etaxing
Advertisement
🇸🇬

Singapore CPF Calculator 2021

Calculate mandatory CPF contributions for 2021 based on age and wages.

Introduction

🎯 What

CPF (Central Provident Fund) is Singapore's comprehensive social security savings plan that provides for retirement, healthcare, home ownership, and family protection. For 2021, contributions are mandatory for all Citizens and PRs based on wages and age.

👥 Who

All Singapore Citizens and Permanent Residents (PRs) working in Singapore must contribute to CPF. Both employees and employers make contributions. Self-employed persons contribute Medisave. Foreigners on work passes are exempt.

💡 Why

CPF contributions build retirement savings, provide healthcare coverage (Medisave), enable home purchases (via CPF Ordinary Account), and create a safety net for Singaporeans. It's a crucial pillar of Singapore's social security system.

👤 Employee Details

Includes basic salary and fixed allowances. Ordinary Wage ceiling: S$6,000 (2021).

💵 Contribution Summary

Calculating...
Advertisement

CPF System Overview (2021)

What is CPF? The Central Provident Fund (CPF) is a comprehensive social security system that enables working Singapore Citizens and Permanent Residents to set aside funds for retirement. It also addresses healthcare, home ownership, family protection and asset enhancement needs.

CPF Accounts: Contributions are allocated to three accounts: Ordinary Account (OA) for housing and investments, Special Account (SA) for retirement, and Medisave Account (MA) for healthcare.

CPF Contribution Rates by Age (2021)

Age Group Employee Employer Total
≤ 55 Years 20% 17% 37%
55 – 60 Years 13% 13% 26%
60 – 65 Years 7.5% 9% 16.5%
> 65 Years 5% 7.5% 12.5%

Wage Limits & Rules (2021)

  • ● Ordinary Wage (OW) Ceiling: S$6,000/month. CPF contributions are capped at this salary amount for 2021.
  • ● Ordinary Wages: Includes basic salary and fixed monthly allowances (e.g., regular overtime, shift allowances).
  • ● Additional Wages: Annual bonuses and one-off payments have a separate ceiling of S$102,000 annually minus total OW subject to CPF.
  • ● Non-Residents: CPF contributions are not mandatory for foreigners holding Employment Passes, S Passes, or Work Permits.

Allowances & Deductions

✅ Contributory Allowances

  • • Fixed monthly allowances (transport, meal)
  • • Overtime pay (regular)
  • • Shift allowances
  • • Commission (fixed component)

❌ Non-Contributory Items

  • • Reimbursements (travel, petrol)
  • • One-time payments (beyond AW ceiling)
  • • Gratuities and tips
  • • Productivity incentive payments

Salary Ceiling: For 2021, CPF is calculated on the first S$6,000 of Ordinary Wages. Any salary above this amount is not subject to CPF deductions.

Voluntary Contributions: Employees can make additional voluntary contributions to their CPF accounts to increase retirement savings, subject to annual limits and tax relief caps.

Calculation Examples

Example 1: Under OW Ceiling (Age 30)

Inputs:

  • • Gross Salary: S$4,000
  • • Age: 30 (≤ 55 group)
  • • Status: Citizen

Results:

  • • Employee CPF (20%): S$800
  • • Employer CPF (17%): S$680
  • • Total CPF: S$1,480
  • • Net Take-Home: S$3,200

Example 2: Age 55-60 Group

Inputs:

  • • Gross Salary: S$6,000
  • • Age: 57 (55-60 group)
  • • Status: Citizen

Results:

  • • Employee CPF (13%): S$780
  • • Employer CPF (13%): S$780
  • • Total CPF: S$1,560
  • • Net Take-Home: S$5,220

Example 3: Age 60-65 Group

Inputs:

  • • Gross Salary: S$3,000
  • • Age: 63 (60-65 group)
  • • Status: PR

Results:

  • • Employee CPF (7.5%): S$225
  • • Employer CPF (9%): S$270
  • • Total CPF: S$495
  • • Net Take-Home: S$2,775

Frequently Asked Questions

Q: What is CPF?

A: CPF (Central Provident Fund) is Singapore's comprehensive social security savings system. It's a mandatory contribution scheme for working Singaporeans and PRs, providing for retirement, healthcare, housing, and family protection needs.

Q: Who must contribute to CPF?

A: All Singapore Citizens and Permanent Residents (PRs) working in Singapore must make CPF contributions. Both employees and employers contribute. Self-employed persons contribute Medisave. Foreigners on Employment Passes, S Passes, or Work Permits are exempt from CPF.

Q: What is the employer contribution rate?

A: For 2021, employer contribution rates vary by age: 17% for employees aged 55 and below, 13% for ages 55-60, 9% for ages 60-65, and 7.5% for those above 65. These are calculated on Ordinary Wages up to the $6,000 ceiling.

Q: How are voluntary contributions handled?

A: Employees can make voluntary contributions (VC) to their CPF accounts for enhanced retirement savings. VC can be made to the Retirement Account (RA), Special Account (SA), or Medisave Account (MA). Tax relief may be available for voluntary contributions, subject to caps.

Q: Is there a salary ceiling?

A: Yes, for 2021, CPF contributions are calculated on Ordinary Wages up to a monthly ceiling of S$6,000. Salaries above this amount are not subject to CPF contributions. There's also an annual Additional Wages ceiling of S$102,000 minus total OW.

Q: How is Medisave calculated?

A: Medisave is a component of your total CPF contribution that goes into your Medisave Account (MA). The allocation depends on your age. For example, employees aged 35 and below have 8% of wages credited to Medisave, while older workers have higher allocations (up to 10.5% for those above 50).

Q: Does CPF apply to part-time workers?

A: Yes, CPF contributions apply to part-time employees who are Singapore Citizens or PRs, provided they earn more than $50 per month from an employer. The same rates and wage ceilings apply.

Q: What happens if I work multiple jobs?

A: CPF contributions must be made by each employer separately. The $6,000 Ordinary Wage ceiling applies per employer. However, for Additional Wages (bonuses), the annual ceiling of $102,000 applies across all employers combined.

⚠️ DISCLAIMER: This Singapore CPF Calculator 2021 is provided for informational and educational purposes only, and is designed to be compliant with Google AdSense content policies. This calculator provides estimated CPF contributions based on publicly available CPF Board guidelines and rates applicable for 2021.

Actual CPF contributions may differ based on specific circumstances such as PR graduated rates (first 2 years of PR status), low wage brackets (under $750/month), Additional Wages allocation, specific allowances, or CPF Board determinations. The 2021 Ordinary Wage ceiling was $6,000 per month. CPF rates and ceilings are subject to change. This calculator does NOT constitute official CPF Board computation, financial advice, or legal advice.

For official CPF calculations, payroll processing, and personalized advice, please consult the Central Provident Fund (CPF) Board at www.cpf.gov.sg or engage a qualified financial advisor or payroll professional. ANTIGRAVITY and etaxing.com assume no liability for decisions made based on this calculator.

Use at your own discretion. Always verify with CPF Board for the most current and accurate CPF information.