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The maximum amount of voluntary contributions that a person (employee or self-employed) can make in one calendar year is subject to the CPF Annual Limit. All CPF contributions, whether mandatory or voluntary, would form part of the CPF Annual Limit.
The CPF Annual Limit from 2003 onwards is as follows:
| Year |
CPF Annual Limit |
| 2003 |
$28,800 |
| 2004 |
$23,760 |
| 2005 |
$28,050 |
| 2006 |
$25,245 |
| 2007 |
$26,393 |
| 2008 |
$26,393 | |
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The table below shows the calculation of the maximum amount of voluntary contributions that can be made for 2008. No further voluntary contributions can be made if the member’s mandatory contributions has already reached the CPF Annual Limit of $26,393.
| Amount of Mandatory Contributions (MC) |
Maximum amount of Voluntary Contributions (VC) |
| MC < $26,393 |
Maximum amount of VC = $26,393 – MC |
| MC> or = $26,393 |
VC = $0 |
Note:
| 1) |
Mandatory contributions (MC) by the employer and employee are compulsory contributions required under the CPF Act. This includes CPF contributions on the Ordinary and Additional Wages for employees, and Medisave contributions by the self-employed persons. |
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| 2) |
Voluntary Contributions (VC) made by CPF members for the year should reach the Board by 31 December of the same year. For example, voluntary contributions for 2008 should reach the Board by 31 December 2008. Backdating of VC to previous years is not allowed e.g. VC made in January 2009 is subject to the 2009 CPF Annual Limit. |
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| 3) |
All employers/employees and members should ensure that the voluntary contributions paid are within the CPF Annual Limit. Any voluntary contribution paid in excess of the limit will be refunded without interest. |
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| 4) |
Those who want to save more for their retirement can contribute to the Supplementary Retirement Scheme (SRS). For more information on SRS, please click here. | |
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