SINGAPORE — For some Singaporeans, their take-home pay might look slightly different this month. During Budget 2023, Deputy Prime Minister and Finance Minister Lawrence Wong announced that the monthly salary ceiling for the Central Provident Fund (CPF) will be raised in stages from S$6,000 to S$8,000 by 2026.
Starting this Friday , if your monthly pay exceeds S$6,000, you will receive more in CPF contributions because of the increased limit.
Citing the median gross monthly income from work of full-time employed residents, he pointed to how it has risen from S$4,680 in 2021 to S$5,070 in 2022. Associate Professor Walter Theseira of Singapore University of Social Sciences echoed Mr Gee's sentiments, adding: “There is a need to have a more regular process of adjusting the salary ceilings to allow workers to increase their retirement savings in line with increases in retirement costs.
“It is important for all CPF members to understand the fundamental purpose of CPF, which is to set aside sufficient savings to cover their basic needs in retirement,” he added. These concerns are “valid”, said Mr Reginald Koh, the founder of financial literacy podcast The Financial Coconut.
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