THE CENTRAL PROVIDENT FUND (CPF) is a comprehensive social security savings plan. The overall scope and benefits of the CPF encompass the following:
i) Retirement
ii) Healthcare
iii) Home Ownership
iv) Family Protection
v) Asset Enhancement
ii) Healthcare
iii) Home Ownership
iv) Family Protection
v) Asset Enhancement
Working Singaporeans and their employers make monthly contributions to the CPF and these contributions go into three accounts:
1) Ordinary Account - the savings can be used to buy a home, pay for CPF insurance, investment & education.
2) Special Account - for old age and investment in retirement-related financial products.
3) Medisave Account - the savings can be used for hospitalisation expenses and approved medical insurance.
The CPF savings earn a minimum risk-free interest of 2.5% guaranteed by the Government. Special, Medisave and Retirement Account savings currently earn a guaranteed minimum 4% interest until 31 December 2012. In addition, the first $60,000 in your combined CPF balances, with up to $20,000 from your Ordinary Account, will earn an extra 1% interest.
CPF CONTRIBUTION
Contribution rates varies depending mainly on work sectors, residential status, age group and amount of salary.
An example of contribution rates (from 1 Sept 2012) are as follows:
SECTION A
For (1) Private Sector Employees
(2) Non-Pensionable Employees (Statutory Bodies & Aided Schools)
(3) Non-Pensionable Employees (Ministries)
Note: For (1), (2) and (3), the Ordinary Wage Ceiling is $5,000.
Table A1
For (a) Singapore Citizen
(b) SPR in the 3rd year and onwards of obtaining SPR status
(c) SPR in the 1st & 2nd year of obtaining SPR status but who has jointly
applied with employer to contribute at full employer and employee rates
Note: For monthly wages < $1,500, please refer to the CPF Contribution Rates Table.
Contributions can be easily tabulated using the Online CPF Calculator provided on the website. http://www.cpf.gov.sg/cpf_info/Online/Contri.asp?prof=
CPF SUBMISSION / PAYMENT
Submit CPF contribution details electronically via the CPF website, where payment is deducted electronically (GIRO).
You will need a SingPass (https://www.singpass.gov.sg/sppubsvc/faq.html#S1_sp) to access this online service.
Submission is to be made 14 days after the end of the month of contribution. If the last day of the grace period falls on a Saturday, Sunday or Public Holiday, CPF contributions must be paid by the next working day. Interest would be imposed on late payment.
(SOURCE: CPF WEBSITE, http://mycpf.cpf.gov.sg/)
CPF CONTRIBUTION
Contribution rates varies depending mainly on work sectors, residential status, age group and amount of salary.
An example of contribution rates (from 1 Sept 2012) are as follows:
SECTION A
For (1) Private Sector Employees
(2) Non-Pensionable Employees (Statutory Bodies & Aided Schools)
(3) Non-Pensionable Employees (Ministries)
Note: For (1), (2) and (3), the Ordinary Wage Ceiling is $5,000.
Table A1
For (a) Singapore Citizen
(b) SPR in the 3rd year and onwards of obtaining SPR status
(c) SPR in the 1st & 2nd year of obtaining SPR status but who has jointly
applied with employer to contribute at full employer and employee rates
| Employee Age (Years) |
Contribution Rate
(for monthly wages ≥ $1,500) |
Credited into
| ||||
| Contribution by Employer (% of wage) | Contribution by Employee (% of wage) | Total Contribution (% of wage) | Ordinary Account (% of wage) | Special Account (% of wage) | Medisave Account (% of wage) | |
| 35 & below | 16 | 20 | 36 | 23 | 6 | 7 |
| Above 35-45 | 16 | 20 | 36 | 21 | 7 | 8 |
| Above 45-50 | 16 | 20 | 36 | 19 | 8 | 9 |
| Above 50-55 | 14 | 18.5 | 32.5 | 13.5 | 9.5 | 9.5 |
| Above 55-60 | 10.5 | 13 | 23.5 | 12 | 2 | 9.5 |
| Above 60-65 | 7 | 7.5 | 14.5 | 3.5 | 1.5 | 9.5 |
| Above 65 | 6.5 | 5 | 11.5 | 1 | 1 | 9.5 |
Note: For monthly wages < $1,500, please refer to the CPF Contribution Rates Table.
Contributions can be easily tabulated using the Online CPF Calculator provided on the website. http://www.cpf.gov.sg/cpf_info/Online/Contri.asp?prof=
CPF SUBMISSION / PAYMENT
Submit CPF contribution details electronically via the CPF website, where payment is deducted electronically (GIRO).
You will need a SingPass (https://www.singpass.gov.sg/sppubsvc/faq.html#S1_sp) to access this online service.
Submission is to be made 14 days after the end of the month of contribution. If the last day of the grace period falls on a Saturday, Sunday or Public Holiday, CPF contributions must be paid by the next working day. Interest would be imposed on late payment.
(SOURCE: CPF WEBSITE, http://mycpf.cpf.gov.sg/)
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