In the recent FY2023 Budget, Deputy Prime Minister and Minister for Finance Lawrence Wong announced that the CPF monthly salary ceiling to increase from the current S$6,000 to S$8,000 by the year 2026. If you are worried about the sudden increase, you will be glad to know that the increase will take place in four steps to allow you and your employer to adjust to the changes. The first increase will take place from September 1, 2023, which is this year. There will be no change in the CPF annual salary ceiling of S$102,000. CPF Salary Ceiling Here are more details of the increase in CPF Salary Ceiling.
|1st September 2023||S$6,300|
|1st January 2024||S$6,800|
|1st January 2025||S$7,400|
|1st January 2026||S$8,000|
For those who are currently earning less than S$6,000 monthly, this change most likely will not be significant to you. …