Employers’ responsibility to make CPF contributions timely and correctly
Last updated on 18 September 2024
All employers in Singapore must pay Central Provident Fund (CPF) contributions for their employees who are Singapore Citizens or Singapore Permanent Residents and who are earning total wages of more than $50 per month. Employees who earn between $50 and $500 per month need not contribute to the employee’s portion, but employers are still required to contribute to the employer’s portion.
Business owners just starting up company in Singapore will need to apply for a CPF Submission Number (CSN) before they can make CPF contributions. The CSN is a unique identifier for each employer and can be applied for on the CPF Board’s website via SingPass. Alternatively, accounting firms in Singapore offering payroll or immigration services Singapore can help you with the process. Do note that the company’s UEN or NRIC/FIN of business owners will not be sufficient to transact with the CPF Board.
It is the responsibility of all employers to keep their particulars, such as principal place of business and contact details, up-to-date. Companies and businesses must also inform the CPF Board if they cease having employees.
The due date for CPF contributions is on the last day of the calendar month. Enforcement action would be taken against employers who fail to pay by the 14th of the following month. Penalties for non-compliance include imposing late payment interest charged at 1.5% per month, commencing from the first day after the due date.
Incorrect contribution amounts can also attract penalties. The CPF EZPay is a digital service that helps employers quickly compute and submit their CPF contributions. Employers can save and load their employees’ details and easily amend them for their monthly CPF submissions. For employers who are always out and about, CPF EZPay Mobile offers the convenience of submitting CPF contributions via mobile devices. Business owners who do not want to deal with the hassle of administering CPF contributions can contact us for our HR and payroll services to support them.
