On May 2, SIN CPF announced rise in the CPF ordinary wage ceiling.
SIN CPF announced it will increase in CPF ordinary wage ceiling from Sep. 1, 2023.
Details
The CPF ordinary wage (OW) ceiling will be raised to SGD 6,300 from SGD 6,000.
The OW ceiling will be raised from SGD 6,000 to SGD 8,000 by 2026; the increase will take place in four steps to allow employers and employees to adjust to the changes.
There will be no change to the CPF annual salary ceiling of SGD 102,000, which sets the maximum amount of CPF contributions payable for all salaries received in the year.
This is for all yearly salaries inclusive of both ordinary wages and additional wages.
No changes to the additional wage ceiling and CPF annual limit, where they will remain at SGD 102,000 for total OW subject to CPF for the year and SGD 37,740 respectively.
Jun. 2023 Contribution Changes
On Jun. 16, 2023, SIN CPF notified of increase in CPF ordinary wage ceiling for Sep. 1, 2023 and Jan. 1, 2024; ceiling will be raised from SGD 6,000 to SGD 8,000 by 2026.
Includes a table of the CPF OW and annual salary ceilings from 2023 to 2026.
CPF contribution rates for employees aged above 55 to 70 will be increased to strengthen retirement adequacy; changes apply to wages earned from Jan. 1, 2024.
Apr. 2024 Contribution Update
On Apr. 5, 2024, SIN CPF updated on the increase in OW ceiling and contributions.
The OW ceiling will be further increased to SGD 7,400, effective from Jan. 1, 2025.
Also, CPF contribution rates for employees aged above 55 to 65 will be increased by 1.5% of the total wage; the changes apply to wages earned from Jan. 1, 2025.
