CPF Contribution Ceiling

Most of the people (from the place of my residence) desire to withdraw CPF soon as possible. There are some who want to deposit money into CPF. This is to the extent of depositing the fund into CPF even when the people are over the age of 55 to 65. I believe that there are instances in which people tend to have differences in their views. This is one of such examples. The maximum contribution in one’s CPF accounts is $37,740 per year. I am not sure whether the same will apply for one who work two different jobs with two different employers and such circumstance will enable one to exceed the limit of $37,740.

The monthly deduction from the salary will depend on one’s salary capped at $6,000 a month and a further cap of $102,000 per year. This means that if one earns $7,000 a month, the CPF deduction (contribution) is based on $6,000. One has 5 months bonus. The deduction from the full year of salary and 5 months will be capped at $102,000 giving one the maximum of $37,740 for the year.

WTK

Author: firewtk

A middle-age Singaporean currently having a minimalist and simple lifestyle. I am not longer in full-time employment with effect from 1 May 2019. I try my very best to write one post per day on this blog. The purpose is to share my prevailing thoughts to interested readers. It is up to the interested readers to decide whether they want to take action in embarking on the FIRE journey. I do not gain anything from this blog and it is solely for sharing hopefully for the benefits of all interested reader. WTK

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