Why must self-employed persons contribute to MediSave to receive Workfare Income Supplement?
A key principle of the Workfare Income Supplement (WIS) scheme is personal responsibility in saving for future needs, with the government providing supplementary support.
Self-employed persons (SEPs) are required to contribute to their MediSave Accounts because they do not receive employer contributions. Regular Medisave contributions help ensure they have enough savings for healthcare needs, especially in old age.
To qualify for Workfare Income Supplement (WIS), SEPs must contribute to MediSave as WIS is intended to supplement both income and CPF savings for long-term financial security.
This information is sourced from CPF
Related questions
Why do self-employed persons receive only two-thirds of the Workfare Income Supplement compared to employees?
What benefits do self-employed persons enjoy from making MediSave contributions?
Why does CPF Board take self-employed persons to court for not contributing to their MediSave?
Do I still have to contribute to my MediSave if I am both a self-employed person as well as an employee or platform worker?
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