CPFAug 18, 2025
What are the CPF contribution rates for employees under 55 in 2024?
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For employees aged 55 and below earning monthly wages above S$750, the Central Provident Fund (CPF) contribution rates for 2024 are as follows:
Standard Rates (for Singapore Citizens and 3rd year+ PRs):
| Component | Rate |
|---|---|
| Employee contribution | 20% of Ordinary Wages (OW) |
| Employer contribution | 17% of Ordinary Wages (OW) |
| Total contribution | 37% of Ordinary Wages (OW) |
Key details:
- The Ordinary Wage (OW) ceiling is S$6,800 per month (increased from S$6,300 effective 1 January 2024). This means CPF is computed on a maximum of S$6,800 of monthly wages.
- The Annual Wage ceiling is S$102,000 for 2024, which limits total CPF on ordinary and additional wages combined.
- For wages between S$50 and S$500, only the employer contributes. For wages between S$500 and S$750, the employee contribution is gradually phased in.
Graduated rates for Permanent Residents:
- 1st year PR: Employee 5%, Employer 4% (reduced rates).
- 2nd year PR: Employee 15%, Employer 9%.
- 3rd year onwards: Full rates (same as Citizens).
PRs and their employers may jointly apply for full CPF contribution rates from the 1st or 2nd year.
Why it matters: CPF contributions reduce your taxable income. Your employee contribution of 20% is automatically deducted from your salary before income tax is computed, effectively lowering your tax bill.
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Disclaimer: This information is for general educational purposes and is not professional tax advice. Tax situations vary. Consult a qualified tax professional for advice specific to your circumstances.