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Joshua Wong

20 Dec 2022

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CPF contribution cap

Hi, how does the annual cap of $37,740? For example if one's CPF contribution from work for Jan to Dec 2022 already exceeded the cap, will the excess be returned as cash to the account holder come 1 Jan 2023?

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Butler Lily

24 May 2023

I'm not an expert in this field so I asked duck life , he says: The monthly salary ceiling for CPF contributions known as the "Ordinary Wage Ceiling" is presently set at S$6,000. This indicates that their CPF payments are only required for the first S$6,000 of their monthly earnings. Any sum over S$6,000 will not have CPF deductions made from it.

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Just_Saying

22 Dec 2022

It is not common to hit the annual contribution cap of 37740 with the current contribution ceiling of 6k. This means you need to earn more than 17months of salary in the year to hit that annual contribution cap.

But if you do hit that cap, the balance will be refunded without interest at the end of the year.

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Tan Choong Hwee

Edited 22 Dec 2022

Investor/Trader at Home

If the employer HR didn't make mistake in calculation, CPF contribution from each employer would not...

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