The_King Posted February 22, 2023 Share Posted February 22, 2023 SINGAPORE — Singaporeans have questions of their own in response to Lawrence Wong’s recent announcement on the 2023 budget. With regard to the CPF monthly salary ceiling being set to increase to S$8,000 by 2026, netizens have raised concerns over whether this means their money will be “locked”. On Tuesday (Feb 14) afternoon, Deputy Prime Minister and Finance Minister Lawrence Wong delivered the highly anticipated Budget 2023 address. One of the announcements he made was regarding the monthly salary ceiling of The Central Provident Fund (CPF), a social security scheme to which employers and employees must contribute. The current CPF monthly salary ceiling is S$6,000. It will be raised to S$6,300 in September 2023, then to S$6,800 in January 2024, then to S$7,400 in January 2025, and then again to S$8,000 in January 2026. For employees who are 55 years old and younger, the contribution to their CPF is 20 per cent of their monthly wages. As for the hiring party, the employers contribute 17 per cent of the wages of the employees. In response to this news, Singaporeans are raising questions of their own, with a handful raising concerns over how long they will need to wait in order to withdraw their CPF savings. “Does that also mean more of our money will be locked by CPF? Wow!” wrote one concerned netizen. Another went so far as to say, “How does this help Singaporeans to save? (The money) goes inside CPF we all know can never be taken out even (if) you die also cannot takeout.” To this, another netizen responded, “What you cannot touch will be touched by your beneficiary/beneficiaries, they will love you deep deep.” Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore Image: FB screengrab / The Straits Times© The Independent Singapore The post ‘Does that also mean more of our money will be locked by CPF?’ — Netizens on CPF monthly salary ceiling increase appeared first on The Independent Singapore News 2 Link to comment Share on other sites More sharing options...
ManOfTheHour Posted February 22, 2023 Share Posted February 22, 2023 CPF is one of the few things I like from MIW Link to comment Share on other sites More sharing options...
noobmaster Posted February 22, 2023 Share Posted February 22, 2023 Knn if earn 8k means 400 less take home pay every month 1 Link to comment Share on other sites More sharing options...
ManOfTheHour Posted February 22, 2023 Share Posted February 22, 2023 6 minutes ago, noobmaster said: Knn if earn 8k means 400 less take home pay every month For me it means more money to pass to my child Link to comment Share on other sites More sharing options...
noobmaster Posted February 22, 2023 Share Posted February 22, 2023 4 minutes ago, ManOfTheHour said: For me it means more money to pass to my child Until you have more than one child and they start fighting over it Link to comment Share on other sites More sharing options...
ManOfTheHour Posted February 22, 2023 Share Posted February 22, 2023 2 minutes ago, noobmaster said: Until you have more than one child and they start fighting over it Heng i close factory i already nominate 100% to child. Wife can support herself Link to comment Share on other sites More sharing options...
Londonchocolateroll Posted February 22, 2023 Share Posted February 22, 2023 5 hours ago, ManOfTheHour said: For me it means more money to pass to my child That is the facade that the gov wants you to have instead of thinking that CPF is a form of nvoluntary tax 3 Link to comment Share on other sites More sharing options...
ManOfTheHour Posted February 22, 2023 Share Posted February 22, 2023 20 minutes ago, Londonchocolateroll said: That is the facade that the gov wants you to have instead of thinking that CPF is a form of nvoluntary tax Nvm. If not all the money will be wasted in Batam 🙊🙊🙊 Link to comment Share on other sites More sharing options...
Coffee_O Posted February 23, 2023 Share Posted February 23, 2023 i agreed that when CPF just came out the idea and intentions is good. but problem is over the years, what people pissed is that govt keeps tweaking the rules and shifting of goal post to make it so bloody difficult to take out your "own" money 4 Link to comment Share on other sites More sharing options...
XianGe Posted February 23, 2023 Share Posted February 23, 2023 Need more $$$ to buy high sell low 2 2 Link to comment Share on other sites More sharing options...
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