The Central Provident Fund (CPF) is Singapore’s compulsory savings scheme and, in CPF Board’s words, a key pillar of Singapore’s social security system, helping Singapore Citizens and Permanent Residents set aside funds for retirement. Employers and employees pay in every month — 37% of wages for employees 55 and below — and the savings sit across four accounts covering housing, healthcare and retirement income.
Key takeaways
- CPF is a compulsory savings scheme for Singapore Citizens and Permanent Residents covering three needs CPF Board names directly: a fully paid-up home, insurance and savings for healthcare, a steady stream of lifelong retirement income.
- A working member holds an Ordinary Account, a MediSave Account and a Special Account; at 55 a Retirement Account is created and the Special Account is closed.
- Contribution rates run from 12.5% to 37% of monthly wages, by age — 37% for employees 55 and below, falling to 12.5% above 70 — on Ordinary Wages up to SGD 8,000 a month from 1 January 2026.
- Balances earn 2.5% on the OA and 4% on the SA, MA and RA, and CPF Board quotes up to 5% per annum below 55 and up to 6% per annum from 55 once extra interest is counted.
- Beyond employment contributions, the Government supplements savings through the Workfare Income Supplement, the Matched Retirement Savings Scheme (up to SGD 2,000 a year to a SGD 20,000 lifetime cap) and, from 2026, the Matched MediSave Scheme (up to SGD 1,000 a year).
One contribution, four accounts
Each month’s contribution is split across accounts by the member’s age band, and the split shifts towards retirement as the member gets older. What separates the accounts is what the money may be spent on — and the interest each earns follows from that.
Accounts are also opened without employment: CPF Board notes they are created when it receives cash top-ups or government grants, such as a MediSave grant for a Singapore Citizen newborn. Self-employed persons must contribute to MediSave on their Net Trade Income even when no employer is involved.
Contribution rates by age, on a SGD 5,000 wage
Rates apply to monthly wages above SGD 750. The highlighted row is the rate for employees 55 and below; the total falls at each older band while the share going to retirement and healthcare rises.
| Age band | Employer | Employee | Total | On SGD 5,000 |
|---|---|---|---|---|
| 55 and below | 17% | 20% | 37% | SGD 1,850 |
| Above 55 to 60 | 16% | 18% | 34% | SGD 1,700 |
| Above 60 to 65 | 12.5% | 12.5% | 25% | SGD 1,250 |
| Above 65 to 70 | 9% | 7.5% | 16.5% | SGD 825 |
| Above 70 | 7.5% | 5% | 12.5% | SGD 625 |
What compounding does inside the SA
CPF Board’s own illustration: that SGD 1.85 doubles to about SGD 3.70 in 18 years and SGD 7.30 in about 35 years at the 4% base rate — seven times the dollar the employee put in.
What CPF savings actually pay for
Five things people get wrong
- CPF Board — CPF overview — what CPF is for, the accounts, contribution rates by age, interest and government schemes
- CPF Board — How much CPF contributions to pay — the contribution table and wage ceilings
- CPF Board — CPF interest rates, Q4 2026 — the rate each account earns
Official statistics for general information only. Not financial advice.
This page is provided for educational and informational purposes only. It does not constitute financial advice. All figures and worked examples are estimates for illustrative purposes, are subject to change, and do not reflect any individual’s circumstances. Always refer to the CPF Board and seek independent professional advice before making any financial decisions.