Channel NewsAsia
Updated: 04/28/2014 16:27 | By Channel NewsAsia

$420 million in CPF arrears recovered in 2013

$420 million in CPF arrears recovered in 2013


$420 million in CPF arrears recovered in 2013

SINGAPORE: The Central Provident Fund (CPF) Board recovered about $420 million in CPF arrears last year, benefiting more than 250,000 local workers.

In comparison, it recovered $293 million in 2012.

In a statement, the CPF Board said the increase in CPF arrears recovered was due to stepped up enforcement efforts, as well as workers being more aware of their rights.

The arrears recovered were from underpayment, non-payment and late payment of CPF contributions by employers.

For cases of underpayment or non-payment, the CPF Board recovered $16.6 million from 3,900 errant employers in industries such as security, cleaning and food and beverage.

This benefited more than 19,000 employees.

The CPF Board also found that an average of 3,600 employers made late CPF contributions each month.

It assisted more than 230,000 workers, recovering $406.6 million.

There were 41 convictions for non-payment and underpayment of CPF, and 202 convictions for late payment last year.

All convicted employers were fined and ordered to pay the CPF arrears by the Subordinate Courts.

For non-compliance with the CPF Act, first-time offenders may be fined up to $5,000 and/or imprisoned for up to six months.

Repeat offenders may face fines of up to $10,000 and/or imprisonment of up to 12 months.  - CNA/de

Latest Photo Galleries on xinmsn

NEWS VIDEOS