If you want to make voluntary contributions to your
CPF accounts, there’s an Annual Limit of $37,740 that you need to be aware of.
If you’re self-employed, it’s quite unlikely for you to hit that limit unless you are already making voluntary contributions regularly.
But if you hold a full time job and make more than $6k a month, there’s a good chance that you may have already exceeded the limit, which takes into account both compulsory and voluntary contributions.
Suppose you are below 55 years of age and make $10k a month and receive a $40k bonus. These are the compulsory contributions to your
CPF:
Only 6k every month is subject to
CPF (wage ceiling).
Of the 40k bonus, only 30k is subject to
CPF (additional wage ceiling calculation: 102k - 12x6k = 30k).
12 months x $6k x 37% = $26,640
$30k x 37% = $11,100
Total is $37,740!
This means there’s no room for you to top up your
CPF further with voluntary contributions.