WebStarting in September 2024, the CPF monthly salary ceiling will rise progressively and reach $8,000 in 2026. It is currently set at $6,000. A young worker earning $8,000 a month will have to contribute $400 more per month to their CPF from January 2026 onwards. WebFeb 14, 2024 · The change will take place progressively over four steps to allow employers and employees to adjust to the increase. On Sept 1, 2024, the monthly salary ceiling will …
NTUC calls for review of salary ceilings for CPF contributions to …
WebFeb 15, 2024 · CPF salary ceilings were last raised six years ago, when the Ordinary Wage ceiling went up from $5,000 a month to $6,000 a month. This is the maximum base from which CPF contributions are calculated. WebFeb 14, 2024 · The CPF monthly salary ceiling will be increased in stages from September 2024. The increase will be phased in over four years starting in September this year. Mr Wong said the move was to “keep pace with rising salaries” and would help middle-income Singaporeans save more for their retirement. refworks u of t
CNA Explains: What a higher CPF monthly salary ceiling means for …
WebFeb 14, 2024 · The CPF monthly salary ceiling caps the quantum of ordinary wages that would attract CPF contributions, and is currently set at $6,000. The increase was announced by Deputy Prime Minister and Finance Minister Lawrence Wong in his Budget 2024 statement on Tuesday. WebThe CPF salary ceiling will be adjusted upwards from $5,000 to $6,000 with effect from 1 January 2016, to keep pace with wage growth in recent years. This will re-align the salary ceiling to cover wages up to the 80th percentile of resident incomes. With this change, middle-income Singaporean workers will be able to accumulate more CPF savings ... WebFeb 15, 2024 · However, there will be no changes to the CPF annual salary ceiling, which includes contributions from additional wages. For senior workers aged between 55 and 70, the total CPF contribution rates will be raised by up to 1.5 percentage points from Jan 1, 2024, as part of the government’s plan to increase senior worker CPF contribution rates ... refworks uc3m