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The funds are set up to uplift the less privileged and low income households in the Chinese, Eurasian, Muslim and Indian communities. All employees belonging to the Chinese community who are Singapore Citizens and Singapore Permanent Residents need to contribute monthly to the CDAC Fund according to the wage levels below.What is the tax deduction for donation to CDAC?
All of the donation to the CDAC Fund made from 1 January 2009 to 31 December 2015 is entitled to 2.5 times tax deduction. The tax deduction will be automatically reflected in your IR8A statement. As all of us know that preparing payroll and payment of salary is one of the most important tasks for all business.How is the CDAC contribution pro-rated for employees?
The employer shall pro-rate the contribution based on the gross wages paid to the employee for that period. 19. If an employee resigns and joins another company in the same month, do both employers have to deduct the CDAC contribution from the employee’s salary? Yes, the CDAC contribution is on a per employment basis.Can all Chinese employees contribute to the CDAC?
Similarly, all Chinese employees can choose to make contributions to the CDAC funds, according to their wage level, as shown below, although employees may choose to opt out of contributing: