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Budget 2023: Phased raising of CPF monthly salary cap will help employers to adjust
Published Tue, Feb 14, 2023 · 09:30 PM
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- CPF monthly salary ceiling to rise in four steps: to S$6,300 from September 2023, S$6,800 from January 2024, S$7,400 from January 2025 and S$8,000 from January 2026
- Phased-in increases give time for businesses to adjust
THE phased-in approach in raising the Central Provident Fund (CPF) monthly salary ceiling will allow businesses to adjust to any added costs, said Ang Yuit, vice-president of the Association of Small & Medium Enterprises.
The government is raising the CPF monthly salary ceiling – the maximum amount of ordinary wages on which emp…
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