Cpf

The CPF is a compulsory savings scheme for Singapore residents and permanent residents.

Employees earning > $500/ m o n t h w or kin g in S in g a p ore m u s t co n t r ib u t e a p or t i o n o f t h e i rs a l a ry t o t h e i r CPF a cco u n t . E m pl oyers m u s t a l so mak e a se p a r a t eco n t r ib u t i o n t o t h ee m pl oye e^{'} s CPF a cco u n t . CPF co n t r ib u t i o n so n l y a ppl y u pt o am o n t h l y g ross w a g eo f$ 6000.

Payments such as bonuses or commissions also attract CPF contributions as well.

There are 4 sub-accounts under the CPF:

Ordinary Account (OA): used for education, housing, insurance, investment. Interest rates are 3.5% per annum for the first $20,000, and 2.5% otherwise.
Special Account (SA): investment in retirement-related financial products
Medisave Account (MA): approved health insurance and hospitalization
Retirement Account (RA): for retirement, automatically created upon turning 55 by merging OA + SA

MA and SA accounts have an interest rate of up to 6% for combined balances up to $60,000. Balances above this have an interest of 4%.

Contribution Rates

employee’s age	Employee’s contribution (% of wages)	Employer’s contribution (% of wages)	Total contribution (% of wages)
⇐ 55	20	17	37
55 - 60	13	13	26
60 - 65	7.5	9	16.5
above 65	5	7.5	12.5

Reference: https://www.singsaver.com.sg/blog/complete-guide-to-cpf-in-singapore

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Cpf

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