News and Updates

Changes to CPF Contribution Rates

The Singapore government has announced changes to the employer portion of CPF contribution rate. For employees earning $1500 or more, the employer CPF rate will be increased by 1%. The increase will be done gradually in two steps to moderate the impact on employers.

The first 0.5% increase will be implemented on 1 September 2010, and will be made into the Medisave Account. The remaining 0.5% increase will take effect 6 months later on 1 March 2011, and will be made to the Special Account.

For employees above 35 years of age and earning less than $1500, the rate increase would be slightly different, adjusted in graduated amounts. More information regarding the changes to CPF contribution rate can be found at www.cpf.gov.sg

Managed payroll and ePayroll SaaS clients can be assured that i-Admin will take the necessary steps to update our system to reflect changes in the contribution rates. We have a team of statutory consultants to monitor changes to statutory requirements in the locations where we provide payroll services.

About i-Admin

i-Admin is Asia's premier HR Business Process Outsourcing (HR BPO) company. Founded in 1999, i-Admin is established in Singapore, Hong Kong, China, Thailand, Malaysia, Taiwan and India. We provide payroll outsourcing and HR solutions to leading organizations established in Asia.

To find out more, visit www.i-admin.com

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