Guide To Central Provident Fund (Cpf) & Skills Development Levy (SDL) In Singapore

1. CENTRAL PROVIDENT FUND (CPF) & SKILLS DEVELOPMENT LEVY (SDL) Copyright © 2020 In.Corp Global Pte Ltd. All rights reserved. Connect with us for the latest business updates: Last updated Feb 2020 | 1 Twitter LinkedIn Facebook

2. Singapore Central Provident Funds (CPF) Rates The Central Provident Fund or CPF is a compulsory pension fund scheme in which the employer and employee contribute a percentage of the monthly salary to the fund. CPF contribution by the employer is mandatory for all local employees who are Singapore Citizens or Permanent Residents earning more than S$50 a month. The maximum CPF contribution rate for employers and employees is 17% and 20% respectively and can be lower depending on certain factors such as employee age and permanent resident status. Employment pass holders do not have to contribute to CPF. 3rd year onwards PR and Singapore citizen 1st year PR 2nd year PR Graduated Employer & Employee Rates With effect from 1 Jan 2016 (A) Employees age 50 years and below Employee Employer Total (B) Employees age above 50 to 55 years Employee Employer Total (C) Employees age above 55 to 60 years Employee Employer Total (D) Employees age above 60 to 65 years Employee Employer Total (E) Employees age above 65 years Employee Employer Total 5.00% 4.00% 9.00% 15.00% 9.00% 24.00% 20.00% 17.00% 37.00% 5.00% 4.00% 9.00% 15.00% 9.00% 24.00% 20.00% 17.00% 37.00% 5.00% 4.00% 9.00% 12.50% 6.00% 18.50% 13.00% 13.00% 26.00% 5.00% 3.50% 8.50% 7.50% 3.50% 11.00% 7.50% 9.00% 16.50% 5.00% 3.50% 8.50% 5.00% 3.50% 8.50% 5.00% 7.50% 12.50% * Based on a base salary of $1,000 per month Copyright © 2020 In.Corp Global Pte Ltd. All rights reserved. Last updated Feb 2020 | 2

3. Skills Development Levy (SDL) Rates All companies required to contribute a fee to the skills development fund. SDL contribution is payable by employers for all employees up to the first $4,500 of each employee’s total monthly wages at a levy rate of 0.25% or a minimum of $2 (for total wages of $800 or less), whichever is higher. GROSS MONTHLY REMUNERATION WORKER SDL PAYABLE REMARKS A $609.50 $2.00 Minimum of $2 is payable B $2,000.00 $5.00 0.25% levy C $4,500.00 $11.25 0.25% levy D $4,502.03 $11.25 First $4,500 levied at 0.25% E $10,000.00 $11.25 First $4,500 levied at 0.25% Copyright © 2020 In.Corp Global Pte Ltd. All rights reserved. Last updated Feb 2020 | 3

4. PAYROLL InCorp Payroll Services Let us take the load off you. Running a company is hard work. Outsource your payroll tasks to us so that you can focus on growing your business. Our payroll services have consistently helped small and medium sized enterprises, start-ups and companies like you remain in compliance with authorities as well as avoid unnecessary penalties. Our payroll services include the following: Š Fully automated payroll systems with a dedicated human interface Š Annual compliance documents like Form IR8A & IR8S Š Flexibility in pay runs: Fortnightly or monthly payroll Š Maternity claims, NS (MINDEF) claims, childcare leave application services Š Computerized payslips and payroll reports for management Š Tax clearance for non-local employees Š Drafting of employment contracts and agreements Š Online leave management & expense reimbursement features Š CPF registration of employers Copyright © 2020 In.Corp Global Pte Ltd. All rights reserved. Last updated Feb 2020 | 4

5. InCorp Payroll Solutions Covers all major HR process of your company, including: employment contracts, CPF registration, including disbursement salaries and expenses, payment of levies & CPF, submission of claims and IR8A Forms. PACKAGE 1 PREMIUM payroll processing employee of PRICE (Available upon request) This processing including disbursement of employee salaries and expenses, payment of levies and CPF, submission of claims and annual IR8A Forms. package comprises of payroll PACKAGE 2 STANDARD PRICE (Available upon request) This computations, generation of payroll reports and payslips for employees including CPF payment advice. package comprises of payroll PACKAGE 3 LITE PRICE (Available upon request) RUN YOUR BUSINESS. WE’LL RUN YOUR PAYROLL. GET A PAYROLL SERVICE QUOTE FROM INCORP. Save time & reduce costs by outsourcing your payroll management, complete our form below and we will get back to you. TALK TO US Copyright © 2020 In.Corp Global Pte Ltd. All rights reserved. Last updated Feb 2020 | 5

6. IN.CORP GLOBAL PTE LTD 30 Cecil Street, #21-08 Prudential Tower, Singapore 049712 Phone: WhatsApp: E-mail: Website: +65 6812 1611 +65 8699 8821 info@incorp.asia incorp.asia OUR REGIONAL PRESENCE The information contained herein is intended for general information purposes only and shall not be regarded as professional advice. Readers are therefore advised that before acting on any matter arising from these notes, they should discuss their particular situation with the Firm. No liability can be accepted for any action taken as result of reading the notes without prior consultation with regard to all relevant factors. FOLLOW US ON: Copyright © 2020 In.Corp Global Pte Ltd. All rights reserved. Copyright © 2020 In.Corp Global Pte Ltd. All rights reserved. Last updated Feb 2020 | 6