Increase in CPF Ordinary Wage ceiling for 1 January 2024
(a) The CPF Ordinary Wage (OW) ceiling limits the amount of OW that attract CPF contributions in a calendar month for all employees. The increase will take place in 4 steps to allow employers and employees to adjust to the changes.
|CPF OW ceiling||CPF annual salary ceiling|
|From 1 Jan 2016 to 31 Aug 2023||S$6,000||S$102,000|
|From 1 Sep to 31 Dec 2023||S$6,300 (+$300)|
|From 1 Jan to 31 Dec 2024||S$6,800 (+$500)|
|From 1 Jan to 31 Dec 2025||S$7,400 (+$600)|
|From 1 Jan 2026||S$8,000 (+$600)|
(b) There will be no change to the CPF annual salary ceiling of S$102,000, which sets the maximum amount of CPF contributions payable for all salaries received in the year, inclusive of both Ordinary Wages and Additional Wages.
(c) There will be no changes to the Additional Wage ceiling and CPF Annual Limit, where they will remain at [S$102,000 – Total Ordinary Wage subject to CPF for the year] and S$37,740 respectively.
Increase in CPF Contribution Rates from 1 January 2024
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 2024.
For more information, please refer to: https://www.cpf.gov.sg/employer/infohub/news/cpf-related-announcements/new-contribution-rates