CPF Account Value Thread 2025

[IcYFl4mEz]

Anyone encountered employer over contribute the limit before? 102,000.
If say employer deposited the contribution for DEC on 1st Jan, roughly when will govt refund?

 

[highsulphur]

Anyone encountered employer over contribute the limit before? 102,000.
If say employer deposited the contribution for DEC on 1st Jan, roughly when will govt refund?

You want to provide more details?

Generally there will be a refund

 

[IcYFl4mEz]

You want to provide more details?

Generally there will be a refund

Means the contribution total for 2024 exceed $102,000 worth of salary, due to HR is new and based overseas.
12 months of max cap $6800 basic for 2024, and the remaining balance will be bonuses etc.
If you earn 10k a month basic, and 2 month bonus in dec, you can only contribution total worth of $101,600 worth of salary.

HR contributed excessed in 1Jan , 2 or 3rd Jan CPF removed the amount and name it "Adjustment / Interest on recovered CPF contributions" and re-deposit the same amount same day under "Contributions"

So wanna check usually how long CPF took to refund the excess limit. In this case seems like me CPF also miscalculate or they dont even calculate, just based on employer contribution and accepted it.

 

[highsulphur]

Means the contribution total for 2024 exceed $102,000 worth of salary, due to HR is new and based overseas.
12 months of max cap $6800 basic for 2024, and the remaining balance will be bonuses etc.
If you earn 10k a month basic, and 2 month bonus in dec, you can only contribution total worth of $101,600 worth of salary.

HR contributed excessed in 1Jan , 2 or 3rd Jan CPF removed the amount and name it "Adjustment / Interest on recovered CPF contributions" and re-deposit the same amount same day under "Contributions"

So wanna check usually how long CPF took to refund the excess limit. In this case seems like me CPF also miscalculate or they dont even calculate, just based on employer contribution and accepted it.

if you earn 10k a month last year, your monthly contribution should be $2516. In Dec, because of your bonus your contribution will be $2516+$7400 (20% of 20,000) = $9916. So your annual contribution should be a total of $37,592. You mean your HR deducted more from your Dec payout and contribute more than $9916?

You can call CPF them alert them of the over contribution and ask them when will the excess be refunded.

 

[IcYFl4mEz]

if you earn 10k a month last year, your monthly contribution should be $2516. In Dec, because of your bonus your contribution will be $2516+$7400 (20% of 20,000) = $9916. So your annual contribution should be a total of $37,592. You mean your HR deducted more from your Dec payout and contribute more than $9916?

You can call CPF them alert them of the over contribution and ask them when will the excess be refunded.

just an example only. but yes mine is over contributed. im ok with it, dont mind putting more inside. so you mean usually over contribution , CPF will settle within the first few working day in JAN?

I calculate the contribution from my CPF statement for year 2024, already exceed 37,740 lol.

 

[highsulphur]

just an example only. but yes mine is over contributed. im ok with it, dont mind putting more inside. so you mean usually over contribution , CPF will settle within the first few working day in JAN?

I calculate the contribution from my CPF statement for year 2024, already exceed 37,740 lol.

Exceed 37740 from the same employer? Then you will be getting a refund. There is no time line how fast CPF will refund you (without interest). You should call them to notify them of the excess so that they can proceed to refund you asap. Otherwise it will happen later and you will lose more.

 

[highsulphur]

2024 has been a windfall year for my CPF account which is ironic given I was retrenched. I managed to get CPF contributions from multiple employers due to job changes and almost hitting the limit for some due to some bonuses given along the way.

Sometimes you never know there could be a silver lining after what you deem to be a negative event (eg retrenchment).

 

[sglandscape]

2024 has been a windfall year for my CPF account which is ironic given I was retrenched. I managed to get CPF contributions from multiple employers due to job changes and almost hitting the limit for some due to some bonuses given along the way.

Sometimes you never know there could be a silver lining after what you deem to be a negative event (eg retrenchment).

If you had two employers, you can actually exceed the contribution cap, since to my understanding it's on a per employer basis.

 

[highsulphur]

If you had two employers, you can actually exceed the contribution cap, since to my understanding it's on a per employee basis.

