CPF Policy

The CPF policy at Healy consultants is based on guidelines set out by the Singapore Employment Act. This policy is effective from 20th July 2016.

Over the past year, many of you applied for and successfully received PR status. Healy Consultants encourages each of you to apply for PR status to optimise the security around your residency status in Singapore. Going forward, Healy Consultants will continue to support staff PR applications.

Staff receiving PR approval need to have their salary adjusted to accommodate the extra CPF contributed by Healy Consultants. This company policy complies with MOM’s employment laws and the same was confirmed by MOM in writing to me. It is common for small companies to implement this policy because of the financial impact it has on annual net profits.

Please note that Sharon is our in house expert on CPF, so I recommend you chat to her and understand the implications that changing to PR will have on your salary.

After 3.5 years of employment with Healy Consultants, should you wish to apply for PR status then Healy Consultants will pay employer CPF portion per MOM guidelines. If you obtain PR status within 3.5 years of employment, the employee bears all CPF payments until 3.5 years anniversary of you joining the company. This change to policy is effective form 10 May 2017.

Healy Consultants Management recognizes the importance to employees to becoming PR in Singapore. Simultaneously, our firm is a small and cash flow sensitive to fixed monthly overheads; when Client sales fluctuate. We believe the above policy is a balance between the needs of employer and employee.

More details on employee and employer CPF can be obtained on MOM’s website at:
http://www.mom.gov.sg/employment-practices/central-provident-fund