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Changes to CPF Contribution Rates
 

To help Singaporeans save more for their medical and retirement needs, the Government will increase the employer CPF contribution rate by 1%. The increase will be done gradually in two steps to moderate the impact on employers. The first 0.5% increase will be implemented on 1 September 2010, and will be made into the Medisave Account (MA). The remaining 0.5% increase will be effected 6 months later on 1 March 2011, and will be made to the Special Account (SA).
 
Click here for the CPF Contribution Calculator.
Click here for the CPF Contribution Rate Booklets.
 
The Medisave contribution rates for Self-Employed Persons (SEPs) will correspondingly be increased by 0.5% on 1 September 2010.
 
Click here for the Self-Employed Medisave Contribution Calculator.
 
WHO IS AFFECTED BY THE CONTRIBUTION RATE CHANGES?
 
All employees will benefit from the new CPF contribution rate changes. Please refer to Annex A for a detailed listing of the new contribution rates.
 
For low wage workers (LWWs) above 35 years old and earning between $50 and $1,500, the employer CPF contribution rate will continue to be phased in. Please refer to Annex B for the new LWW contribution rates.
 
The increase in Medisave contribution rates will also apply to SEPs. SEPs earning an annual net trade income of $12,000 or less will continue to pay 1/3 of the full contribution rate relevant to their age group. For SEPs with annual net trade income between $12,000 and $18,000 their Medisave contribution rate will continue to be phased in. Please refer to Annex C for details. The Medisave contribution that must be made by SEPs and informal workers with an annual net trade income of $6,000 or less to qualify for the Workfare Income Supplement (WIS) Scheme will also be adjusted accordingly.
 
A copy of the Press Release and FAQ is attached.

Press Release
FAQ
 
 

 Last Updated on: Thursday, June 30, 2011 at 5:48 PM
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