Saving as a platform worker with CPF contributions

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For all platform workers 


Your platform operator will deduct your CPF contributions as and when you earn and submit them to CPF Board every month. 


1) Determine your gross earnings

 


2) Compute your net earnings using the Fixed Expense Deduction Amount


3) Compute your CPF contributions


Shows the calculation of CPF contributions of Mr Lim who is 30-year-old driver in 2029 and is using a motorcycle to complete his jobs. He earns $4,000 in the month. To find out Mr Lims' CPF contributions, you will have to take the fixed expense deduction amount (FEDA) for a motorcycle, which is 35%. His net earnings will be calculated by multiplying 65% with $4,000.  Next, you have to find out Mr Lims' applicable CPF contribution rates in 2029, which is a total of 37%. This is broken down into 17% from his platform operator and 20% from Mr Lim. Mr Lim's total CPF contribution will be taking his net earnings of $2,600 and multiply it with 37%., which will be $962. The breakdown of total CPF contributions will be $520 from Mr Lim; $2600 multiply by 20%, and $442 from platform operators, $2,600 multiply by 17%.


Should you require further assistance

If you are not satisfied with your platform operator’s explanations, or if your platform operator is not cooperative, you can contact the CPF Board for assistance.