Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Central Provident Fund (CPF)

Central Provident Fund (CPF) is a comprehensive social security system that enables Singaporeans and Permanent Residents (PRs) to set aside retirement funds and pay for their housing, insurance, and asset enhancement.

Every working Singaporean and PRs are required to make monthly contributions to their own CPF account. Employers of the individuals must also contribute to the accounts. The CPF contribution rate depends on the employee’s citizenship, age group, and total wage for the month.

For the latest CPF contribution rates:

Types of Central Provident Fund (CPF) Account

Each individual’s CPF account is categorized into 3 accounts:

  • Ordinary Account – for retirement and housing needs
  • Special Account – for retirement needs
  • MediSave Account – for healthcare needs

The CPF received by the individual will be allocated to all 3 accounts. The allocated rate depends on the employee type and age group.

For the latest CPF allocation rates:

Interest Rates of CPF Account

All CPF members enjoy risk-free interest on their CPF savings. The current rates are as shown below.

CPF accountInterest rates (as of 1 July 2018)
Ordinary Account2.5% – 3.5%
Special Account4% – 5%
MediSave Account4% – 5%
Retirement Account4% – 5%

Note: Interest rates include an extra 1% interest paid on the first $60,000 of the combined balance, and up to $20,000 from the Ordinary Account. For individuals aged 55 and above, there will be an additional 1% extra interest on the first $30,000 of the combined balance, including up to $20,000 from the Ordinary Account.

Penalty for Non- or Late CPF Payment

All employers are responsible for the monthly CPF contribution of their employees. CPF contributions must be made on time at the end of each month.

In case of non- or late CPF payment, there will be monetary and interest penalties. In some cases, employers can be charged and given fines and/or jail sentences. Thus, it is important to have a good payroll provider to assist you with your company’s monthly CPF contribution. HeySara’s payroll management service can assist you with the computation and management of monthly CPF payments for your local employees.