CPFB | Born before 1995

GROWING YOUR SAVINGS

Platform workers born before 1 Jan 1995

You can opt in to contribute to your three CPF accounts (Ordinary, Special or Retirement, MediSave). Otherwise, you will contribute to MediSave only.

CPF contributions for platform workers born before 1 Jan 1995

If you opt in:

You will contribute at the same rate, and experience the same benefits and government support as platform workers born on 1 January 1995 or later.

You will receive the platform operator share of CPF contributions.

Your platform operator will deduct your share of CPF contributions as and when you earn, and submit it to CPFB monthly, together with the platform operator share of CPF contributions.

Your CPF contributions will go to your Ordinary, Special or Retirement, and MediSave accounts.

If you do not opt in:

You will continue to contribute to your MediSave Account only.

You will not receive CPF contributions from your platform operator.

Only MediSave contributions will be deducted by your platform operator and submitted to CPFB every month.

Illustration of platform worker who opts in to increased CPF contributions:

Benefits of opting in

1. You can see an increase in total earnings after factoring in additional CPF contributions from platform operators. You can receive up to 17% in monthly CPF contributions from your platform operator by 2029.

2. Your Ordinary Account savings can be used for your housing loan, freeing up your cash for other needs.

Inforgraphic example on the benefits of higher CPF contributions. The higher CPF contributions means you can use money from your Ordinary Account to pay for your housing loan.

The table below provides a comparison for those who have opted in and those who did not opt in.

Non-opt-in

Opt-in

Share of CPF contributions

Consists only your share of CPF contributions. There is no platform operator share of CPF contributions.

View contribution rates >

Consist of both you and your platform operators’ share of CPF contributions.

The CPF contribution rates for both will gradually increase over 5 years to align with those of employees and employers, reaching up to 20% and 17% respectively by 2029.

View contribution rates >

Allocation of CPF contributions

MediSave account only

All three CPF accounts:

Ordinary – For housing
Special or Retirement – For retirement
MediSave – For healthcare

View allocation rates >

Submission of CPF contributions

Your platform operator will deduct your share of CPF contributions as and when you earn and submit them to CPF Board every month.

How do I opt in?

You can opt in at any time. There is no deadline for opting in and the decision cannot be reversed. This allows you to stay committed to reap the benefits from the accumulation of CPF savings over time.

Your opt-in status will apply to all your platform operators.

Opt-in form to increase CPF contributions

Born before 1995

Member

Employer/Business

GROWING YOUR SAVINGS

Platform workers born before 1 Jan 1995

CPF contributions for platform workers born before 1 Jan 1995

Benefits of opting in

1. You can see an increase in total earnings after factoring in additional CPF contributions from platform operators. You can receive up to 17% in monthly CPF contributions from your platform operator by 2029.

2. Your Ordinary Account savings can be used for your housing loan, freeing up your cash for other needs.

How do I opt in?

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GROWING YOUR SAVINGS

Platform workers born before 1 Jan 1995

CPF contributions for platform workers born before 1 Jan 1995

Benefits of opting in

1. You can see an increase in total earnings after factoring in additional CPF contributions from platform operators. You can receive up to 17% in monthly CPF contributions from your platform operator by 2029.

2. Your Ordinary Account savings can be used for your housing loan, freeing up your cash for other needs.

How do I opt in?