Why must self-employed persons (SEPs) contribute to MediSave to receive Workfare Income Supplement (WIS)?
A key principle of the Workfare Income Supplement (WIS) scheme is that each recipient has a personal responsibility to save for his future needs, with the government providing additional support.
Self-employed persons (SEPs) are required to contribute to their MediSave Accounts as they do not receive regular MediSave contributions from employers. It is important to contribute regularly to ensure enough savings for healthcare needs. This is especially important during old age, when SEPs may have stopped working.
WIS is intended to supplement, not replace the MediSave contributions made by the SEPs.
Self-employed persons (SEPs) are required to contribute to their MediSave Accounts as they do not receive regular MediSave contributions from employers. It is important to contribute regularly to ensure enough savings for healthcare needs. This is especially important during old age, when SEPs may have stopped working.
WIS is intended to supplement, not replace the MediSave contributions made by the SEPs.
This information is sourced from CPF
Related questions
Why do Self-Employed Persons receive only two-thirds of the Workfare Income Supplement (WIS) received by employees?
How much MediSave contribution do I have to make to qualify for Workfare Income Supplement (WIS)?
I worked as both an employee as well as a self-employed person (SEP) in the work year. When will I receive my Workfare Income Supplement (WIS) for the work year?
I have income from different types of employment (e.g. employee, self-employed person, platform worker) during the work year. When will I receive my Workfare Income Supplement (WIS) for the work year?
Need more help?
Get in touch