Singapore legislation
Section 9
Section 9
Payment of interest on contributions in arrears
(1)
Where the amount of the contributions which an employer is liable to pay under section 7 in respect of any month is not paid within such period as may be prescribed, the employer is liable to pay interest on the amount for every day the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which the amount is payable and the interest is to be calculated at the rate of 1.5% per month or the sum of $5, whichever is the greater.
(2)
Where the amount of the contributions a self‑employed person is liable to pay under section 9A is not paid within the time prescribed for payment, that person is liable to pay interest on that amount for every day the amount remains unpaid at such rate and commencing from such date as may be prescribed.
(3)
The Board may, in any case in which it thinks fit, waive the payment of the whole or part of, or remit in whole or in part, any interest due or paid under subsection (1) or (2).