Understanding Administering Central Provident Fund Contributions

PeopleSoft supports the administrative and reporting requirements of Central Provident Fund (CPF) administration and maintenance and provides:

• Support for employee and employer payments to a nominated CPF or other fund or levy (including such funds as MBMF, CDAC, and ECF) in accordance with the calculation of eligibility rules for CPF legislation.

• The calculation of monthly CPF contributions on ordinary and additional wages according to CPF rate schedules for government and non-government employees.

• The calculation of other contributions collected by the CPF Board according to the required rate schedules.

• The identification and management of unique company and employee identifiers.

• Recalculation and adjustment of CPF contributions at year end using actual wages for the year.

• Additional CPF contributions to be taken from the final pay.

• A process that creates a file containing all CPF contributions for a month for submission to the CPF Board via the CPF PAL Internet facility and CPF/IRAS Line.

• Reports to support administrative reporting in accordance with CPF requirements.

  Monthly CPF Schedule reports provide listings of all CPF contributions and other deductions that can be submitted to the CPF Board each week.