Budget 2023: CPF monthly salary ceiling will be raised from S$6,000 to S$8,000 by 2026 Budget2023
SINGAPORE: The Central Provident Fund monthly salary ceiling will be increased in stages from S$6,000 to S$8,000 by 2026, Finance Minister Lawrence Wong announced in his Budget speech on Tuesday .Mr Wong said the move was to “keep pace with rising salaries” and would help middle-income Singaporeans save more for their retirement.
From September 2023, the CPF monthly salary ceiling will be raised by S$300 to S$6,300. It will go up to S$6,800 from January 2024, S$7,400 from January 2025 and S$8,000 from January 2026.Apart from the CPF monthly salary ceiling, there is also the CPF annual salary ceiling which sets the maximum amount of CPF contributions payable for all wages received in a year. It includes both ordinary wages and additional wages.
There will be no change to the CPF annual salary ceiling at this juncture, said the Ministry of Finance .
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