SINGAPORE: The Central Provident Fund (CPF) contribution rates for those aged above 55 to 65 will increase by 1.5 percentage points in 2026, Prime Minister Lawrence Wong announced in his Budget statement on Tuesday (Feb 18).
This will start on Jan 1, 2026, bringing the CPF contribution rates for workers aged above 55 to 60 to 34 per cent.
For workers aged above 60 to 65, their CPF contribution rates will go up to 25 per cent.
The respective increases in CPF contribution will be fully allocated to the CPF retirement account.
During his Budget speech in parliament, Mr Wong, who is also the finance minister, said that the increase in CPF contribution rates was made after the recommendations of the Tripartite Workgroup on Older Workers, which was formed in May 2018.
In line with the workgroup’s recommendations, the government announced in 2019 that CPF contribution rates would be raised gradually over the next decade or so for Singaporean and permanent resident workers aged above 55 to 70.
When the increases are fully implemented, those aged above 55 to 60 will have the same CPF contribution rates as younger workers.
