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(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.
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.
(a) The CPF contribution rates for employees aged above 55 to 70 will be increased to strengthen their retirement adequacy. The changes will apply to wages earned from 1 January 2024:
For employees earning monthly wages > $750
Note: Figures in brackets () denote increase in rates
(b) The increase in the CPF contribution rates will be 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 will 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.