CPFB | Saving as a self-employed person

Growing your savings

Saving under the Self-Employed Scheme

The Self-Employed Scheme encourages self-employed persons (SEPs) to save for retirement and healthcare needs, in the absence of regular MediSave contributions from an employer.

Notice

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Who is an SEP?
Obligations
What you can do
Benefits
Resources
FAQs
Articles

Pay your MediSave contributions with ease!

Find out how you can make MediSave contributions under the Self-Employed Scheme.

You can conveniently request instalment plan or make full payment for your MediSave payable within a single form, depending on your preferences.

If you do not have outstanding MediSave payables, you can make MediSave contributions for future work years in advance and earn interest on your MediSave savings earlier.

Start managing your MediSave contributions today!

I wish to make payment for my MediSave payable!

Manage your MediSave payable

Examples of Self-Employed Persons are: taxi drivers, hawkers and freelancers.

Who is an SEP?

The definition of a self-employed person

If you are a person with your own business, work for yourself and are in the position to realise a business profit or loss, you are considered an SEP.

IRAS definition of SEPs

Obligations

As a self-employed person, you have several obligations under the Self-Employed Scheme.

Declare your Net Trade Income (NTI)

Do I need to declare with CPF Board?

For Work Year 2023 (WY2023) onwards
All Net Trade Income (NTI)¹ declarations for Work Year 2023 (Year of Assessment 2024) can be made with the Inland Revenue Authority of Singapore (IRAS) by filing a tax return. There is no need to file separate declarations with CPF Board.

If you receive a notification (via letter/form/SMS) to file tax from IRAS, or you meet the requirement to file tax (i.e. NTI above $6,000 and/or Total Income above $22,000), please complete and submit the tax return to IRAS directly. The income tax filing period is from 1 March to 18 April annually.

If you do not receive a notification from IRAS or do not meet the requirement to file tax, you can declare your self-employed net trade income (NTI) to IRAS via myTax Portal which will be available from 1 March to 31 October annually for taxpayers to e-File tax returns.

Once IRAS has assessed your income for the year, your assessed NTI will be transmitted to the Board. You can check your updated NTI records by logging in to the Self-employment dashboard with your Singpass.

For Work Year 2022 (WY2022) or earlier
If you were not issued a Notice of Assessment (NOA) by IRAS and wish to declare NTI for work years prior to 2023, you can write to us using your Singpass.

If you have declared your NTI with IRAS, you need not declare your income again to the Board.

¹NTI is your gross trade income minus all allowable business expenses, capital allowances and trade losses as determined by IRAS.

Make MediSave contributions

How much to contribute to your MediSave?

Your MediSave contribution is computed based on your age and NTI, as assessed by the IRAS or declared to CPF Board.

Contribution calculator

When to contribute to your MediSave?

Your MediSave contribution is due 30 days from the date of issuance of the Notice of Computation from IRAS or Notice of Contribution from CPF Board.

Contribute via the Manage your MediSave payable form

Wish to make MediSave contributions via GIRO?

You may sign up to make affordable monthly instalments through GIRO.

Apply for GIRO

For those who are concurrently employees, or have met their Basic Healthcare Sum (BHS)

For self-employed persons who are concurrently employees:

You are still required to declare your NTI and make contributions to your MediSave under the Self-Employed Scheme.

For self-employed persons who have met their Basic Healthcare Sum (BHS):

You are still required to fulfil your mandatory MediSave contributions under the Self-Employed Scheme.

Any excess contribution beyond BHS would overflow to:

Special Account (SA) (if you are below 55)
Retirement Account (RA) (if you are above 55 and do not have Full Retirement Sum [FRS])
Ordinary Account (OA) (if you are aged above 55 and has reached FRS)

What you can do

Other things you can do under the Self-Employed Scheme

Hassle-free licence application/ renewal

Check your eligibility for licence application or renewal (if applicable).

If you’re currently self-employed, you may apply or renew licence(s) (if applicable) when you’re up-to-date with your MediSave contributions (paid in full or on active GIRO plan).

Check your status

Ease your MediSave contributions with CAYE

Contribute As You Earn (CAYE) helps SEPs contribute to their MediSave as they earn when their Corporate Service Buyers make payment to them.