Per the recent update by the Central Provident Fund (CPF) Board, commencing 1st January 2023, there has been an increase in the CPF contribution rates.
*NOTE: This update will be applicable to the following categories:
i. Employees aged above 55 to 70.
ii. Employer and employee contributions.
iii. Wages earned from 1st January 2023.
iv. Singaporean citizens and Permanent Residents (more than 3 years).
For further information on this update, kindly click on the below link to be directed to the CPF Board official website:
CPFB | Increase in CPF Contribution Rates from 1 January 2023
*NOTE:
Pursuant to this update, all 2023 payroll cycles will reflect the new CPF contribution rates automatically.
The new CPF contribution rates will only apply for 2023 payroll cycles. For 2022 payroll cycles, the previous CPF contribution rates will apply.