CPF monthly salary ceiling to be raised from $6k to $8k by 2026; minimum monthly payout for seniors on Retirement Sum Scheme upped to $350 SGBudget2023
SINGAPORE - The Central Provident Fund monthly salary ceiling will be raised in stages to $8,000 by 2026 so that it keeps pace with rising salaries and helps middle-income Singaporeans save more for their retirement.
The change will take place progressively over four steps to allow employers and employees to adjust to the changes. From Sep 1, 2023, the monthly salary ceiling will increase to $6,300. From Jan 1, 2024, it will rise further to $6,800. By Jan 1, 2025, the ceiling will hit $7,400 and by Jan 1, 2026, it will reach $8,000.
The change to the monthly salary ceiling was last made in 2016 to keep pace with wage growth. Then, the ceiling was adjusted from $5,000 to $6,000, covering wages up to the 80th percentile of resident incomes. “To ensure that employees earning the same annual salary receive the same CPF contributions regardless of their salary structure, the CPF monthly salary ceiling will eventually be set at one-twelfth of the CPF annual salary ceiling at steady state,” added MOF.
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