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Dear Employer
Cessation of 17th day Direct Debit deduction
Since 1998, employers on the promotional scheme ‘Employers Go GIRO’ were allowed to make Direct Debit deductions from their bank accounts for CPF contributions on the 17th day instead of 14th day of the following month.
We have recently reviewed the promotional scheme and will be ceasing the option of allowing Direct Debit deductions on the 17th day of the following month with effect from 1 February 2021.
Changes to default Direct Debit deduction date
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.
This is 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). Employers will still have the flexibility to choose their preferred deduction date. Please refer to the example below.
Example
Please ensure you maintain sufficient funds in your bank account for a successful deduction.
Thank you for contributing to your employees' retirement savings and stay safe.
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