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Friday, 4 April 2008
Pay Day - About CPF contribution
Dear readers, correct me the below information is inaccurate in anyway.
I have a question for the people out there. It is known that earning more than S$500 is liable for CPF contribution. How much is the CPF contribution rate? In terms of percentage, i concluded that is should be 15% (Rounded to the nearest whole number). Therefore, with every payday cheque i get 85% of the whole.
With reference with my recent wages received, CPF has taken away $109 from me. Saddening right? But no worries, I shall be rich in future.
In conclusion, 100% in actual amount payment will be split into 85% into my own bank account, 15% into CPF account.
Lastly, the great thing is... My bank is able to withdraw money now, unlike the past. (Since Dec 2007) Good improvement.
Added
@4:03 pm
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