16.0% 14.0% 10.5% 7.0% 6.5% $375 $800 $700 $525 $350 $325

from 1 September 2011) of Ordinary Wages.
Maximum Contribution Per
Month From 1 September 2012 to
31 December 2014
16.0%
$1,000
$800
18.5%
14.0%
$925
$700
13.0%
10.5%
$650
$525
7.0%
$375
$350
6.5%
$250
$325
1. Ordinary Wages (con’t)
Maximum Contribution Per Month
From 1 January 2015
20.0%
17.0%
$1,000
$850
19.0%
16.0%
$950
$800
13.0%
12.0%
$650
$600
7.5%
8.5%
$375
$425
5.0%
7.5%
$250
$375
* Both employer and employee contributions apply to all workers in Singapore who are
Singapore citizens except for those above 35 years and earning between $50 and $1,500
per month.
workers in Singapore who are Singapore citizens. The above employee CPF contribution
rates also applies to all workers in Singapore who are Singapore citizens except for those
earning more than $500 but less than $750 per month.
Additional Wage Ceiling (From 1 September 2011)
$85,000
$60,000
$85,000
$60,000
$85,000
$60,000
$85,000 less Actual Ordinary Wages
$85,000
$60,000
$85,000 less $60,000
From 1 September 2012 to 31 December 2014
16.0%
18.5%
14.0%
13.0%
10.5%
7.5%
7.0%
5.0%
6.5%
2
(B) Rate of Contribution for Singapore Permanent Resident Employees (con’t)
From 1 January 2015
17.0%
18.5%
16.0%
13.0%
12.0%
7.5%
8.5%
5.0%
7.5%
With effect from 1 January 2014, the above CPF contribution rates apply to Singapore
Permanent Resident (SPR) Employees earning $750 or more per month. Prior to 1 January
2014, the rates are applicable to SPR Employees earning $1,500 or more per month.
#
Self employed persons earning a net trade income of more than $6,000 a year must
contribute to Medisave based on his age and net trade income at specified contribution
rates as follows:
For Year 2013
Age as at 1 January 2013
From 1
January 2013
to 31
December
2013
35 to below
45 years
45 to below
50 years
50 years
and above
2.33%
2.67%
3%
3.17%
2.33% to 7%
2.67% to 8%
3.00% to 9.00%
3.17% to 9.50%
[279.6+0.1634
[320.4+0.1866
[360+0.21
[380.4+0.2216
7%
(max $4,200)
8%
(max $4,800)
9%
(max $5,400)
9.50%
(max $5,700)
3
For Year 2014
Age as at 1 January 2014
From 1
January 2014
to 31
December
2014
35 to below
45 years
45 to below
50 years
50 years
and above
3.5%
4%
4.5%
4.75%
3.5% to 7%
4% to 8%
4.5% to 9%
4.75% to 9.5%
[420+0.1400
[480+0.1600
[540+0.1800
[570+0.1900
7%
(max $4,200)
8%
(max $4,800)
9%
(max $5,400)
9.50%
(max $5,700)
For Year 2015 onwards
Age as at 1 January
From 1
January to 31
December
35 to below
45 years
45 to below
50 years
50 years
and above
4%
4.5%
5%
5.25%
4% to 8%
(see formula
below)
4.5% to 9%
(see formula
below)
5% to 10%
(see formula
below)
5.25% to 10.5%
(see formula
below)
[480+0.1600
[540+0.1800
[600+0.2000
[630+0.2100
8%
(max $4,800)
9%
(max $5,400)
10%
(max $6,000)
10.5%
(max $6,300)
The CPF voluntary contribution cap and tax relief cap for self-employed individuals are
aligned with the mandatory contribution cap for employees on 17 months of the CPF salary
ceiling for employees.
Period
Maximum Contribution Cap
1 January 2011 to 31 December 2014
36% x 17 x $5,000 = $30,600
1 January 2015 onwards
37% x 17 x $5,000 = $31,450
4
CPF contributions go into Ordinary, Medisave and Special accounts as follows:
From 1 September 2012 to 31 December 2014
#
0.639
0.1944
0.1666
0.5834
0.2222
0.1944
0.5278
0.25
0.2222
0.4154
0.2923
0.2923
0.5107
0.4042
0.0851
0.2415
0.6551
0.1034
0.0871
0.826
0.0869
From 1 January 2015 onwards
#
#
0.6217
0.2162
0.1621
0.5677
0.2432
0.1891
0.5136
0.2702
0.2162
0.4000
0.3000
0.3000
0.4800
0.4200
0.1000
0.2188
0.6562
0.1250
0.0800
0.8400
0.0800
The prevailing Medisave Contribution Ceiling (MCC) is $45,500.
Any Medisave contribution in excess of the MCC will be transferred to:
• Special Account - for members below 55 years old.
• Retirement Account - for members 55 years old and above and whom do not meet the CPF
Minimum Sum.
• Ordinary Account - for members 55 years old and above and who have set aside the full CPF
Minimum Sum.
January to March 2013
Rates are reviewed quarterly.
including up to $20,000 from the Ordinary Account.
5
Upon attaining 55 years of age, members may withdraw their CPF savings in amounts below.
Cash Balances in
Ordinary and Special
Accounts, and any
balance above Medisave
Minimum Sum in
Medisave Account at 55
All cash balances.
More than $50,000 but less
than or equal to $144,000
$5,000 withdrawal, with remainder going into the
Retirement Account.
More than $144,000
$5,000 and any further cash balances after setting
aside the CPF Minimum Sum* and the prevailing
Medisave Required Amount*.
* Based on the relevant sum (see below) as at the date of 55th birthday.
The CPF Minimum Sum Scheme was set at $80,000 in 2003. Since then it has been raised
gradually until it reaches $120,000 (in 2003 dollars) in 2015. These amounts will be
50% from a pledged property (a property paid using CPF).
55th birthday on or after
Minimum Sum ($)
1 Jul 2012
139,000
1 Jul 2013
148,000
1 Jul 2014
155,000
1 Jul 2015
161,000
6
Since 1 January 2004, a Medisave Required Amount must be maintained in the Medisave
Account before members are allowed to withdraw any CPF balance at the age of 55 after
meeting the CPF Minimum Sum requirement. Any shortfall may be topped-up using the
Ordinary and/or Special Accounts in excess of the CPF Minimum Sum.
From 1 January 2014, the Medisave Required Amount will be merged and adjusted
together with the Medisave Minimum Sum.
55th birthday on or after
Required Sum ($)
1 Jul 2012
32,000
1 Jan 2013
38,500
1 Jan 2014
40,500
Withdrawals from the Medisave Account can only be made after retaining the Medisave
Minimum Sum for healthcare needs of members during retirement. Members are however,
not required to top-up the Medisave Minimum Sum if this is not met.
Year
Minimum Sum ($)
From 1 Jul 2012
38,500
From 1 Jul 2013
40,500
CPF LIFE was launched in September 2009 to provide members with a lifelong income.
Through this scheme, members will receive a monthly income for as long as they live, with
the amount depending on the cash savings that the members have in their Retirement
Account (RA).
Those members turning age 55 from 2013, with at least $40,000 savings in their RA or
members with at least $60,000 in their Retirement Account when they reach their draw
down age (year 2014: 63), will be automatically enrolled into CPF LIFE. Members who
have less than $40,000 can opt in from 55 to 80 years old, if they wish to do so.
Last updated in April 2014
7

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