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...
Therefore only the initial $6000 of the monthly salary is subject to CPF contributions, which means the employer does not need to contribute to the CPF account if the employee earns above $6000. Additional Wage Ceiling: It is a CPF contribution cap on additional wage types, like bonuses. The...
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...