Voluntary contributions
14.—(1)  Without prejudice to regulations 4, 4A, 5, 7 and 12, a self-employed person may at any time contribute voluntarily to the Fund a sum additional to that payable by him under these Regulations.
(2)  The maximum amount which a person may contribute voluntarily under paragraph (1) shall not exceed $28,800 in any relevant year.
[S 655/2003 wef 01/01/2004]
[S 114/2005 wef 01/01/2005]
[S 827/2005 wef 01/01/2006]
(3)  For the purpose of computing the maximum amount referred to in paragraph (2) in any relevant year, the following amounts shall be included:
(a)the amount contributed by the person which is obligatory under these Regulations; and
(b)subject to paragraph (4), in the case of a self-employed person who during the relevant year was also employed as an employee, the amount contributed by the person which is obligatory under the Act and any voluntary contribution paid by him or his employer under section 7(4) of the Act in that year.
[S 368/2003 wef 01/01/2003]
(4)  In the case of a self-employed person who during the relevant year was also employed as an employee, the following amounts shall not be included for the purposes of computing the maximum amount referred to in paragraph (2):
(a)any amount of additional medisave contributions made in that year up to $1,500; and
(b)any contribution made in that year under sections 73 and 79 of the Act.
[S 368/2003 wef 01/01/2003]
(5)  Where the Board is satisfied that —
(a)the amount of voluntary contributions which have been paid into a self-employed person’s account in a relevant year exceeds the maximum amount specified in paragraph (2); or
(b)the amount of additional medisave contributions which have been paid by his employer in a relevant year exceeds $1,500,
the Board may refund the excess contributions to the self-employed person or to his employer, as the case may be.
[S 368/2003 wef 01/01/2003]
(6)  The Board may require the self-employed person or his employer to furnish to the Board such information as may be necessary for the purposes of determining whether any refund is payable under paragraph (5).
[S 368/2003 wef 01/01/2003]
(7)  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.
[S 368/2003 wef 01/01/2003]
(8)  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 368/2003 wef 01/01/2003]
[S 13/2003 wef 01/01/2003]