The Central Provident Fund (CPF) contributions rates have been increased to help employees aged above 60 years to 65 years to help them save more for their retirement needs. These changes have been in effect since 1 January 2016.
*for employees earning wages of S$750 or more.
The increase in employer contribution will be allocated to the Special Account while the employee contribution will be allocated to the Ordinary Account.
Additionally, the Ordinary Wage Ceiling will be increased:
- Private Sector Employees and Public Sector Non-Pensionable Employees: S$6,000 (from S$5,000)
- Public Sector Pensionable Employees (with pensionable component only): S$8,000 (from S$6,666.67)
Should you wish to consult the full list of changes and contribution rates, please refer to the official CPF release here: CPF Contribution and Allocation Rates from 1 January 2016