Example:

CSB A paid Mr Tan, their SEP vendor, a service fee of $120 through the bank mode. The bank deducted and paid $12 to Mr Tan’s MA and the net service fee of $108 to Mr Tan’s bank account. However, CSB A subsequently realised that the correct service fee amount agreed upon by both parties was $100. CSB A should:

1. Put in a request on the CAYE digital services for a refund of the CAYE contribution ($12) by selecting the transaction that was made in error (e.g. based on Mr Tan’s NRIC and the payment reference number) and providing the relevant supporting documents.
2. Seek the remaining $108 from Mr Tan directly.
3. Submit another CAYE contribution transaction for Mr Tan based on the correct gross service fee of $100.

This information is sourced from CPF.