QUOTE(dveHetal3 @ Aug 6 2009, 11:01 PM)
Wow, Singapore CPF contribution for employee portion is 20%... Tat's mean your take home pay is lesser and lesser..
The eligible salary is capped at 4500. This means the maximum that you will ever pay is 900 a month (20% of 4500).
QUOTE(dveHetal3)
Furthermore, unlike EPF in Malaysia, you can't withdraw all your funds once you reach 55, CPF Board will only release your savings to you by installment.
I suggest you do some research before shooting off a "factual" post.
For us (West Malaysians) who return to Malaysia, CPF will be essentially like EPF for us. We only get it ALL back when we turn 50 or 55. From the notes section in CPF withdrawal form CPF-MC (Application to Withdraw CPF by Malaysians Residing in West Malaysia)...
QUOTE
NOTES
CONDITIONS FOR WITHDRAWAL
To qualify for withdrawal under section 15(2)© of the CPF Act, a member must satisfy ALL the following conditions:
1. He is a Malaysian citizen.
2. He has left Singapore permanently to reside in West Malaysia.
3. He is either:
(a.) 55 years old or above, or
(b.) below 55 years old but above 50, and has not worked in Singapore in the two years before his application, or
(c.) physically or mentally incapacitated from ever continuing in any employment or is found to be of unsound mind.
4. He does not hold a valid Singapore Work Permit or Employment Pass.
If you satisfy all the conditions listed above, you may apply to withdraw your CPF savings. Please complete and return this form to CPF Board, Withdrawal Schemes Department, 79 Robinson Road, Singapore 068897 together with copies of the documents stated below. Copies of all documents must be certified true by either a Notary Public or an official from the Singapore High Commission/ the Embassy of the Republic of Singapore with his official seal/stamp duly affixed. Certifications by a Justice of Peace are not acceptable.
DOCUMENTS FOR WITHDRAWAL
1. Malaysian identity card (both sides).
2. Malaysian passport showing your passport number and personal particulars (if applicable).
3. Letter from the Work Pass Division confirming the surrender of your Singapore Work Permit or the page of
your passport showing the cancellation of the Employment Pass (if applicable).
4. The page of your passport showing the cancellation of long term pass/dependant pass (if applicable).
5. Letter from the Immigration & Checkpoints Authority confirming that you have renounced your Singapore
citizenship (if applicable).
6. Letter from the Immigration & Checkpoints Authority confirming the cancellation of your Entry Permit and
Re-entry Permit and the renunciation of your Singapore permanent residency (if applicable).
7. Doctor’s medical report dated within 6 months stating your current state of health, level of incapacity and
disability to work (applicable if you are applying on medical grounds).
8. Your bank passbook showing your name and bank account number, if payment is to be credited to your
bank account. If your CPF monies are to be credited to a foreign bank outside Singapore, please also
provide the full bank address and SWIFT code.