Singapore CPF Contribution Table 2024: Know All Limits, Benefits & More Details

The Central Provident Fund (CPF) is an important savings plan in Singapore that helps citizens and permanent residents set aside money for retirement, healthcare, and buying a home. in this article we will discuss about the Singapore CPF Contribution Table 2024

The government updates the contribution rates from time to time, so it’s important for employees to keep track of these changes.

Singapore CPF Contribution Table 2024

The CPF system includes several accounts to help with different needs:

• Ordinary Account (OA): Used for education, housing, and investments.
• Special Account (SA): For retirement savings.
• Medisave: Covers healthcare costs and insurance.
• Retirement Account (RA): Created at age 55 by combining OA and SA savings.

Here’s a simple breakdown of CPF contribution rates for 2024:

Age Group	Employer Contribution	Employee Contribution	Total Contribution
Up to 55 years	17%	20%	37%
55 to 60 years	15%	16%	31%
60 to 65 years	11.5%	10.5%	22%
65 to 70 years	9%	7.5%	16.5%
Above 70 years	7.5%	5%	12.5%

These rates help ensure that people have enough savings as they go through different stages of life and meet their financial needs.

CPF Contribution Limits for 2024

In Singapore, there are limits on how much you have to contribute to your CPF (Central Provident Fund). For 2024, if you earn up to $6,800 a month, that’s the maximum amount on which CPF contributions are calculated. If you make more than $6,800, you don’t need to contribute to CPF for the extra amount.

Besides monthly wages, there’s also a cap on CPF contributions for bonuses and other irregular income, which is reviewed every year.

For example, if you earn $6,800 a month and get a $50,000 bonus, only $20,400 of that bonus will be used to calculate your CPF contributions.

Latest Updates

CPF contribution rates differ based on your age and whether you are a Singaporean citizen or a permanent resident (PR). The rates also change over time, especially for new PRs.

Here’s a simple breakdown of the contributions:

Year	Employer Contribution	Employee Contribution
1st Year	4% to 9%	5% to 15%
2nd Year	6% to 15%	7.5% to 12.5%

PRs contribute the same rates as citizens after the second year.

Benefits

CPF comes with some great advantages:

• Withdrawals: You can start taking money from your Special Account when you turn 63. You can also use funds from your Ordinary and Medisave accounts for things like buying a home or covering medical costs.
• Higher Interest Rates: CPF accounts offer better interest rates than typical bank savings accounts. The Ordinary Account earns 3.5%, while the Special Account earns 5%.
• Employer Contributions: Your employer has to put money into your CPF account, which helps build up your retirement savings.

Submitting CPF Contributions

Employers can submit CPF contributions on the CPF website using either SingPass or CorpPass. You have several payment options, including direct debit, eNETS, Standing Instructions, Cheques, or AXS Stations. Contributions are due on the last day of each month, but you have until the 14th of the next month to make the payment.

Understanding CPF contributions and limits is key for smart financial planning in Singapore. This savings plan helps citizens and PRs prepare for their future by covering retirement, healthcare, and housing expenses.

Keeping up with the latest rates and contribution methods is important for both individuals and employers. It ensures everyone follows the rules and gets the most out of the benefits.

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