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CPF Contribution Rate Table from 1 January 2024 for Singapore Permanent Residents (SPR) during 1 st year of SPR status under Graduated contribution rates (G/G)
Jan 1, 2024 · Learn how to calculate the amount of CPF contributions you need to pay for your employees who are Singapore Citizens and Singapore Permanent Residents. See the contribution rates table for 2024 and the changes from 2025.
Jan 1, 2016 · The CPF contribution rates for employees aged above 55 to 65 will be increased from 1 January 2025 to strengthen their retirement adequacy. The CPF Ordinary Wage ceiling will also be raised to $8,000 by 2026. See the tables for the details and changes.
These rates are also applicable to 1st and 2nd year Singapore Permanent Resident (SPR) employees and their employers after CPF Board approves their joint application to contribute to CPF at full employer- full employee rates.
- Which Employees Are entitled to CPF Contributions?
- CPF Contributions For Additional Wages (AW) in The Year
- CPF Contributions For Permanent Residents
- How to Make CPF Contributions For Employees in Singapore?
- When Is The Due Date For Companies to Pay CPF Contributions For Their Employees?
- CPF Contributions For Employees on National Service
- CPF Contributions For Retrenchment Benefits
- What Happens If The Employer Has Overpaid CPF Contributions?
- What Happens If The Employer Does Not Pay CPF?
- Building A Sustainable Future
CPF Contributions are required for all full-time, part-time, casual, or temporary employees who are: 1. Singapore Citizens or Permanent Residents 2. Earning more than $50 in a month 3. Engaged under a contract of service
Employers cannot apply the Ordinary Wage (OW) ceiling on Additional Wages (AW) on the months that it is paid out – even if they bring the total salary payment to over $6,800 during the month. Additional Wages include payments such as annual bonuses or leave pay, that are not paid based on an employee’s performance in the specific month. Employees a...
CPF contributions for employees who are PRs are the same as for Singaporeans. The only difference is in the first two years when an employee obtains their PR status, both employers and employees pay a lower CPF contribution rate. There is also no higher contribution rates for PR employees who are aged 65 and above. For employees who are 1st and 2nd...
Employers are encouraged to make CPF contributions via the CPF e-Submit@web portal, using their SingPass/CorpPass. Auto-computations of CPF contributions for employers’ and employee’s share, as well as contribution amounts based on changes in employees’ age group and residential status. Auto-computations of Skills Development Levy (SDL) and contrib...
The due date for CPF contributions is on the last day of the calendar month. However, employers have until the 14th of the following month (or the next working day if the 14thfalls on a Saturday, Sunday or Public Holiday) to make payment. Failure to do so may lead to enforcement actions, including a late payment interest charged at 1.5% per month (...
For employees who are called up to National Service, employers need to continue paying their full salary, including the employer’s CPF contributions and the employee’s CPF contributions. While companies can claim the make-up pay from MINDEF/SPF/SCDF, it will only be for the employee’s salary (including employee CPF contributions). Employers have to...
CPF contributions are not payable for termination benefits for retrenchment or loss of future employment. However, CPF contributions are required for temporary lay-off benefits. Read Also: Retrenchment Benefits: Do Employees Have To Pay Tax And CPF On Them
For employers that realise they have overpaid CPF contributions and want a refund, we have to apply to the CPF Board to adjust the excess CPF contributions paid. Applications must be made within one year of the payment, otherwise it cannot be adjusted. We cannot simply deduct it from an employee’s salary in the following month.
Employers are required to pay all outstanding CPF contributions. Upon detection of late payment or non-payment of CPF contributions, CPF will send companies a notice by registered post informing them that legal action will be taken. Interest on late payment (subject to a minimum of $5) and a composition amount may be imposed on defaulting employers...
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Jan 21, 2024 · Assuming a worker earns $6,800, their employers will now need to contribute $1,156, or about $136 more a month. By January 2026, when the salary ceiling reaches S$8,000, the employer’s contribution for such an employee will increase to S$1,360 – an additional S$340 compared to the previous system.
Oct 2, 2023 · A more detailed breakdown of the rates applicable from 1 January 2024 can be viewed on the official CPF Contribution rate table. Effect on the “CPF at Higher Rates” System Item. SimplePay allows you to set whether an employer and/or employee have elected to contribute to the full CPF amount due, even during the first two years of being a PR ...
