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Making Voluntary Contributions

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Updates on 28 December 2023

To keep pace with rising wages and strengthen retirement adequacy of senior employees, there are changes to the CPF Ordinary Wage ceiling and contribution rates from 1 Jan 2024. Find out more about these changes.

Employee's age (years)

Contribution rates from 1 January 2024

(monthly wages > $750)

By employer

(% of wage)

By employee

(% of wage)

Total

(% of wage)

55 and below

17

20

37

Above 55 to 60

15

16

31

Above 60 to 65

11.5

10.5

22

Above 65 to 70

9

7.5

16.5

Above 70

7.5

5

12.5


Step 1: Select the contribution rate table based on citizenship status




Step 2: Determine the rates based on age group and wage band



Step 3: Determine the Total Wages subject to CPF contributions


Step 4: Compute the CPF contributions on Total Wages