The Central Provident Fund (CPF) applies to Singapore citizens and permanent residents earning more than S$50 a month.
Taxation & Accounting FAQs / CPF
Central Provident Fund (CPF) payments are to be paid monthly and within 14 days after the end of the month for which CPF contributions are due.
For computing Central Provident Fund (CPF), salary is classified into Ordinary Wages (OW) (wages due or granted wholly and exclusively in connection with an employee’s employment for each month and payable monthly) and Additional Wages (AW) (bonus or incentives not paid monthly). Contributions are computed based on both these factors.
Your Central Provident Fund (CPF) is for your retirement. You can withdraw your CPF savings when you turn 55, after setting aside your CPF Minimum Sum. Your CPF Minimum Sum can be used to buy life annuity from a participating insurance company, placed with a participating bank or left in…Read More
The Central Provident Fund or CPF is a mandatory pension fund scheme applicable for all Singapore citizens and Singapore permanent residents earning more than S$50 a month.
The maximum Central Provident Fund (CPF) contribution rate for employer and employee is 16% and 20% respectively and can be lower depending on certain factors such as employee age, permanent resident status, etc.