What happens if payment to the self-employed person via the Contribute As You Earn (CAYE) bank mode is unsuccessful?
For unsuccessful payments made via PACE (PayNow for CAYE) (e.g. due to invalid bank account number or invalid NRIC provided), the full service fee minus $0.55 per transaction (admin fee) will be returned to the corporate service buyer’s bank account via FAST. If the full service fee exceeds S$200,000, the payment will be rejected and the full service fee minus $0.55 per transaction (admin fee) will be refunded to the corporate service buyer’s bank account.
This information is sourced from CPF
Related questions
What happens if the corporate service buyer provided an invalid NRIC for crediting of the Contribute As You Earn (CAYE) contributions?
How do corporate service buyers know if the payment to self-employed persons is successful?
With the additional step to split the service fee under Contribute As You Earn (CAYE), would this result in a delayed payment of service fee that may exceed the credit terms?
Under what scenarios will monies transmitted via Contribute As You Earn (CAYE) bank mode be returned to the corporate service buyer?
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