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Making Voluntary Contributions

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1
Who can receive Voluntary Contributions
Know who you can make VC for.
2
Types of Voluntary Contributions
Find out about the types of VC you can make for your employees.
3
Making Voluntary Contributions
Learn how you can make VC for your employees.
Overview

Who can receive Voluntary Contributions

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

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.

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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.

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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.

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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.

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Top Up your employee's Retirement Savings for higher payouts

Top up an employee’s retirement savings

You can help your employee boost his/her retirement savings by making a cash top-up on his/her behalf to his/her Special/Retirement Account.

 

Doing so allows you to receive an equivalent amount of tax deductions for the cash top-up made. While such a cash top-up will be included in your employee(s)’ taxable income, your employee will receive tax relief of up to $ 8,000 for such cash top-ups and other cash top-ups that he/she has made to his/her Special/Retirement Account and/or MediSave Account in each calendar year. Learn more about the conditions for tax relief. 

 

 

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Payment matters

Making Voluntary Contributions

VC made is irreversible. Once you’ve decided which type of VC you want to make, you’ll need to apply for a new CPF Submission Number (CSN) to make the contribution.

Applying for a new CSN

You need a different CSN for making VC. You should not use your existing CSN for mandatory CPF contributions to make your VC.

Apply for CSN

Submitting Voluntary Contributions

After you receive the CSN for VC, you can submit and make payment in the same way you make mandatory CPF contributions for your employees.

 

Please indicate the month in which you make your VC submission as the month of contribution. For example, if you are submitting your VC in March 2021, please indicate the month of contribution as March 2021.

FAQs

Common questions