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Saturday, January 10, 2015

CPF Contribution and Allocation Rates from 1 January 2015 New!

   
CPF Contribution
 
CPF Contribution and Allocation Rates from 1 January 2015 New!

From 1 January 2015, the CPF contribution rates are increased to help employees save more for retirement and healthcare needs. The following apply to wages earned from 1 January 2015:
 
(i)Increase in Employer’s CPF Contribution Rates
 For employees aged 50 years and below or above 65 years, the employer contribution rates are increased by 1 percentage point. The increase in CPF contribution is allocated to the Medisave Account.

For employees aged above 50 to 55 years or above 55 to 65 years, the employer contribution rates are increased by 2 and 1.5 percentage points respectively. The increase in CPF contribution is allocated to the Medisave and Special Accounts.
 
(ii)Increase in Employee’s CPF Contribution Rates
 For employees aged above 50 to 55 years, the employee contribution rates are increased by 0.5 percentage point. For those earning wages of >$500 to <$750, the contribution rates continue to be phased-in. The increase in CPF contribution is allocated to the Ordinary Account.
 
The increase in the CPF contribution rates does not apply to graduated employer and employee rates for first or second year Singapore Permanent Residents (SPR) and their employers.
From 2015, the CPF Annual Limit is increased to $31,450. The Ordinary Wage Ceiling remains unchanged.
 
The CPF contribution and allocation rates from 1 January 2015 for the various types of employees are shown in Sections A and B.

SECTION A
For   (1) Private Sector Employees
       (2) Non-Pensionable Employees (Statutory Bodies & Aided Schools)
       (3) Non-Pensionable Employees (Ministries)
Note: For (1), (2) and (3), the Ordinary Wage Ceiling is $5,000.
Table A1
For(a)Singapore Citizen
(b)Singapore Permanent Resident (SPR) in the 3rd year and onwards of obtaining SPR status
(c)SPR in the 1st and 2nd year of obtaining SPR status but who has jointly applied with employer to contribute at full employer and employee rates
  
Employee's Age (Years)
Contribution Rate
(for monthly wages ≥ $750)
Credited to
Contribution by Employer
(% of
wage)
Contribution by Employee
(% of
wage)
Total Contribution
(% of wage)
Ordinary Account
(% of wage)
Special Account
(% of wage)
Medisave Account
(% of wage)
35 & below1720372368
Above 35-451720372179
Above 45-5017203719810
Above 50-5516193514
10.5
10.5
Above 55-60121325122.510.5
Above 60-658.57.5163.5210.5
Above 657.5512.51110.5
Note:
 i. The CPF contribution rates for employees earning monthly wages of <$750 are     found in the CPF Contribution Rates Table
 ii. To determine CPF allocation in terms of 'ratio of contribution' for all employees,     including those earning monthly wages of <$750 and SPRs, refer to the CPF      allocation rates expressed as ratios of contribution.
Table A2
For SPR in the 1st and 2nd year of obtaining SPR status
Employee1st year SPR2nd year SPR
Graduated Employer & Employee rates:
- Private Sector Employees; &
- Non-Pensionable Employees (Statutory Bodies & Aided Schools)
 
Graduated Employer & Employee (G/G) Contribution Rates Table for 1st year SPRGraduated Employer & Employee (G/G) Contribution Rates Table for 2nd year SPR
Full Employer & Graduated Employee rates:
- Non-Pensionable Employees (Ministries);
- Private Sector Employees who have jointly applied with employer to contribute at full employer rates; &
- Non-Pensionable Employees (Statutory Bodies & Aided Schools) who have jointly applied with employer to contribute at full employer rates.
Full Employer & Graduated Employee (F/G) Contribution Rates Table for 1st year SPRFull Employer & Graduated Employee (F/G) Contribution Rates Table for 2nd year SPR

SECTION B
For   (1) Pensionable Employees (Statutory Bodies) 
       (2) Pensionable Employees (Ministries) 
Note: For (1) and (2), the Ordinary Wage Ceiling is $6,666.67.
Table B1
For   (a) Singapore Citizen
       (b) SPR in the 3rd year and onwards of obtaining SPR status
       (c) SPR in the 1st and 2nd year of obtaining SPR status but who has jointly
            applied with employer to contribute at full employer and employee rates
Employee's
Age (Years)
Contribution Rate
(for pensionable component only)
Credited to
Contribution by Employer
(% of 
wage)
Contribution by Employee
(% of
wage)
Total Contribution
(% of wage)
Ordinary Account
(% of wage)
Special Account
(% of wage)
Medisave Account
(% of wage)
35 & below12.751527.7517.254.56
Above 35-4512.751527.7515.755.256.75
Above 45-5012.751527.7514.2567.5
Above 50-551214.2526.2510.57.8757.875
Above 55-6099.7518.7591.8757.875
Above 60-656.3755.6251231.57.5
Above 655.6253.759.3750.750.757.875
Note:
 i. The CPF contribution rates for pensionable employees whose monthly wages     comprise both pensionable and non-pensionable components are found in the CPF      Contribution Rates Table
 ii. To determine CPF allocation in terms of 'ratio of contribution' for pensionable     employees (pensionable component only), including SPRs, refer to the CPF      allocation rates expressed as ratios of contribution.
Table B2
For SPR in the 1st and 2nd year of obtaining SPR status
Employee1st year SPR2nd year SPR
Graduated Employer & Employee rates:
- Pensionable Employees (Statutory Bodies)
 
Graduated Employer & Employee (G/G) Contribution Rates Table for 1st year SPRGraduated Employer & Employee (G/G) Contribution Rates Table for 2nd year SPR
Full Employer & Graduated Employee rates:
- Pensionable Employees (Ministries); &
- Pensionable Employees (Statutory Bodies) who have jointly applied with employer to contribute at full employer rates.
Full Employer & Graduated Employee (F/G) Contribution Rates Table for 1st year SPRFull Employer & Graduated Employee (F/G) Contribution Rates Table for 2nd year SPR
 
 
The CPF contribution and allocation rates prior to 1 January 2015 are available at the links below:
 

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