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Making Voluntary Contributions

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1. Increase in CPF Ordinary Wage ceiling for 1 September 2023 and 1 January 2024

 

(a) The CPF Ordinary Wage (OW) ceiling limits the amount of OW that attract CPF contributions in a calendar month for all employees. The OW ceiling will be raised from $6,000 to $8,000 by 2026, with the first increase to take place on 1 September 2023. The increase will take place in four steps to allow employers and employees to adjust to the changes.

 

(b) There will be no change to the CPF annual salary ceiling of $102,000, which sets the maximum amount of CPF contributions payable for all salaries received in the year, inclusive of both Ordinary Wages and Additional Wages. 

 

(c) There will be no changes to the Additional Wage ceiling and CPF Annual Limit, where they will remain at [$102,000 – Total Ordinary Wage subject to CPF for the year] and $37,740 respectively.

 

Please refer to the table below for the CPF OW and annual salary ceilings from 2023 to 2026. 

 

  CPF OW ceiling CPF annual salary ceiling
From 1 Jan 2016 to 31 Aug 2023 $6,000 $102,000
From 1 Sep to 31 Dec 2023 $6,300 (+$300)
From 1 Jan to 31 Dec 2024 $6,800 (+$500)
From 1 Jan to 31 Dec 2025 $7,400 (+$600)
From 1 Jan 2026 $8,000 (+$600)

You may refer to the complete CPF contribution rate tables from 1 September to 31 December 2023 (Tables 1 to 5) (PDF, 0.2MB) for more details.

 

2. Increase in CPF Contribution Rates from 1 January 2024 

 

(a) From 1 January 2024, the CPF contribution rates for employees aged above 55 to 70 are increased to strengthen their retirement adequacy. The changes apply to wages earned from 1 January 2024:

For employees earning monthly wages > $750

Employee's age (years)

2023 CPF Contribution Rates from 1 Jan 2024
Total
(% of wage) 

Total
(% of wage)

By employer
(% of wage)
By employee
(% of wage)
55 and below 37 37 17 20
Above 55 to 60 29.5 31
(+1.5)
15
(+0.5)
16
(+1)
Above 60 to 65 20.5 22
(+1.5)
11.5
(+0.5)
10.5
(+1)
Above 65 to 70 15.5 16.5
(+1)
9
(+0.5)
7.5
(+0.5)
Above 70  12.5 12.5 7.5 5

Note: Figures in brackets () denote increase in rates

(b)    The increase in the CPF contribution rates is fully allocated to the employees’ Special Account to provide a bigger boost to their retirement income.

 

(c)    For those earning monthly wages of more than $500 to $750, the employee contribution rates continue to be phased in.

 

(d)    There are no changes to the graduated contribution rates for first and second year Singapore Permanent Residents (SPRs).

You may refer to the complete CPF contribution rate tables from 1 January 2024 (Tables 1 to 5) (PDF, 0.17 mb) for more details.