Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation | Amended S 695/2002
Refund of excess contributions
8.—(1) Where the Board is satisfied that —
(a)
the amount of voluntary contributions which have been paid into a member’s account in a year exceeds the sum specified in section 13B(2) of the Act; or
(b)
the amount of additional medisave contributions which have been paid by an employer in a year exceeds $1,500,
the Board may refund the excess contributions to the person who had paid the excess contributions into the member’s account
(2) The Board may require the person to whom the excess contributions are to be refunded to furnish to the Board such information as may be necessary for the purposes of determining whether any refund is payable under paragraph (1).
(3) The Board may retain the whole or any part of the excess contributions to be used to set off against any contribution or interest thereon which is due or may become due to the Board.
(4) In this regulation, “additional medisave contributions” means the contributions paid by an employer under section 7(4)(c) of the Act specifically for the purposes of the medisave account of his employee.
[S 367/2003 wef 01/01/2003]
Informal Consolidation | Amended S 367/2003
Refund of excess contributions
8.—(1) Where the Board is satisfied that —
(a)
the amount of voluntary contributions which have been paid into a member’s account in a year exceeds the sum specified in section 13B(2) of the Act; or
(b)
the amount of additional medisave contributions which have been paid by an employer in a year exceeds $1,500,
the Board may refund the excess contributions to the person who had paid the excess contributions into the member’s account
(2) The Board may require the person to whom the excess contributions are to be refunded to furnish to the Board such information as may be necessary for the purposes of determining whether any refund is payable under paragraph (1).
(3) The Board may retain the whole or any part of the excess contributions to be used to set off against any contribution or interest thereon which is due or may become due to the Board.
(4) In this regulation, “additional medisave contributions” means the contributions paid by an employer under section 7(4)(c) of the Act specifically for the purposes of the medisave account of his employee.