I wasn't employed concurrently. Was consecutively

 

[sglandscape]

I wasn't employed concurrently. Was consecutively

Doesn't matter if it's concurrently or consecutively, since you could get a large lump sum due to severance package, encashment of leave or benefits, sign on bonus, etc,

 

[reddevil0728]

just an example only. but yes mine is over contributed. im ok with it, dont mind putting more inside. so you mean usually over contribution , CPF will settle within the first few working day in JAN?

I calculate the contribution from my CPF statement for year 2024, already exceed 37,740 lol.

Are you aware that your calendar year Jan contribution, is most likely for Dec?

 

[highsulphur]

Are you aware that your calendar year Jan contribution, is most likely for Dec?

Yeah one should technically look from Feb to Jan credits into their cpf accounts to be Jan to Dec salary

 

[IcYFl4mEz]

Are you aware that your calendar year Jan contribution, is most likely for Dec?

Yeah one should technically look from Feb to Jan credits into their cpf accounts to be Jan to Dec salary

Yes. I also look at "For xx month contribution"

 

[chiokcc]

There’ve been some tweaks to the classic Retirement Sum Scheme payout computations in recent years. Examples:

• An increase in the minimum monthly payout from $250 to $350;
• A reduction in the ”exhaustion age” (how long monthly payouts are expected to last).

The government may have also deposited some funds in your parent’s Retirement Account, and (if so) that’ll boost payouts. Also, the interest rate on RA savings was higher than 4% for a period of time, so the additional interest boosted payouts a little.

Of course you shouldn’t necessarily expect these increases to continue unless somebody is adding funds to your parent’s Retirement Account. If there’s little or no further funding the payouts will still end at some point if your parent (happily) lives a long life. And any payout increases your parent has enjoyed likely haven’t even kept pace with inflation. Basically, you and your parent may still have plenty to do to support your parent’s basic lifestyle needs.

Thanks!

 

[chiokcc]

SA for those above 55 close already, transfer to OA .... but is the difference in the interest (4.0-2.5% pa) for the amount transferred for the first 15 days going to be calculated???

 

[iMac]

Bye bye...SA account.....

Hello, TBill / ILP / Crypto..here we come with our life saving $.....

 

[royalmix]

SA for those above 55 close already, transfer to OA .... but is the difference in the interest (4.0-2.5% pa) for the amount transferred for the first 15 days going to be calculated???

"Your Special Account (SA) was closed on 19 Jan 2025, with all SA savings transferred to your Retirement Account and/or Ordinary Account."

You never read the CPF rules! You will earn 2.5% on the balances transferrred to OA, excluding current mth contributions, etc etc!

Sayonara!

I am aged 55 and above. How much interest will I earn on the Special Account (SA) savings that are transferred to my Retirement and Ordinary Accounts when my SA is closed?

As CPF interest is computed monthly, your Special Account (SA) savings (excluding contributions and refunds received in the month) that are transferred to your Retirement Account (RA), up to the Full Retirement Sum, will earn RA interest for that month. The RA interest rate is the same as the SA interest rate.

Remaining SA savings that are transferred to your Ordinary Account (OA) will earn OA interest for that month. If you wish to earn the RA interest rate on these savings and receive higher retirement payouts, you may transfer your SA savings that were channelled to your OA, to the RA up to the  current year’s Enhanced Retirement Sum (ERS), after your SA has been closed. The amount transferred to your RA (excluding any new contributions and refunds received in the month) will earn the RA interest rate in the month of transfer. For example, if you transfer your OA savings to your RA in January 2025, the amount transferred will earn the RA interest from January 2025.

Please note that (i) CPF transfers are irreversible, and the savings are set aside to boost your monthly payouts in retirement, and (ii) the normal processing time for CPF transfers is five working days upon receipt of application, and can take longer if the volume of applications is high.

 

[iMac]

I think CPF didn't pay these 19 days (1 Jan - 19 Jan) interest on the SA account before it was transferred out to OA....

 

[reddevil0728]

I think CPF didn't pay these 19 days (1 Jan - 19 Jan) interest on the SA account before it was transferred out to OA....

Interest should be based on the account it ended up in.

 

[fr33d0m]

I think CPF didn't pay these 19 days (1 Jan - 19 Jan) interest on the SA account before it was transferred out to OA....

How can this be known when CPF only pays interest at year end?