Changes to CPF contribution rates from 1 January 2022 for employees aged above 55 to 70
27 January 2022
With effect from 1 January 2022, the contribution rates to the Central Provident Fund (“CPF”) for employees aged above 55 to 70 have been increased to strengthen their retirement adequacy.
Following amendments to the First Schedule to the Central Provident Fund Act 1953, the changes below will apply to wages earned from 1 January 2022 (for employees earning monthly wages of more than S$750).
|
Employees’ age (years) |
Previous |
CPF contribution rates changes |
||
|
Total |
By employer |
By employee |
||
|
Above 55 to 60 |
26 |
+2 |
+1 |
+1 |
|
Above 60 to 65 |
16.5 |
+2 |
+1 |
+1 |
|
Above 65 to 70 |
12.5 |
+1.5 |
+0.5 |
+1 |
Source: Central Provident Fund Board website
The contribution rates for Singapore Citizens and Singapore Permanent Residents (from third year and onwards) from 1 January 2022 are set out below.
|
Employee’s age (years) |
CPF contribution rates changes from 1 January 2022(monthly wages > $750) |
||
|
Total |
By employer |
By employee |
|
|
55 & below |
37 |
17 |
20 |
|
Above 55 to 60 |
28 |
14 |
14 |
|
Above 60 to 65 |
18.5 |
10 |
8.5 |
|
Above 65 to 70 |
14 |
8 |
6 |
|
Above 70 |
12.5 |
7.5 |
5 |
Source: Central Provident Fund Board website
Reference materials
The following materials are available on the CPF website www.cpf.gov.sg: