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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...
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...