Voluntary CPF Contributions
Limit on Voluntary CPF Contributions
The maximum amount of voluntary contributions a person (employee or self-employed) can make in one calendar year is subject to the CPF Annual Limit. All CPF contributions, whether mandatory or voluntary, will form part of the CPF Annual Limit. From 2011, the CPF Annual Limit is $30,600.
The maximum amount of voluntary contributions (VC) that can be made for the calendar year is as follows:
Maximum amount of VC = $30,600 – Mandatory Contributions
No further voluntary contributions can be made if the mandatory and voluntary contributions have already reached the CPF Annual Limit of $30,600.
Note:
1) Mandatory contributions are compulsory contributions required under the CPF Act. These include CPF contributions on the Ordinary and Additional Wages for employees, and Medisave contributions by self-employed persons.
2) CPF Board must receive the voluntary contributions by the last working day of the year in order for the year’s CPF Annual Limit to be applied to the contributions. Backdating of voluntary contributions to previous years is not allowed.
3) Any voluntary contributions paid in excess of the approved limit will be refunded without interest.
4) Members who wish to save more for their retirement can participate in the Supplementary Retirement Scheme (SRS). For more information on SRS, please click here.
