In the year 2024, the CPD has brought up some notable adjustments to their contribution rates, which have been affected by the dependent’s current life stage.
In the first quarter of 2024, the interest rate for the Central Provident Fund has been set to rise by 4.08% per annum. These accumulate at higher rates.
From Jan 2024, the Central Provident Fund has changed with higher rates; these changes come with the intent of increasing the cost of living and inflation.
The CPF monthly salary has been increased from $6,300 to $6,800, which is the maximum portion of your monthly income. The contributor has to contribute 20% of their salary.
For the year 2024, the CPF Contribution Rate payout depends on the CPF members. Members below the age of 55 will have an additional 1% increase on their $60,000 CPF balance
The CPF member aged 55 or over will have an additional 2% interest on their first $30,000 of combined balance and 1% on their next $30,000.
In the year 2024, the Central Provident Fund’s basic minimum retirement sum will be $102,900, the full retirement sum will be $205,800, and the minimum enhanced retirement sum will be $308,700
Starting Jan 2024, CPF max contribution rate is based on a new federal threshold of 6,800 SGD/month, with an annual ceiling of 102,000 SGD.
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