Singapore News - SINGAPORE - Various rules around the Central Provident Fund (CPF) will be streamlined to make it easier for people to receive their retirement payouts and build their nest egg, under proposed changes to the CPF Act debated in Parliament on Monday (Nov 1). They. Read more at www.tnp.sg
12.5 per cent
Note on CPF contributions for 55 & above: Over the next 10 years, CPF contributions for older workers will be gradually adjusted upwards to meet the full contribution rate of 37per cent (employee + employer). The CPF contribution rates will only drop after age 60.
By the way, if you’re self-employed, none of the above applies to you. Any CPF contributions are voluntary EXCEPT Medisave contributions, which you’ll be prompted to pay after filing your taxes each year.
Example
Let’s say you are a 30-year-old earning a monthly salary of $5,000.
Every month, your employee’s contribution to CPF will be 20 per cent of your wage. That means that $1,000 will be deducted from your salary every month and deposited into your CPF accounts.