CPF Voluntary Contribution Limit

[Salary.sg]

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.

The CPF Annual Limit of $37,740 does not apply to Medisave top-ups starting in 2022.

But Medisave itself has a limit of $66,000 (2022). It's called the Basic Healthcare Sum (BHS). So you can can't top it up beyond BHS.

Copied from s://.cpf.gov.sg/member/infohub/educational-resources/six-changes-to-cpf-in-2022:

The amount you can top up to your MediSave is the difference between the Basic Healthcare Sum (BHS) and your current MediSave balances. Once the BHS has been reached, no further top-ups can be made to the MediSave Account. If the top-up causes the BHS to be exceeded, the full amount of the top-up will be refunded.

Previously, members had to consider both the CPF Annual Limit and the BHS for MediSave top-ups, but now there is only one limit – the BHS.