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Anonymous
I've just received a letter from CPF that I'm reaching my CPF annual limit. What happens if my Nov/Dec contribution exceeds this limit?
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Jiayee
24 Nov 2020
Salaryman at some company
If you did voluntary contributions, you will get a refund of the excess voluntary contributions without interest.
As for mandatory-only contributions, I'm not sure if the excess comes out immediately as cash.
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CPF has 2 wage ceiling limits.
Firstly, the Ordinary Wage Ceiling which limits the amount of OW that would attract contribution and is capped at $6000 currently. If you earn $7000, the first $6000 would be subjected to CPF contribution. The remaining $1000 is not subjected to CPF contribution (This includes your employer which will not be required to contribute to your CPF for any amount above $6000)
Next. the Additional Wage Ceiling caps your yearly limit to $102,000 - Total OW for that year currently. Additional Wage are things like annual bonuses etc. Any amount above this sum will not be subjected to CPF contributions.