- info@kaizencpa.com
- Our Office: USA - Hong Kong - Shenzhen - Shanghai - Beijing - Taiwan - Singapore - Japan - UK
+852 2341 1444(Hong Kong)
Search for anything.
Knowledge
- Home
- Knowledge
- Singapore Central Provident Fund (CPF) Contribution Rates
2023-08-02Singapore Central Provident Fund (CPF) Contribution Rates
Allocation of CPF Contributions
The CPF contributions are allocated to the Ordinary, Special and Medisave Accounts based on the ratio of contributions shown in Tables 1 to 7. Contributions are first allocated to the Medisave Account, followed by the Special Account. The balance is then allocated to the Ordinary Account.
Table 1: CPF Allocation Rates from 1 January 2016
Table 2: Contribution rates from 1 January 2016 for private sector and public sector non-pensionable employees being:
Table 3: Contribution rates from 1 January 2016 for Government Pensionable Employees and Pensionable Employees in Statutory Bodies & Aided Schools
Table 4: Contribution rates for 1st Year SPR from 1 January 2016 for Private Sector and Non-Pensionable Employees (Statutory Bodies & Aided Schools)
Table 5: Contribution rates for 2nd Year SPR from 1 January 2016 for Private Sector and Non-Pensionable Employees (Statutory Bodies & Aided Schools)
Table 6: Contribution rates for 1st Year SPR from 1 January 2016 for Public Sector and Pensionable Employees (Statutory Bodies & Aided Schools)
Table 7: Contribution rates for 2nd Year SPR from 1 January 2016 for Public Sector and Pensionable Employees (Statutory Bodies & Aided Schools)
The CPF contributions are allocated to the Ordinary, Special and Medisave Accounts based on the ratio of contributions shown in Tables 1 to 7. Contributions are first allocated to the Medisave Account, followed by the Special Account. The balance is then allocated to the Ordinary Account.
Table 1: CPF Allocation Rates from 1 January 2016
|
Table 2: Contribution rates from 1 January 2016 for private sector and public sector non-pensionable employees being:
- Singapore Citizen
- Singapore Permanent Resident (SPR) employees from their 3rd year onwards
- Government Non-Pensionable Employees
- Non-Pensionable Employees in Statutory Bodies & Aided Schools
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 3: Contribution rates from 1 January 2016 for Government Pensionable Employees and Pensionable Employees in Statutory Bodies & Aided Schools
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 4: Contribution rates for 1st Year SPR from 1 January 2016 for Private Sector and Non-Pensionable Employees (Statutory Bodies & Aided Schools)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 5: Contribution rates for 2nd Year SPR from 1 January 2016 for Private Sector and Non-Pensionable Employees (Statutory Bodies & Aided Schools)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 6: Contribution rates for 1st Year SPR from 1 January 2016 for Public Sector and Pensionable Employees (Statutory Bodies & Aided Schools)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table 7: Contribution rates for 2nd Year SPR from 1 January 2016 for Public Sector and Pensionable Employees (Statutory Bodies & Aided Schools)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
WhatsApp/Line/Wechat: +852 5616 4140
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
WhatsApp/Line/Wechat: +852 5616 4140
Related Posts
Directorship in Singapore: Consent to Act & Responsibilities
A company director plays a vital role in overseeing the affairs of a company. Under the Companies Act 1967 of Singapore, directors owe statutory duties and legal obligations designed to promote sound corporate governance and defend the interests of the company and its stakeholders.
Singapore Register of Registrable Controllers’ Compliance Guideline
All of the companies, foreign companies and Limited liability partnerships (unless exempted) will be required to maintain a private RORC and file with the ACRA within the stipulated timeline. This requirement applies even if your business is dormant or undergoing winding up, striking off, receivership, or judicial management.
Singapore Company Audit Non-Compliance Penalties
A statutory audit is a legally mandated examination of a company's financial statements conducted by an independent auditor. Its purpose is to ensure that financial statements present a true and fair view in accordance with applicable accounting standards, while enhancing transparency and corporate governance.
Singapore Company’s Functional Currency
Companies operating internationally often deal with multiple currencies. Choosing the right currency to report financial results may seem like an accounting detail, but it actually affects how profits, costs, and performance are understood. This guide explains functional currency, why it matters, and how it differs from the currency you present your results in.