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Anonymous

14 Dec 2023

CPF

Medisave contribution

I'm a 36M. I am self employed this year.

My medisave account has hit the BHS cos of my previous employment. Must I still make compulsory medisvae contribution?

Discussion (13)

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I may be wrong, but if you contribute towards your CPF as a self employed, it will flow into the 3 accounts as per usual. However, in your case whereby the BHS is already maxed out, those funds will flow into SA instead.

In essence, you can continue to make your normal CPF contribution and it will flow into the respective accounts accordingly.

You must make compulsory contributions to your MediSave account after you receive a Notice of Computation (NOC) of CPF contributions from IRAS if:

  1. You are a self-employed person;
  2. You are a Singapore citizen or permanent resident; and
  3. Your net trade income# is more than $6,000.

cctzjd

23 Dec 2023

Own time own target at Self Employed

Ah but remember there will always be some deductions made to your medisave and the BHS increases eac...

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