Central Provident Fund (Self-Employed Persons) (Amendment No. 3) Regulations 2003

Status:

Published in Subsidiary Legislation Supplement
on 31 Dec 2003

No. S 655

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Self-employed Persons) (Amendment No. 3) Regulations 2003

In exercise of the powers conferred by section 77 (1)(a) and (e) of the Central Provident Fund Act, Dr Ng Eng Hen, Minister of State, Ministry of Education, charged with the responsibility of the Minister for Manpower, after consulting with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Self-Employed Persons) (Amendment No. 3) Regulations 2003 and shall come into operation on 1st January 2004.

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 “$28,800” and substituting “$23,760”.

Amendment of First Schedule

3. The First Schedule to the principal Regulations is amended —

(a)

by deleting the words “and every subsequent year beginning 1st January and ending 31st December” in item 8 under the heading “Period in respect of which contribution is payable”;

(b)

by deleting the words “if he is a Member of Parliament” in paragraphs (a), (b) and (c) in the second column of item 8 and substituting in each case, the words “as a Member of Parliament”; and

(c)

by inserting, immediately after item 8, the following item:

“

9. 1st January to 31st December 2004

(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 $3,960.

(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 $4,620.

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 $5,280.

”.

Amendment of Second Schedule

4. The Second Schedule to the principal Regulations is amended —

(a)

by deleting the words “1st January 2003” in paragraph 1 and substituting the words “1st January 2004”;

(b)

by deleting “$1,200”, “$750”, “$450” and “$300” in sub-paragraph (a) in columns (1) to (4) of paragraph 1 and substituting “$1,100”, “$687.50”, “$412.50” and “$275”, respectively; and

(c)

by deleting paragraph 2 and substituting the following paragraph:

“2. Subject to this Schedule, with effect from 1st January 2004, the contributions payable by a Member of Parliament who is non-pensionable are as follows:

Age Group

55 Years of Age and below

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.

(1)

(2)

(3)

(4)

(5)

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 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) 0.37 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) 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

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 $1,100; and

(a) 12.5% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $687.50; and

(a) 7.5% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $412.50; and

(a) 5% of the allowance or honorarium of the Member of Parliament for the month subject to a maximum of $275; and

(b) 20% 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]

Made this 29th day of December 2003.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 9/73 V35; AG/LEG/SL/36/2002/3 Vol. 4]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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