Companies should be prepared for employee inquiries and potential requests for salary adjustments. Proactive communication about the reasons behind the CPF rate increase and the long-term benefits it brings can contribute to a more informed and understanding workforce. Non-Monetary Incentives To ...
You understand how much money you’ll need for retirement and have some solid plans in place to achieve your goals. You’re likely already making contributions to your CPF and may also be participating in the CPFIS. However, there’s still room to grow your money. Consider diverting some f...
years and have put aside some money, consider a Supplementary Retirement Scheme⁴ (SRS) to help build your retirement funds. The SRS is a voluntary retirement scheme that the Singapore government offers. Singaporeans and PRs can contribute a maximum of $15,300 per year to their SRS accounts...
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GST also applies to imported goods. All businesses with a revenue over S$1m must apply GST. Singapore Central Provident Fund (CPF): This is Singapore's national pension fund. All employers and employees must contribute some of their income to the fund. Melissa YeoBusiness Writer Melissa's ...
Related questions? What are my chances of obtaining a Letter of Consent (LOC)? Can employees encash unutilized annual leave? Do foreign employees need to contribute to the CPF fund? Can I hold shares in other companies while I am on Employment Pass (EP)?
Budget 2023’s emphasis on innovation and capability development activities is crucial for attracting businesses and talent to our shores. The government’sS$4 billion top-up to the National Productivity Fundand the expansion of investment promotion efforts will undoubtedly contribute to our nation’s...
Provident funds are similar to pension funds in that both theemployee and employer contributeto the CPF account. The funds in the CPF account are conservatively invested to earn around 5% per year.In 1968, the CPF expanded to provide housing under the Singapore Public Housing Scheme. In the 19...
Your account can continue to grow even in years when you aren’t able to contribute. You earn interest, which gets added to your balance, and then you earn interest on the interest, and so on. This compounding effect allows the growth of your account to accelerate over time, illustrating ...