70% got what they vote for: Decrease in take home pay from 1 Sep onwards

[The_King]

1. Increase in CPF Ordinary Wage ceiling for 1 September 2023 and 1 January 2024

 

(a) The CPF Ordinary Wage (OW) ceiling limits the amount of OW that attract CPF contributions in a calendar month for all employees. The OW ceiling will be raised from $6,000 to $8,000 by 2026, with the first increase to take place on 1 September 2023. The increase will take place in four steps to allow employers and employees to adjust to the changes.

 

(b) There will be no change to the CPF annual salary ceiling of $102,000, which sets the maximum amount of CPF contributions payable for all salaries received in the year, inclusive of both Ordinary Wages and Additional Wages. 

 

(c) There will be no changes to the Additional Wage ceiling and CPF Annual Limit, where they will remain at [$102,000 – Total Ordinary Wage subject to CPF for the year] and $37,740 respectively.

 

Please refer to the table below for the CPF OW and annual salary ceilings from 2023 to 2026. 

 

	CPF OW ceiling	CPF annual salary ceiling
From 1 Jan 2016 to 31 Aug 2023	$6,000	$102,000
From 1 Sep to 31 Dec 2023	$6,300 (+$300)
From 1 Jan to 31 Dec 2024	$6,800 (+$500)
From 1 Jan to 31 Dec 2025	$7,400 (+$600)
From 1 Jan 2026	$8,000 (+$600)

You may refer to the complete CPF contribution rate tables from 1 September to 31 December 2023 (Tables 1 to 5) (PDF, 0.2MB) for more details.

 

 

https://www.cpf.gov.sg/employer/infohub/news/cpf-related-announcements/new-contribution-rates

[socrates469bc]

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