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The maximum amount of voluntary contributions for a person (employee or self-employed) 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 2005 onwards is as follows:
| Year |
CPF Annual Limit |
| 2005 |
$28,050 |
| 2006 |
$25,245 |
| 2007 |
$26,393 |
| 2008 |
$26,393 |
| 2009 |
$26,393 |
| 2010 |
$26,775 | |
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The table below shows the calculation of the maximum amount of voluntary contributions that can be made for the calendar year. No further voluntary contributions can be made if the mandatory contributions have already reached the prevailing CPF Annual Limit of $26,775.
| Amount of Mandatory Contributions (MC) |
Maximum amount of Voluntary Contributions (VC) |
| MC < $26,775 |
Maximum amount of VC = $26,775 – MC |
| MC> or = $26,775 |
VC = $0 |
Note:
| 1) |
Mandatory contributions by the employer and employee are compulsory contributions required under the CPF Act. These include CPF contributions on the Ordinary and Additional Wages for employees, and Medisave contributions by the self-employed persons. |
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| 2) |
CPF Board must receive the voluntary contributions by the last working day of the year in order for the year’s CPF Annual Limit to be applied to the contributions. For example, cheques issued for voluntary contributions for 2010 should reach the Board by 31 December 2010. Backdating of voluntary contributions to previous years is not allowed. For example, voluntary contributions made in January 2010 is subject to the 2010 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 contributions 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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