Payroll & Compliance – SEA Quarterly Chronicles – January 2021
11 January, 2021
In this edition, learn about key legislative updates including:
- Direct debit of CPF Employer deduction
To ensure that employers complete their payment quickly when they submit their CPF contributions after the due date (i.e. on the last day of the calendar month), Central Provident Fund Board (CPFB) department has brought new process updates. From 1 February 2021, the default Direct Debit deduction date will be changed from the 17th day of the following month to 2 working days after the submission date. Employers will still have the flexibility to choose their preferred deduction date up to 14th day of the following month after the submission date.
Employers need to ensure sufficient funds in their bank account for a successful deduction.
To read further please refer to the official link.
The newsletter also cover other topic:
- E-submission Specification Update of YA2021
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