Greetings from i-Admin.
The CPF contribution rates for employees aged above 55 to 70 will be increased to strengthen their retirement adequacy. The changes will apply to wages earned from 1 January 2023:
There are some highlights from CPF board as per below details:
• For those earning monthly wages of more than $500 to $750, the employee contribution rates will continue to be phased in.
• There are no changes to the graduated contribution rates for first and second year Singapore Permanent Residents (SPRs).
• There are no changes to the Ordinary Wage (OW) Ceiling and Additional Wage Ceiling.
Please find as attached for the updated of CPF contribution rate from 1 January 2023.
For more information please find as following link:
https://www.cpf.gov.sg/employer/infohub/news/cpf-related-announcements/increase-in-cpf-contribution-rates-from-1-january-2023
Yours Sincerely,
i-Admin
