The Central Provident Fund (CPF) is a compulsory savings scheme in Singapore that helps individuals set aside money for their retirement, healthcare, and housing needs. As an employee, you contribute a portion of your monthly salary to your CPF account, and your employer makes an additional contribution on your behalf. The amount contributed depends on your age and monthly income, and these contribution rates are regularly reviewed and adjusted by the government.
Currently, the CPF contribution rates for employees below 55 years old are 20% for the employer and 20% for the employee, with a monthly wage ceiling of $6,000. For those aged 55 and above, the rates are slightly lower at 16.5% for the employer and 20% for the employee, with a monthly wage ceiling of $6,000. However, there are also additional voluntary contribution schemes available for those who want to increase their savings for retirement. It’s important to understand these contribution rates and limits in order to make informed decisions about how much you should be putting towards your CPF account each month.
The CPF contribution rates and limits are constantly evolving, and it’s essential to stay updated on any changes to ensure that you are maximizing your savings for your future needs. By understanding how much you should be contributing to your CPF account, you can ensure that you are on
