Upcoming Changes to CPF Contribution Rates and Ordinary Wage Ceiling in Singapore

Exciting updates are on the way for Singapore’s Central Provident Fund (CPF) starting January 1, 2025!

Ordinary Wage Ceiling Increase: The CPF Ordinary Wage (OW) ceiling will gradually rise to $8,000 by 2026, providing greater support for employees’ contributions while maintaining the annual salary ceiling at $102,000.

Enhanced Contribution Rates: Contribution rates for employees aged 55 to 65 will also see increases, boosting retirement savings. Notably, the total contribution rate for those aged 55 and below will rise to 37%, while contributions for those aged 60 to 65 will increase to 23.5%.

These changes aim to strengthen retirement adequacy and support the workforce. For full details on the new rates, visit the CPF Board’s announcement here:
https://www.cpf.gov.sg/employer/infohub/news/cpf-related-announcements/new-contribution-rates

CPF contribution calculators:
https://www.cpf.gov.sg/employer/tools-and-services/calculators