CPFB | Making Voluntary Contributions

Overview

Making Voluntary Contributions

As an employer, you can make additional contributions voluntarily to build up your employees' CPF savings. All Voluntary Contributions (VC) made are irreversible and cannot be backdated.

Understand the types of Voluntary Contributions (VC) you can make and how.

Voluntary Contributions to your employees

Know who you can make VC for.

Types of Voluntary Contributions

Find out about the types of VC you can make for your employees.

Overview

Voluntary Contributions to your employees

As an employer, you can help your Singapore Citizen or Singapore Permanent Resident employees build up their CPF savings by making VC to their CPF accounts.

For your employees working overseas, you can make VC for them, as they do not receive mandatory CPF contributions.

Options

Types of Voluntary Contributions

Top up your employees' Special or Retirement Account

Build up your employees' CPF savings for their retirement needs

You can make cash top-ups to your employees' Special or Retirement Account.

By doing so, you can enjoy dollar-for-dollar tax deductions for the cash top-ups made. Your employees will receive tax relief of up to $8,000, subject to conditions.

If your employee is eligible to receive matching grant under the Matched Retirement Savings Scheme, he/she will also enjoy matching grant, up to $2,000 per year.

To top up your employees' retirement savings, please apply online.

Learn more

Make cash top-ups to your employees' MediSave Account

Build up your employee's CPF savings for their health care needs

You can make MediSave top-ups to your employees to boost their MediSave savings.

By doing so, you can enjoy dollar-for-dollar tax deductions for the cash top-ups made. Your employees will receive tax relief of up to $8,000, subject to conditions.

If your employee is eligible to receive matching grant under the Matched MediSave Scheme, he/she will also enjoy matching grant, up to $1 ,000 per year.

To top up your employees' MediSave savings, please apply online.

Additional MediSave Contribution Scheme (AMCS)

Build up an employee's MediSave savings under AMCS

You can make MediSave contributions under AMCS (AMCS contributions) of any amount up to $2,730 per employee per year. AMCS contributions are not subject to the CPF Annual Limit nor the employee’s Basic Healthcare Sum (BHS)

AMCS contributions are tax-free for employees and relevant tax benefits may also apply to employers. Backdating of AMCS is not allowed.

Learn more

Implementing the Portable Medical Benefits Scheme (PMBS)

Employers can use the AMCS to implement the PMBS. They can also return or transfer any accrued medical benefit of their employees into their CPF MediSave Account.

Learn more about PMBS

Making AMCS contributions to an employee who has reached BHS

Any MediSave contributions in excess of the Member’s BHS will be transferred to the Special Account (SA) for members aged below 55, or to the Retirement Account (RA) for members aged 55 and above, if they have not met the Full Retirement Sum in the SA or RA. Otherwise, the excess CPF contributions will be transferred to the Ordinary Account.

To make AMCS contributions to your employee's MediSave Account, you may use your existing CSN with the payment code, "AMS" eg, 123456789-AMS-01. You can submit and make payment the same way you make mandatory CPF contributions for your employees via CPF EZPay.

If you do not have a CSN with the payment code "AMS", you may apply for one.

Voluntary Contribution to three CPF accounts

Build up an employee’s CPF savings with Voluntary Contribution to three CPF accounts

You can make VC of any amount, up to the CPF Annual Limit ($37,740 per employee) less the mandatory contributions received by the employee for the calendar year.

Do consider the mandatory CPF contributions you will be making for your employee, before making VC. If the total mandatory CPF contributions and VC received by the employee exceeds the CPF Annual Limit in the calendar year, VC in excess of the CPF Annual Limit will be refunded without interest.

This VC is non-tax deductible for you and your employees and it cannot be backdated.

The allocation of VC to the three CPF accounts will follow the allocation rates for mandatory CPF contributions.

The VC will be allocated to your employees' three CPF accounts, according to this allocation table, to build their CPF savings for retirement, housing and healthcare needs.

To make VC to your employee's three CPF accounts, you may use your existing CSN with the same payment code "VCT" eg, 123456789-VCT-01. You can submit and make payment the same way you make mandatory CPF contributions for your employees via CPF EZPay.

If you do not have a CSN with the payment code "VCT", you may apply for one.

FAQs

Common questions

Do I have to inform my employees if I wish to make Voluntary Contributions for them?

Do I need to take into account the employer and employee's CPF contribution rates when making Voluntary Contributions (VC) for my employees?

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