Type of
Territory
me a sure
Singapore
Thailand
Title of legislation/
scheme
Coverage
Source of funds
Qualifying conditions
Benefits
Table 19
Administrative organisation
Remarks
Provident fund
Central Provident Fund Act, 1953
All employee s
Civil Service Armed Forces
Insured person (earning more than $363 (about HK$726) a month):
15% of ordinary wages subject to a maximum of $310 (about HK$620) plus 15% of any additional wages.
Employer (of those earning more than $$363 a month):
15% of ordinary wages subject to a maximum of $310, plus 15% of any additional wages paid.
(Different rates of contribution by employer
and employee in respect of those earning $$363 or less a month are also specified in the Act)
Insured person (earning more than $235 a month): 51% of ordinary wages subject to a maximum of S$310, plus 15% of any additional allowance received.
Government
51% of ordinary wages plus 15% of any additional allowance paid.
(Different rates of contribution in respect of those earning less than $235 or less a month are also specified by Regulations)
(Details of all rates of contribution at
Appendix XVI)
For old age grant:
Aged 55 & over and at retirement; or at any age if leaving the country for good.
For invalidity grant :
Permanent incapacity for work.
For survivor grant:
Payable at the death of the insured.
Old age grant:
Lump sum equivalent to the total con- tributions by the insured and employer, plus at least 2.5% compound interest.
Invalidity grant: Same as old age grant.
Survivor grant:
Same as old age grant, payable to nominated survivors or legal heirs.
Administered by the Central Provident Fund Board under the general supervision of the Ministry of Labour.
Special
pension
system also
exists for Government employees.
Nil