Singapore – Central Provident Fund contribution wage ceiling amended.
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Changes in CPF ordinary wage ceiling
Effective from 1st January 2024, CPF Ordinary Wage (OW) ceiling applicable for mandatory CPF contributions in a calendar month has been increased from SGD 6,300 to SGD 6,800 per month.
Additional wage ceiling shall continue to be calculated as per annual total wage ceiling applicable for CPF. The annual total wage (TW) ceiling for combined Ordinary Wage (OW) and Additional Wage (AW) remains unchanged at SGD 102,000.
So, the maximum additional income which can be considered for monthly mandatory contribution is reduced automatically as OW ceiling is increased but TW ceiling remains same.
The contribution rates for 2024 are as follows:
| Employee’s age (in years) | Employer Contribution (%) | Employee Contribution (%) | Total Contribution |
|---|---|---|---|
| 55 and below | 17 | 20 | 37 |
| Above 55 to 60 | 15 | 16 | 31 |
| Above 60 to 65 | 11.5 | 10.5 | 22 |
| Above 65 to 70 | 9 | 7.5 | 16.5 |
| Above 70 | 7.5 | 5 | 12.5 |
There are no changes to the graduated contribution rates for first year and second year Singapore Permanent Residents (SPRs).
Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change
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Singapore – Central Provident Fund Ceiling Changes789.28 KB