Funds Contribution Option - A summary of the activity

This activity enables you to enter the fund contribution option for an employee.  You are to specify the employee code and the process period range for which the amount / option entered is applicable.  In addition, you can modify the details that you have already entered.

Contribution Options: The system lists the following fund elements for contribution option.

• SINDA

• CDAC

• MBMF

• ECF

• CPFEE

• CPFER

The Contribution options are as follows

4      IN:  If any employee is not eligible for any fund element, and wishes to contribute, he/she can opt “In“ for the funds. If the employee opts to contribute the amount will be deducted for the specified process periods. This option is not applicable if the element is CPFEE or CPFER.

4      OUT:  If any employee, eligible for any fund element, and prefers not to contribute, he/she can opt “Out” for the eligible fund element. If the employee opts not to contribute, the funds amount will not be deducted for the specified process periods. This option is not applicable if the element is CPFEE or CPFER.

4      If the Element is selected as CPFEE or CPFER, the contribution options will be “Full Rate”, “PR Year1”, “PR Year2”. The employee must have become Singapore PR not completed 3 years.

4      If the employer contribution (CPFER) are for the PR employees, the contribution options could be PR Year1 or PR Year2 or full rates as per the organization’s policy.

Getting familiar with the pages inside  

6      Hyperlinked topics below

Prerequisites  

Payroll Calendar must be defined

Process Periods must be defined

Pay elements must be defined

Employee details must be defined

Values in the “Quick Codes” component must be defined

What you can do in this activity  

Specifying / modifying the fund contribution option of an employee.