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Monday, 15 December 2014

CPF Contribution and Allocation Rates from 1 January 2015


From 1 January 2015, the CPF contribution rates for all employees will be increased to help them save more for retirement and healthcare needs. The following will apply to wages earned from 1 January 2015:


Increase in Employer’s CPF Contribution Rates

For employees aged below 50 or above 65 years, the employer contribution rates will be increased by 1 percentage point. The increase in CPF contribution will be allocated to the Medisave Account.


For employees aged above 50 to 55 years or above 55 to 65 years, the employer contribution rates will be increased by 2 and 1.5 percentage points respectively. The increase in CPF contribution will be allocated to the Medisave and Special Accounts.


Increase in Employee’s CPF Contribution Rates

For employees aged above 50 to 55 years, the employee contribution rates will be increased by 0.5 percentage point. For those earning wages of >$500 to <$750, the contribution rates will continue to be phased-in. The increase in CPF contribution will be allocated to the Ordinary Account.


From 2015, the CPF Annual Limit will be increased to $31,450


The Ordinary Wage Ceiling remains unchanged.



Age Group
Before 1 Jan 2015
Wef 1 Jan 2015
35 and below
16%
17%
35-45
16%
17%
45-50
16%
17%
50-55
14%
16%
55-60
10.5%
12%
60-65
7%
8.5%
Above 65
6.5%
7.5%




4 comments:

  1. CW8888 : Thanks for the information. Something new to me ;-)

    ReplyDelete

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