There are several CPF rates for Singapore permanent residence (SPR). In Swingvy there is a way to maintain the relevant rate for SPR employee.
Update the employee as a PR status
Admin can set the PR status of the employee by following the below steps
Step 1 - Click the employee name at the Payroll > People tab
Step 2 - Select the residence type as Singapore PR
Step 3 - Set the PR effective date
Step 4 - Click save
Swingvy will automatically detect the length of employees’ Singapore PR status based on the PR effective date during the payroll calculation
Maintain the CPF rate for Singapore PR
There are 3 rates of CPF for Singapore PR:
- Graduate employer & employee (G/G)
- Full employer & graduate employee (F/G)
- Full employer & full employee (F/F)
There is an upper cap of CPF contribution rate for employee 55 years & below (from 1 Jan 2016):
| Types of Singapore PR | First-year | Second-year | ||
| Employer contribution rate | Employee contribution rate | Employer contribution rate | Employee contribution rate | |
| Graduate employer & employee (G/G) | 4% | 5% | 9% | 15% |
| Max of $240 | Max of $300 | Max of $540 | Max of $900 | |
| Full employer & graduate employee (F/G) | 17% | 5% | 17% | 15% |
| Max of $1,020 | Max of $300 | Max of $1,020 | Max of $900 | |
| Full employer & full employee (F/F) | 17% | 20% | 17% | 20% |
| Max of Ordinary Wages: $6,000 | ||||
| Max of Additional Wages: $102,000 - Ordinary Wages subject to CPF for the year | ||||
So for example, say you earn $7,500 a month, and earn an annual bonus of $15,000. Only the first $6,000 of your monthly income will be subject to CPF contributions. As for your annual bonus, the Additional Wage Ceiling is $102,000 – $6,000 x 12 = $30,000. This means that your entire annual bonus is also subject to CPF contributions as it is below the CPF contribution cap.
The total CPF contribution will be rounded to the nearest dollar