During the presentation of Singapore's 2023 budget, the Deputy Prime Minister, Lawrence Wong, announced that the OW ceiling for CPF would be raised from SGD6,000 to SGD8,000 by 2026. The additional wage ceiling will increase CPF contributions, increasing allocation rates for certain age groups...
During the presentation of Singapore's 2023 budget, the Deputy Prime Minister, Lawrence Wong, announced that the OW ceiling for CPF would be raised from SGD6,000 to SGD8,000 by 2026. The additional wage ceiling will increase CPF contributions, increasing allocation rates for certain age groups...
Updated on August 31, 2023Singapore Talenox Thoughts Talenox Updates Breaking Down Your “Kopi-Money”: CPF Changes for September 2023 and January 2024 Reading Time: 6 minutes Understand the September 2023 and January 2024 updates to the Ordinary Wage (OW) Ceiling and CPF Contribution Rates, and...
What Is the CPF Contribution Cap for Employees? There is a specific limit to how much a Singaporean can contribute to their CPF accounts each month; that limit is called CPF Wage Ceiling. There are two types of contribution caps: Ordinary Wage Ceiling: It is a CPF contribution limit on ...
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I first started working here at age 24, earning well under the CPF wage ceiling — the whopping 20% employee contribution was a key factor in my not pursuing PR. If I could have used it to pay for housing, that would have been different. But I was unmarried and didn’t have the ...
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During the presentation of Singapore's 2023 budget, the Deputy Prime Minister, Lawrence Wong, announced that the OW ceiling for CPF would be raised from SGD6,000 to SGD8,000 by 2026. The additional wage ceiling will increase CPF contributions, increasing allocation rates for certain age groups...