CPF Contribution Rate 2024

Interest Rate:

The interest rate for CPF in 2024 is set at 4.08% per annum.

Contribution Rates:

Below 55 years: Employees contribute 20% of their salary, with employers contributing a matching amount.
55 to 60 years: Employees contribute 16%, and employers contribute 15%.
Above 60 to 70 years: Employees contribute 20%, and employers contribute 17%.
Above 70 years: Employees contribute 5%, and employers contribute 7.5%.

CPF Minimum Sum (Retirement Sums):

Basic Minimum Sum: $102,900
Full Retirement Sum: $205,800
Minimum Enhanced Retirement Sum: $308,700

CPF Maximum Contribution:

Employees are required to contribute up to $6,800 SGD per month of their ordinary wage. Therefore, the annual ceiling is set at $102,000 SGD.

CPF Basic Healthcare Sum (BHS):

For individuals under 65 years: $71,500
For individuals 65 years and above: $71,500

Contribution Payout:

Additional interest rates apply to CPF balances based on age and total balance. On the other hand, members aged 55 and above receive additional interest on their CPF balances.

Adjustments and Updates:

Besides, these rates and sums adjust annually to account for inflation and other economic factors.

Moreover, the CPF system in Singapore ensures financial security in retirement, home ownership, and healthcare for residents. In addition, employee and employer contributions play a crucial role in building up savings over a person’s working life.

Disclaimer: This article is for informational purposes only and does not constitute any professional advice. Thus, feel free to contact us to consult with our professional advisors team for personalized advice and guidance.

Sources: https://savemytaxes.org/sg-cpf-contribution-date/#google_vignette