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Saving as a self-employed person

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Notice

Our CPF hotlines are temporarily unavailable due to technical difficulties related to Singtel. We apologise for any inconvenience caused. For urgent assistance, please reach us through our Text Us service, and we will respond as soon as we can.

Start managing your MediSave contributions today

You can request an instalment plan, make full payment on your outstanding MediSave payable, or contribute towards your future 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)

How to declare your income?

From Work Year 2023 (WY2023) onwards
All Net Trade Income (NTI)1 declarations from WY2023 (Year of Assessment 2024) onwards 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.

 

When IRAS has completed the income assessment for the year, you will receive a notice of CPF contributions for self-employed persons from CPF Board informing you of your MediSave payable. You will be able to view your digital notice on the self-employment dashboard after logging in with your Singpass.

 

For Work Year 2022 or earlier
If you were not issued with 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 do not need to declare your income again to CPF Board.

 

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

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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.

https://www.cpf.gov.sg/member/tools-and-services/calculators/self-employed-medisave-contribution-calculator false
Contribution calculator
When to contribute to your MediSave?

Your MediSave contribution is due 30 days from the date of issuance of the notice of CPF contributions for self-employed persons issued by CPF Board.

https://www.cpf.gov.sg/member/tools-and-services/forms-e-applications/manage-your-medisave-payable false
How to make your MediSave contributions?

You may request instalment plan or make full payment for your MediSave contributions.

https://www.cpf.gov.sg/member/tools-and-services/forms-e-applications/manage-your-medisave-payable false
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.  

https://www.cpf.gov.sg/service/article/can-i-settle-my-outstanding-medisave-payable-by-instalments-through-giro false
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.

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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. 

 

MediSave Account savings above the BHS will first be channelled to

  • Special Account (SA), if you are below 55, up to the prevailing Full Retirement Sum (FRS)
  • Retirement Account (RA), if you are age 55 and above, up to your FRS

If you have met the FRS, contributions to the MediSave account in excess of the BHS will be channelled to the Ordinary Account (OA).

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What you can do
Other things you can do under the Self-Employed Scheme
1
Hassle-free licence application/ renewal

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

https://www.cpf.gov.sg/member/ds/dashboards/self-employment false

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
2
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.

https://www.cpf.gov.sg/member/growing-your-savings/cpf-contributions/contribute-as-you-earn false
More on CAYE
3
Make MediSave contributions in advance

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

https://www.cpf.gov.sg/member/tools-and-services/forms-e-applications/manage-your-medisave-payable false
Contribute now
Benefits
What additional benefits can you receive as a self-employed person?

Eligible SEPs can also receive benefits when they contribute to their MediSave Account.

1
Tax relief

You can enjoy tax relief on your mandatory and voluntary contributions based on whichever is lower: 

  • 37% of assessable income; or
  • CPF Annual Limit of $37,740; or
  • Actual amount contributed by you

There is no tax relief for your mandatory or voluntary CPF contributions if your assessed NTI for the year of assessment is zero or negative.

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2
Workfare Income Supplement (WIS)

Lower-wage SEPs who earn less than a monthly average NTI of $2,500 may qualify for the Workfare Income Supplement (WIS) scheme.

https://www.cpf.gov.sg/member/growing-your-savings/government-support/workfare-income-supplement false
More on WIS
3
Co-contribution scheme

SEPs who are part of the Drive and Save (DAS) scheme can receive up to $20 monthly co-contribution.

https://www.cpf.gov.sg/service/article/how-do-i-register-for-the-drive-and-save-das-scheme false
More on DAS
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