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The limit on voluntary CPF contributions from 2003 are as follows:
| Year |
Voluntary Contribution (VC) 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 if the member is an employee/self-employed. This amount includes mandatory contributions (MC), voluntary contributions (VC) and cash top-ups under the Minimum Sum Topping-Up (MSTU) Scheme to members who are below 55 years of age by their spouse and siblings. No further voluntary contributions can be made if the member’s mandatory contributions already reach $26,393.
| Amount of Mandatory Contributions (MC) |
Maximum amount of Voluntary Contributions (VC) |
| MC < $26,393 |
Maximum amount of VC = $26,393 – MC - MSTU |
| 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 latest by 31 December of the same year. For example, voluntary contributions for 2007 should reach the Board latest by 31 December 2007. Backdating of VC to previous years is not allowed e.g. VC made in January 2008 is subject to the 2008 VC limit. |
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| 3) |
All employers/employees and members are required to ensure that the voluntary contributions paid are within the approved limit. Any voluntary contribution paid in excess of the approved 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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