Recieved the following summary from CPF Board today on Singapore Budget 2014 — Initiatives Related to CPF.
For more details, please refer to resources provided by CPF Board at the end of the article.
Changes to CPF Contribution Rates
Employer contribution rates to the Medisave Account (MA) will be increased for all workers to help them save more for healthcare needs. Workers aged above 50 to 65 will see an additional increase in the employer contribution rates to the Special Account (SA) to help them save more for retirement.
Employee contribution rates to the Ordinary Account (OA) will increase for workers aged above 50 to 55.
The table below shows these increases in CPF contribution rates for Singapore Citizens (SCs), and for Singapore Permanent Residents (SPRs) from their 3rd year of obtaining SPR status.
Increases in CPF contribution rates for SCs and SPRs from January 2015
Medisave contribution rates for Self-Employed Persons (SEPs) with annual net trade income of $18,000 and above will be raised by 1%.
The rates in the table below are applicable to SEPs for annual net trade income from 2015.
Contribution rates applicable to SEPs from 2015
*Please refer to the CPF website for the phased-in rates.
To help employers better cope with the contribution rate increases in 2015, the Special Employment Credit (SEC) will be enhanced. Employers will in addition receive a new Temporary Employment Credit (TEC).
Find out more:
Source: CPF Members Email Update from CPF Board, 22 Feb 2014