Contribution of Central Provident Fund [CPF]
The CPF is a mandatory social security savings scheme funded by contributions from employers and employees.
The CPF is a key pillar of Singapore’s social security system, and serves to meet our retirement, housing and healthcare needs.
The scheme makes it mandatory for the employer to contribute to the CPF for all the local employees such as Singapore Citizens and Singapore Permanent Residents who earn over SGD50 per month. The highest contribution rate for the employer is 17% and for the employee is 20%, and it could be lower based on factors like the age and permanent resident status of the employee.
All Work Pass holders are exempted from this scheme.
You may wish to visit Central Provident Fund (CPF) or to use Employer related various Calculators online for detailed information and current updates.