| Medisave Contribution Draw to Encourage Self-Employed and Informal Workers to Contribute to Medisave |
| Friday, 14 September 2007 15:59 | |||
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This will also allow them to benefit from the Workfare Income Supplement (WIS) scheme. Schedule The MCD will consist of four quarterly draws for each year of work done. The first draw for Medisave contributions made for work done in 2007 will be held in June 2008. The second and third draws will be held in September and December 2008. The fourth quarterly draw, which is the Annual Grand Draw, will be held in Mar 2009. The scheme will be administered by the Central Provident Fund (CPF) Board. The MCD will run for three years and will be reviewed thereafter. Prizes There are three top prizes and 300 consolation prizes for the quarterly draws. Prizes will be given in cash. The top prize for the quarterly draw is $3,000. For the Annual Grand Draw, there will be three top prizes of up to $5,000 cash and a total of 500 consolation prizes. More details are in Annex A. Qualification Criteria The MCD is open to all low-income SEPs/informal workers who are Singapore citizens and satisfy the following criteria: a. Monthly income of not more than $1,500; and To qualify for the first MCD quarterly draw in June 2008, SEPs/informal workers must make their Medisave contributions for the liability arising from income earned this year by 30 April 2008. Chances for each draw will be awarded in proportion to the amount of Medisave liability paid before the draw. One chance will be awarded in each draw for every 10% of the Medisave liability paid up to the month preceding the draw. Participants who pay up in full before the deadline for the first draw will have the maximum number of chances in all four draws. All SEPs/informal workers who contribute at any time before the Grand Draw will get to participate in the Grand Draw. Details are at Annex B. Contact InformationMore information on the WIS scheme can be found at the WIS website. Queries can also be addressed to CPF Board via:
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