |
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| 7. |
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Chances for each draw will be awarded in direct 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.
Examples are shown in the table below: |
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| Scenarios for different payment patterns |
No. of chances |
| Total Chances |
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 1st draw, paid 50% by 2nd draw, 75% by 3rd draw and 100% by 4th draw. |
24 |
2 |
5 |
7 |
10 | |
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