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18-07-2014, 12:40 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
AGO REPORT: CPF BOARD DIDN'T ENSURE THAT EMPLOYERS WERE PAYING THE RIGHT CONTRIBUTIONS
Post date:
17 Jul 2014 - 7:20pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/19146819_0.jpg?itok=GxbJwfQ8 (http://therealsingapore.com/sites/default/files/field/image/19146819_0.jpg)
Background Story: AGO Finds Serious Irregularities In Public Fund Usage By MINDEF, CPF, NLB, MDA (http://therealsingapore.com/content/ago-finds-serious-irregularities-public-fund-usage-mindef-cpf-nlb-mda)
The Central Provident Fund Board (CPF) was flagged by the Auditor's General's report as having 3 major lapses in the administration of schemes and programs.
In particular, there was insufficient oversight of the CPF contributions made for Operationally Ready National Service men during their ICT stints resulting in underpayment. Another lapse was in the lack of verification of erroneous Medisave claims made by medical institutions resulting in the overpayment from CPF member's Medisave accounts.
The third major lapse was in the CPF board's granting of Workfare Income Supplement on behalf of the MOM without having sufficient data on applicants. This resulted in several approvals of the scheme for applicants who did not meet the proof criteria.
The CPF board is supposed to detect incorrect payments made by employers for NSmen serving reservist however, the CPF board only relied on information given by the employer and did not conduct any independent checks.
This resulted in over $816,000 of underpayments of CPF contributions by employers over the last 10 years.
The CPF Board explained that they have since been able to recover this amount from employers.
In auditing the medisave claims, the AGO found that 35 out of the 99 claims it checked had over-claims amounting to about $48,100. In terms of long-term outstanding over-claims, there was over $101,000 outstanding.
The AGO also found that the CPF Board did not do anything to try and recover the outstanding amounts. CPF explained that they are working on fixing this.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?186040-So-Much-for-quot-100-Risk-Free-quot-CPeeF!-Lapses-in-CeePF-Found!&goto=newpost).
AGO REPORT: CPF BOARD DIDN'T ENSURE THAT EMPLOYERS WERE PAYING THE RIGHT CONTRIBUTIONS
Post date:
17 Jul 2014 - 7:20pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/19146819_0.jpg?itok=GxbJwfQ8 (http://therealsingapore.com/sites/default/files/field/image/19146819_0.jpg)
Background Story: AGO Finds Serious Irregularities In Public Fund Usage By MINDEF, CPF, NLB, MDA (http://therealsingapore.com/content/ago-finds-serious-irregularities-public-fund-usage-mindef-cpf-nlb-mda)
The Central Provident Fund Board (CPF) was flagged by the Auditor's General's report as having 3 major lapses in the administration of schemes and programs.
In particular, there was insufficient oversight of the CPF contributions made for Operationally Ready National Service men during their ICT stints resulting in underpayment. Another lapse was in the lack of verification of erroneous Medisave claims made by medical institutions resulting in the overpayment from CPF member's Medisave accounts.
The third major lapse was in the CPF board's granting of Workfare Income Supplement on behalf of the MOM without having sufficient data on applicants. This resulted in several approvals of the scheme for applicants who did not meet the proof criteria.
The CPF board is supposed to detect incorrect payments made by employers for NSmen serving reservist however, the CPF board only relied on information given by the employer and did not conduct any independent checks.
This resulted in over $816,000 of underpayments of CPF contributions by employers over the last 10 years.
The CPF Board explained that they have since been able to recover this amount from employers.
In auditing the medisave claims, the AGO found that 35 out of the 99 claims it checked had over-claims amounting to about $48,100. In terms of long-term outstanding over-claims, there was over $101,000 outstanding.
The AGO also found that the CPF Board did not do anything to try and recover the outstanding amounts. CPF explained that they are working on fixing this.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?186040-So-Much-for-quot-100-Risk-Free-quot-CPeeF!-Lapses-in-CeePF-Found!&goto=newpost).