Starting from September 1st, 2023, the Central Provident Fund (CPF) Board has raised the CPF Ordinary Wage ceiling. This article provides you with all the essential information you need to know about this update, including how it affects your BrioHR payroll cycles and the updated CPF Ordinary Wage and annual salary ceilings from 2023 to 2026.
What's Changing?
The CPF Ordinary Wage ceiling is increasing, which impacts the amount of CPF contributions you or your employees need to make. This change is effective as of September 1st, 2023.
How it Affects BrioHR Payroll?
You don't need to worry about making any manual adjustments in your BrioHR account, as BrioHR will automatically incorporate the new CPF Ordinary Wage ceiling during your payroll run. This means you can continue to run payroll as usual without the need for any additional setup or configuration.
Updated CPF Ordinary Wage and Annual Salary Ceilings:
Here is a summary of the CPF Ordinary Wage (OW) and annual salary ceilings from 2023 to 2026:
Please note that the specific ceiling amounts may vary, and you should refer to the CPF Board's official website for the most up-to-date information.
Additional Resources:
For more detailed information regarding this update, including any changes in CPF contribution rates or guidelines, please visit the CPF Board's official website. Click on the link below to be directed to the relevant page:
Increase in CPF Ordinary Wage ceiling for 1 September 2023
If you have any further questions or require assistance, don't hesitate to reach out to our support team via Live Chat or email to support@briohr.com. We're here to help you navigate these changes and ensure a smooth payroll process.