Clause 3

by inserting, immediately after the words “the First Schedule” in subsection (4), the words “, and subject to such terms and conditions as the Board may impose”;

by inserting, immediately after subsection (4), the following subsection:“(4A) Despite subsection (4), the Board may refuse to credit any voluntary contribution received under subsection (4) to an employee’s account in the Fund —

where the amount of the intended voluntary contribution for any year, if paid into the Fund to the employee’s credit, will result in the prescribed sum under section 13B(3) being exceeded for that year;

where the intended voluntary contribution is to be made only to the medisave account of the employee and the amount of the intended voluntary contribution, if paid into the employee’s medisave account, will result in —

the total amount in the employee’s medisave account exceeding the amount that the Minister directs under section 13(6); or

the prescribed sum under section 13B(3) being exceeded for that year; or

in such other circumstances as may be prescribed in regulations made under section 77(1).”;

by deleting the word “and” at the end of subsection (8)(a); and

by deleting paragraph (b) of subsection (8) and substituting the following paragraphs:“(b)the payment of contributions on such additional wages as may be specified in the First Schedule, and the computation of such contributions which may —

be based on the wages of an employee for the preceding year or the current year; and

be adjusted at the end of the year or in the last month of the employee’s employment with the employer based on the employee’s actual wages for the year; and

modifications to the contributions payable on an employee’s additional wages for any year by any of the employee’s employers which the Board is satisfied —

are related in a manner approved by the Board; and

meet any requirements specified by the Board.”.