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Higher CPF monthly salary ceilings, higher CPF contribution rates for senior workers, and higher retirement payouts. If you watched or read about Budget 2023, you might be wondering if all these increases spell good or bad news for you. Understanding how these increases affect you starts with figuring out how CPF works in the first place. We're not going to...
Can you really say that you know where your money goes every month? If you don’t understand what’s happening to that precious chunk of your salary that goes into your CPF accounts through CPF contributions, never to be seen again, then the answer is no. But not to worry, understanding how CPF works is tedious, but it isn’t rocket science....
12.5 per cent Note on CPF contributions for 55 & above: Over the next 10 years, CPF contributions for older workers will be gradually adjusted upwards to meet the full contribution rate of 37per cent (employee + employer). The CPF contribution rates will only drop after age 60. By the way, if you’re self-employed, none of the above applies to you. Any CPF contributions are voluntary EXCEPT Medisave contributions, which you’ll be prompted to pay after filing your taxes each year. Example Let’s say you are a 30-year-old earning a monthly salary of $5,000. Every month, your employee’s co...
7 minute read Employers in Singapore are typically quite well-versed with the CPF scheme. Besides usually being a CPF member themselves, business owners and those who do payroll also have to contribute to CPF for their employees on a monthly basis when they pay salary. While many are fairly familiar with the CPF scheme, there may also be lesser-known requirements we are not fully aware of. In this article, we detail 10 types of payments to employees (apart from their monthly salary) that businesses need to contribute CPF on as well. We also list some salary payments types that businesses donâ...