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Types of CPF Accounts and CPF Rates

Updated: Jun 17, 2023

CPF (Central Provident Fund) contributions in Singapore refer to the mandatory contributions made by both employees and employers to the CPF system. The CPF is a social security savings scheme that helps individuals in Singapore set aside funds for retirement, healthcare, and housing.


Types of CPF Accounts and CPF Rates

The CPF consists of several accounts, including the Ordinary Account (OA), Special Account (SA), Medisave Account (MA) as well as Retirement Account (RA).

CPF accounts

Here's a brief overview of each account:


1. Ordinary Account (OA)

The OA is primarily used for housing-related purposes, such as purchasing a home and repaying a housing loan . It also allows for withdrawals for education, healthcare, insurance, and other approved purposes. Contributions to the OA earn an interest rate determined by the CPF Board.


2. Special Account (SA)

The SA is designed to help individuals save for their retirement as well as investment. It has a higher interest rate compared to the OA and in order to keep your retirement monies safe, only safer investments are allowed to be invested using CPF SA funds.


3. Medisave Account (MA)

The MA is dedicated to healthcare expenses, including hospitalization, medical insurance, and approved medical treatments. A portion of an individual's monthly CPF contributions is allocated to the MA. The MA also earns an interest rate set by the CPF Board.


4. Retirement Account (RA)

The Retirement Account (RA) is created once a CPF member reaches the age of 55. It acts as the primary savings account for retirement and is designed to provide regular payouts during retirement. The transfer of funds to the RA starts with the member's Special Account (SA) savings and is followed by their Ordinary Account (OA) savings.


CPF contribution rates in Singapore vary depending on the employee's age and income. Here are the current CPF contribution rates for employees:

CPF contribution rate for Singapore Citizen and SPR year 3 and onwards
CPF contribution rates for SPR year 1
Contribution Rates for SPR year 2

Source: CPF Board


You can use the official CPF Contribution Calculator provided by the Central Provident Fund (CPF) Board to calculate the CPF contributions for both employees and employers based on various factors such as monthly wages, age, and citizenship status. You can access the CPF Contribution Calculator on the CPF Board's official website here.


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