16.0% 18.5% 14.0% 10.5% 13.0% 7.0% 6.5%

Transcription

1 The maximum amount of CPF is based on the salary ceiling of $5,000 a month (with effect from 1 September 2011 to 31 December 2015) of Ordinary Wages. With effect from 1 January 2016, the salary ceiling is increased to $6,000 a month. Maximum Contribution Per Month From 1 September 2012 to 31 December % $1,000 $ % 14.0% $925 $ % $650 $ % $375 $ % $250 $325

2 1. Ordinary Wages (con t) Maximum Contribution Per Month From 1 January 2015 to 31 December % 17.0% $1,000 $ % 16.0% $950 $ % $650 $ % $375 $ % $250 $375 Maximum Contribution Per Month From 1 January % 17.0% $1,200 $1, % 17.0% $1,200 $1,020 $780 $ % $450 $ % $300 $450 * With effect from 1 January 2014, the above employer CPF contribution rates applies to all workers in Singapore who are Singapore citizens. The above employee CPF contribution rates also applies to all workers in Singapore who are Singapore citizens except for those earning more than $500 but less than $750 per month. Additional Wage Ceiling (From 1 September 2011 to 31 December 2015) $85,000 $85,000 $85,000 $85,000 $60,000 $60,000 $60,000 $85,000 less Actual Ordinary Wages $60,000 $85,000 less $60,000 2

3 (con t) Additional Wage Ceiling (From 1 January 2016) $102,000 $102,000 $102,000 $102,000 $72,000 $72,000 $72,000 $72,000 $102,000 less Actual Ordinary Wages $102,000 less $72,000 From 1 September 2012 to 31 December % 5.0% 16.0% 14.0% 10.5% 7.0% 6.5% From 1 January 2015 to 31 December % 5.0% 17.0% 16.0% 12.0% 8.5% From 1 January % 17.0% 17.0% 9.0% 5.0% 3

4 (con t) With effect from 1 January 2014, the above CPF contribution rates apply to Singapore Permanent Resident (SPR) Employees earning $750 or more per month. Prior to 1 January 2014, the rates are applicable to SPR Employees earning $1,500 or more per month. Self employed persons earning a net trade income of more than $6,000 a year must contribute to Medisave based on his age and net trade income at specified contribution rates as follows: For Year 2014 From 1 January 2014 to 31 December % Age as at 1 January to below 45 years 4% 45 to below 4.5% 3.5% to 7% 4% to 8% 4.5% to 9% and above 4.75% 4.75% to 9.5% [ [ [ [ % (max $4,200) 8% (max $4,800) 9% (max $5,400) 9.50% (max $5,700) For Year 2015 Age as at 1 January 35 to below 45 years 45 to below and above From 1 January 2015 to 31 December % 4% to 8% 4.5% 4.5% to 9% 5% 5% to 10% 5.25% 5.25% to 10.5% [ [ [ [ % (max $4,800) 9% (max $5,400) 10% (max $6,000) 10.5% (max $6,300) 4

5 (con t) For Year 2016 onwards Age as at 1 January 35 to below 45 years 45 to below and above From 1 January to 31 December 4% 4% to 8% 4.5% 4.5% to 9% 5% 5% to 10% 5.25% 5.25% to 10.5% [ [ [ [ % (max $5,760) 9% (max $6,480) 10% (max $7,200) 10.5% (max $7,560) The CPF voluntary contribution cap and tax relief cap for self-employed individuals are aligned with the mandatory contribution cap for employees on 17 months of the CPF salary ceiling for employees. Period Maximum Contribution Cap 1 January 2011 to 31 December % x 17 x $5,000 = $30,600 1 January 2015 to 31 December % x 17 x $5,000 = $31,450 1 January 2016 onwards 37% x 17 x $6,000 = $37,740 CPF contributions go into Ordinary, Medisave and Special accounts as follows: From 1 September 2012 to 31 December

6 (con t) From 1 January 2015 to 31 December From 1 January 2016 onwards The prevailing Medisave Contribution Ceiling (MCC) is $48,500. Any Medisave contribution in excess of the MCC will be transferred to: Special Account - for members below 55 years old. Retirement Account - for members 55 years old and above and whom do not meet the CPF Minimum Sum. Ordinary Account - for members 55 years old and above and who have set aside the full CPF Minimum Sum. January to March 2015 Rates are reviewed quarterly. The above include an extra 1% interest paid on the first $60,000 of combined CPF balances including up to $20,000 from the Ordinary Account. 6

7 Upon attaining 55 years of age, members may withdraw their CPF savings in amounts below. Cash Balances in Ordinary and Special Accounts, and any balance above Medisave Minimum Sum in Medisave Account at 55 All cash balances. More than $50,000 but less than or equal to $160,000 More than $160,000 $5,000 withdrawal, with remainder going into the Retirement Account. $5,000 and any further cash balances after setting aside the CPF Minimum Sum* and the prevailing Medisave Required Amount*. * Based on the relevant sum (see as at the date of 55 th birthday. The CPF Minimum Sum Scheme was set at $80,000 in Since then it has been raised gradually until it reaches $120,000 (in 2003 dollars) in These amounts will be 50% from a pledged property (a property paid using CPF). 55th birthday on or after Minimum Sum ($) 1 Jul ,000 1 Jul ,000 Since 1 January 2004, a Medisave Required Amount must be maintained in the Medisave Account before members are allowed to withdraw any CPF balance at the age of 55 after meeting the CPF Minimum Sum requirement. Any shortfall may be topped-up using the Ordinary and/or Special Accounts in excess of the CPF Minimum Sum. From 1 January 2014, the Medisave Required Amount will be merged and adjusted together with the Medisave Minimum Sum. 55th birthday on or after Required Sum ($) 1 Jan ,500 1 Jan ,500 7

8 Withdrawals from the Medisave Account can only be made after retaining the Medisave Minimum Sum for healthcare needs of members during retirement. Members are however, not required to top-up the Medisave Minimum Sum if this is not met. Year Minimum Sum ($) From 1 Jul ,500 From 1 Jul ,500 CPF LIFE was launched in September 2009 to provide members with a lifelong income. Through this scheme, members will receive a monthly income for as long as they live, with the amount depending on the cash savings that the members have in their Retirement Account (RA). Those members turning age 55 from 2013, with at least $40,000 savings in their RA or members with at least $60,000 in their Retirement Account when they reach their draw down age (year 2015: 64), will be automatically enrolled into CPF LIFE. Members who have less than $40,000 can opt in from 55 to 80 years old, if they wish to do so. Last updated in April