CPF Board recovered $420 million in errant contributions last year
The Central Provident Fund Board has recovered about $420 million of CPF contributions from last year that were late, below the required level, or not paid at all.
Manpower Minister Tan Chuan-Jin revealed this today in response to a Parliamentary question from Tanjong Pagar GRC MP Chia Shi Lu.
Dr Chia asked if the ministry would improve its systems to detect non-compliance in CPF contributions, following a recent report by the Attorney-General.
The report found that the ministry had failed to detect underpayment of CPF contributions by a company over a ten year period for employees who performed National Service.
Mr Tan said the CPF Board has several measures in place to ensure the timely and accurate payment of CPF contributions.
This includes an automated system to detect late payments, as well as pro-active audits on employers.
"But CPF Board cannot carry out its audits exhaustively on each and every one of the 140,000 employers on a yearly basis. I think we have to take a risk-based approach, we also target enforcement efforts, to complement it with investigations to complains lodged by employees or whistle blowers. "
Mr Tan added that the CPF Board has strengthened its audit process to improve the detection of employer CPF liabilities arising from NS make-up pay.
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