Central Provident Fund (Self-Employed Persons) (Amendment No. 2) Regulations 2005

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Self-Employed Persons) (Amendment No. 2) Regulations 2005 and shall come into operation on 1st January 2006.

Amendment of regulation 14

2. Regulation 14(2) of the Central Provident Fund (Self-Employed Persons) Regulations (Rg 25) (referred to in these Regulations as the principal Regulations) is amended by deleting “$28,050” and substituting “$25,245”.

Amendment of regulation 20

3. Regulation 20 (1) of the principal Regulations is amended by deleting the words “or by ordinary post” and substituting the words “, by registered post or by ordinary post”.

Amendment of First Schedule

4. The First Schedule to the principal Regulations is amended by inserting, immediately after item 10, the following item:

“

11. 1st January to
31st December 2006

(a) For a self-employed person who has not attained 35 years of age —

An amount equivalent to 6% of the income (less any allowance or honorarium he received for that year as a Member of Parliament) for that year, subject to a maximum of $3,240.

(b) For a self-employed person who has attained 35 years of age but has not attained 45 years of age —

An amount equivalent to 7% of the income (less any allowance or honorarium he received for that year as a Member of Parliament) for that year, subject to a maximum of $3,780.

(c) For a self-employed person who has attained 45 years of age —

An amount equivalent to 8% of the income (less any allowance or honorarium he received for that year as a Member of Parliament) for that year, subject to a maximum of $4,320.

”.

Amendment of Second Schedule

5. The Second Schedule to the principal Regulations is amended by deleting paragraphs 1 and 2 and substituting the following paragraphs:

“1. Subject to this Schedule, with effect from 1st January 2006, the contributions payable by a Member of Parliament who is pensionable are as follows:

50 Years of Age and below

Above 50 but not more than 55 Years of Age

Above 55 but not more than 60 Years of Age

Above 60 but not more than 65 Years of Age

Above 65 Years of Age

Contributions payable by the Member of Parliament for the calendar month.

(1)

(2)

(3)

(4)

(5)

An amount equal to the sum of —

(a) 15% of the Member of Parliament’s allowance excluding non-pensionable variable payment and non-pensionable component, and 20% of the non-pensionable variable payment and non-pensionable component for the month subject to a maximum of $900; and

(a) 13.5% of the Member of Parliament’s allowance excluding non-pensionable variable payment and non-pensionable component, and 18% of the non-pensionable variable payment and non-pensionable component for the month subject to a maximum of $810; and

(a) 9.375% of the Member of Parliament’s allowance excluding non-pensionable variable payment and non-pensionable component, and 12.5% of the non-pensionable variable payment and non-pensionable component for the month subject to a maximum of $562.50; and

(a) 5.625% of the Member of Parliament’s allowance excluding non-pensionable variable payment and non-pensionable component, and 7.5% of the non-pensionable variable payment and non-pensionable component for the month subject to a maximum of $337.50; and

(a) 3.75% of the Member of Parliament’s allowance excluding non-pensionable variable payment and non-pensionable component, and 5% of the non-pensionable variable payment and non-pensionable component for the month subject to a maximum of $225; and

(b) 20% of the amount of any additional allowance payable in the month.

(b) 18% of the amount of any additional allowance payable in the month.

(b) 12.5% of the amount of any additional allowance payable in the month.

(b) 7.5% of the amount of any additional allowance payable in the month.

(b) 5% of the amount of any additional allowance payable in the month.

2. Subject to this Schedule, with effect from 1st January 2006, the contributions payable by a Member of Parliament who is non-pensionable are as follows:

Age Group

50 Years of Age and below

Above 50 but not more than 55 Years of Age

Above 55 but not more than 60 Years of Age

Above 60 but not more than 65 Years of Age

Above 65 Years of Age

Amount of allowance or honorarium (excluding the non-pensionable variable payment and the non-pensionable component) for the calendar month

Contributions payable by the Member of Parliament for the calendar month.

Contributions payable by the Member of Parliament for the calendar month.

(1)

(2)

(3)

(4)

(5)

(6)

Not exceeding $500

An amount equal to the sum of 20% of any additional allowance payable in the month.

An amount equal to the sum of 18% of any additional allowance payable in the month.

An amount equal to the sum of 12.5% of any additional allowance payable in the month.

An amount equal to the sum of 7.5% of any additional allowance payable in the month.

An amount equal to the sum of 5% of any additional allowance payable in the month.

Exceeding $500 but not exceeding $750

An amount equal to the sum of —

(a) 0.6 of the difference between the allowance or honorarium of the Member of Parliament (excluding the non-pensionable variable payment and the non-pensionable component) and $500;

(a) 0.54 of the difference between the allowance or honorarium of the Member of Parliament (excluding the non-pensionable variable payment and the non-pensionable component) and $500;

(a) 0.37 of the difference between the allowance or honorarium of the Member of Parliament (excluding the non-pensionable variable payment and the non-pensionable component) and $500;

(a) 0.22 of the difference between the allowance or honorarium of the Member of Parliament (excluding the non-pensionable variable payment and the non-pensionable component) and $500;

(a) 0.15 of the difference between the allowance or honorarium of the Member of Parliament (excluding the non-pensionable variable payment and the non-pensionable component) and $500;

(b) 20% of the non-pensionable variable component and non-pensionable component; and

(b) 18% of the non-pensionable variable component and non-pensionable component; and

(b) 12.5% of the non-pensionable variable component and non-pensionable component for the month; and

(b) 7.5% of the non-pensionable variable component and non-pensionable component for the month; and

(b) 5% of the non-pensionable variable component and non-pensionable component for the month; and

(c) 20% of the amount of any additional allowance payable in the month.

(c) 18% of the amount of any additional allowance payable in the month.

(c) 12.5% of the amount of any additional allowance payable in the month.

(c) 7.5% of the amount of any additional allowance payable in the month.

(c) 5% of the amount of any additional allowance payable in the month.

Exceeding $750

An amount equal to the sum of —

(a) 20% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $900; and

(a) 18% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $810; and

(a) 12.5% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $562.50; and

(a) 7.5% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $337.50; and

(a) 5% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $225; and

(b) 20% of any additional allowance payable in the month.

(b) 18% of any additional allowance payable in the month.

(b) 12.5% of any additional allowance payable in the month.

(b) 7.5% of any additional allowance payable in the month.

(b) 5% of any additional allowance payable in the month.".

[G.N. Nos. S 28/98; S37/2002; S 13/2003; S 368/2003 S 655/2003; S 799/2004; S 114/2005”.]

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