Enhancement to Electronic Record of Payment of Singapore CPF Board
Singapore 03 October 2013: The Central Provident Fund (CPF), Board of Singapore, has introduced some new and improving changes to its electronic record of payment (eROP) which will take effect from November 2013. The major change in the eROP is an extension of the period to track record of past CPF contributions from 6 months to 15 months. With effect from November 2013, the authority will no longer send hard-copy ROPs to any employer. Nevertheless, there will be no change in the periodic email notification that employers receive to view their latest eROPs.
These new changes have been made keeping in view the convenience of the employers. The regulatory authority is putting continuous efforts to provide better services to the employers handling business in Singapore. They even sought the feedback from the employers to enhance the eROP system further.
The CPF is a fully funded social security scheme that requires both employers and employees to make the monthly contribution to the employees’ (who are CPF members) individual accounts. The Central Provident Fund Board was set up in 1955 to serve as an old-age savings or retirement saving scheme for employees. Over the years, it has evolved from a national retirement savings scheme into a comprehensive social security savings scheme addressing healthcare, home ownership, family protection and asset enhancement. Every month, employers are responsible for collecting the employee’s share of the CPF contributions and submit the amount together with their share to the CPF board.
Ever since the advent of internet media, the CPF introduced an e-submission system for employers. The board embarked on several initiatives to facilitate employers’ conversion to electronic submission. Before the introduction of electronic submission, employers submit their monthly CPF contributions through paper-based forms and cheques. Today, more than 95% of employers have shifted to e-submission of CPF contribution.
The board is leaving no stone unturned to improve and enhance the electronic submission system of the CPF plan. Their sole aim is to provide improved services to employers. The recent changes they implemented in eROPs are the live examples of this vision.