With effect from 1 January 2015, the contribution rates for all employees have been increased to help employees grow savings for retirement and healthcare needs.
The CPF contribution rates for Singapore citizens and permanent resident with monthly wages above S$750 are as follows:
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A summary of the changes is set out below.
Increase in employer’s CPF contribution rates
For employees aged 50 and below or above 65 years, the employer contribution rate has increased by 1 percentage point.
For employees aged above 50 to 55 years, the employer contribution rate has increased by 2 percentage points
For employees aged above 55 to 65 years, the employer contribution rate has increased by 1.5 percentage points.
Increase in employee’s CPF contribution rates
For employees aged above 50 to 55 years, the employee contribution rate has increased by 0.5 percentage point. There is no change for employees in the other age groups.
No change in Ordinary Wage Ceiling
The Ordinary Wage Ceiling remains unchanged at S$5,000. This means that there is no CPF contribution payable in respect of an employee’s monthly wages that is in excess of S$5,000.