SINGAPORE - Singapore businesses will fork out about $500 million more a year in Central Provident Fund contributions for employees, after the salary ceiling for contributions increases from $6,000 to $8,000 in 2026 to keep pace with rising salaries. Read more at straitstimes.com.
SINGAPORE - Singapore businesses will fork out about $500 million more a year in Central Provident Fund contributions for employees, after thein 2026 to keep pace with rising salaries.
Responding to Workers’ Party MP Louis Chua , who mooted a review of interest rates of the CPF Ordinary Account, Dr Tan acknowledged that the account’s pegged interest ratesThis is even as the yields of other market instruments of comparable risk and duration have increased amid an elevated interest rate environment, he said.
In response to a similar question from Mr Saktiandi Supaat , Dr Tan said the interest rate for the Special Account is pegged to the 12-month average yield of 10-year Singapore Government Securities plus 1 per cent, and is reviewed quarterly.“If the pegged rate exceeds the floor rate of 4 per cent, members will correspondingly earn the higher interest rates on their CPF savings.”
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Increased CPF salary ceiling to cost businesses about $500 million a year: Tan See LengSINGAPORE - Singapore businesses will fork out about $500 million more a year in Central Provident Fund contributions for employees, after the salary ceiling for contributions increases from $6,000 to $8,000 in 2026 to keep pace with rising salaries. Read more at straitstimes.com.
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