CPF or “Central Provident Fund”
Is a comprehensive social security system that enables Singaporean and permanent resident to set aside retirement funds and pay for their housing, insurance, and asset enhancement.
In case of non-payment of CPF, there will be monetary and interest penalty to be paid to CPF. So it is important to have a good payroll provider to assist you with your CPF monthly contribution.
Depending on the PR status given, some employees will pay a graduated scale of CPF percentage and after several years, then their CPF contribution will be the same as a Singapore citizen. Likewise, the age of your employees will determine the percentage of CPF to be paid for them.
HeySara’s payroll can assist the payment of required CPF contribution for your local employees.