The rationale behind CPF Singapore is that working Singaporeans will be forced to put aside a certain percentage of their income on a monthly basis into their CPF accounts. For an employee whose monthly wage is more than $750, please refer to CPF Allocation Rates for more information. The CPF contribution to each account varies according to the individual’s age too.

For CPF members age 55 years old and above, they get to earn 2% per annum on the first $30,000 and 1% per annum on the next $30,000 (capped at $20000 for Ordinary Account). Additionally, for CPF members below 55, the Government also pays up a 1% per annum of extra interest rate on the first $60000 amount (capped at $20000 for Ordinary Account). Retirement Account, which will be formed after 55, will receive a 4% per annum interest rate too. MediSave Account (savings for healthcare needs and purchase of insurance plans)ĬPF members earn a 2.5% per annum interest rate for the Ordinary Account and a 4% per annum interest rate for the Special Account and Medisave Account.Special Account (savings for investment and retirement needs).The remaining fund is to be used for retirement) Ordinary Account (savings for retirement, housing needs, investment and education.For an employee whose monthly wage is more than $750, please refer to CPF Contribution Rates for more information.Įvery monthly contribution to the employee’s CPF account will then go into three accounts: The CPF contribution rates vary according to the age group the employee belongs to. In other words, employer CPF contribution and employee CPF contribution helps Singaporeans to have sufficient retirement fund, to have enough money to pay for medical bills, and to own a house.Įvery month, both the employer and employee will have to contribute to the employee’s CPF account. As the name implies, CPF Contribution Rate helps working Singaporeans to build their retirement savings via lifelong income, healthcare financing and home financing. The Central Provident Fund, CPF, is the comprehensive social security savings plan in Singapore. 简体中文 (Chinese (Simplified) ) Central Provident Fund (“CPF”) – Know The CPF Contribution Rates in Singapore What is Central Provident Fund (CPF) Contribution? Guidebook for Singapore Directors and DCP.Converting Sole Proprietorship to Company.Choosing Your Preferred UEN Identification.Guide to Select Your Singapore Company Names.Guide to Singapore Company Registration.Appointing the Right Person as your Nominee Director.Why 3E Accounting’s Company Incorporation Package is the best in Singapore?.Singapore Company Registration Services.

Singapore Company Incorporation Services Package.

Licensed Employment Agency in Singapore.

Fair Employment Practices and Work Life Balance in Singapore.

Singapore Company Incorporation Specialist

Singapore immigration card 2017