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- Starting Work
...Entering A New Phase In Life

Knowing your CPF contribution and allocation rates
If you are an employee…

You and your employer make monthly contributions to the CPF and these contributions go into three accounts:
  • Ordinary Account
      The savings can be used to buy a home, pay for CPF insurance, investment and education.
  • Special Account
      The savings in this account are for your retirement.
  • Medisave Account
      The savings can be used for hospitalisation expenses and approved medical insurance.

    Find out more about the CPF contribution and allocation rates.

    If you are a self-employed person…

    You will need to contribute to your Medisave Account if you earn a yearly net trade income of more than $6,000.

    Find out more about Medisave and Medisave contribution rate for self-employed persons.

    Making voluntary contributions

    For employees:

    You may wish to make voluntary CPF contributions to build up your retirement savings. These contributions will be credited to your CPF Ordinary, Special and Medisave accounts according to the percentage allocated for your age and can be used for your housing and healthcare needs. You can make a one-time payment, or regular contributions deducted by GIRO to your CPF accounts.

    For the self-employed persons:

    While it is not compulsory for self-employed persons to contribute to the Ordinary and Special Accounts, you are encouraged to make voluntary contributions to all three accounts to build up your retirement savings. You will enjoy tax relief on your voluntary CPF contributions.

    For more information on voluntary contributions, click here.

    You may wish to visit IRAS website for more information on the prevailing tax rules.

    Starting Work ...Entering A New Phase In Life  

    Repay your education loan
    Get yourself financially protected
    Take charge of your healthcare needs
    Enhance your CPF savings
    Staying out of the workforce
    Rejoining the workforce
    Work regularly and train for a better tomorrow
    When you are no longer around
    Moving forward
     Last Updated on: Wednesday, August 20, 2014 at 5:27 PM
    Copyright © 2015 Central Provident Fund Board