Under what scenarios will monies transmitted via Contribute As You Earn (CAYE) bank mode be returned to the corporate service buyer?
An admin fee of $0.55 per transaction will be deducted from the gross service fees before the remainder is returned to the corporate service buyer if:
- the self-employed person (SEP)’s bank account is closed or invalid;
- the SEP’s NRIC is invalid; or
- the CPF submission number in the bank file is invalid.
This information is sourced from CPF
Related questions
Can corporate service buyers recover the overpaid Contribute As You Earn (CAYE) contributions due to overpayment of full service fee?
How will corporate service buyers know how much Contribute As You Earn (CAYE) contribution to deduct from the service fee?
How can corporate service buyers using the bank mode check the breakdown of the Contribute As You Earn (CAYE) contributions and net service fee to the self-employed person?
Under Contribute As You Earn (CAYE), corporate service buyers will only pay the net service fee directly to self-employed persons. Are there any legal implications?
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