Contributing to Medisave is an important part of everyone’s financial planning, especially to ensure sufficient funds for an unexpected medical situation. On top of that, it is actually a requirement for the application and renewal of Taxi Driver Vocational Licence (TDVL).
As part of Grab’s partners welfare efforts, GrabTaxi is happy to announce a new Medisave Programme for Taxi Partners. Grab will make up to 15% additional contributions to our Taxi Driver’s CPF Medisave accounts, for the incentives earned for the month. (see below tables for details)
GrabTaxi’s Medisave Contribution takes into consideration the following elements:
- Your Driver Group
- Platinum+, Platinum, or Regular
- Platinum+, Platinum, or Regular
- Your Qualifying Medisave Contribution is based on your earned incentives and Driver Group for the month
- The amount to calculate the contribution will be on the total incentives earned for the month*
- The contribution rate will be based on your Driver Group for the month; for example, in April you are a Platinum Driver, therefore Grab will contribute 10% of your earned incentives in April to your CPF Medisave account.
- Your monthly contribution to Medisave
- This is on top of the incentives you have earned which means that this CPF contribution is not deducted from your incentives payout.
- Grab’s monthly Medisave Contribution cap
- Medisave contributions will be capped at up to 15% of your incentives earned for the month.
To receive Grab’s Medisave Contribution, you must have met the following criteria:
- Activated GT drivers for the entire month (4-5 weeks period based on Monday to Sunday)
In April, you earned $1280 in incentives. Depending on your Driver Group for the period, Grab will make contributions to your Medisave account, as per the below:
- As a Platinum+ Driver: You will receive 15% of $1280 and that is equivalent to $192. Grab will contribute $192 to your medisave account in the last week of May.
- As a Platinum Driver: You will receive 10% of $1280 and that is equivalent to $128. Grab will contribute $128 to your medisave account in the last week of May.
- As a Regular Driver: You will receive 8% of $1280 and that is equivalent to $102.40. Grab will contribute $102.40 to your medisave account in the last week of May.
Frequently Asked Questions
Q: Why do I need to contribute to Medisave?
A: Medisave is a national healthcare savings scheme that was established with the intention to help every Singaporean prepare for accidents that could potentially deplete their savings through costly medical bills. As a Grab partner, we want to ensure that you will be well covered for any future costs, hence our Medisave Programme. Read more on Medisave here.
Q: It is currently July and I wish to contribute to my Medisave in June. Am I able to contribute more this month on my own?
A: Yes, please feel free to contribute according to your needs. However, please note that Grab will make contributions based on your earned incentives for the month only.
Q: In July, I am being promoted from Platinum to Platinum+ Driver. My incentives earned in June was $1480. Would I be qualified for the CPF contribution of 15% for June?
A: Grab will make CPF contribution to your Medisave account based on your Driver Group each month. In the month of June, you were still a Platinum Driver. Therefore, Grab will make CPF contribution of 10% based on your earned incentives in June to your Medisave account. However, in the month of July, Grab will make CPF contribution of 15% based on Platinum+ Driver Group.