Starting from 1 January 2024 , CPF contribution rates will be raised for a specific category of employees.
*NOTE: This update will be applicable to the following category:
i. Employees aged above 55 to 70 (wages earned from 1 January 2024)
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 2024
*NOTE:
Pursuant to this update, all 2024 payroll cycles will reflect the new CPF contribution rates automatically
The new CPF contribution rates will only apply for 2024 payroll cycles. For 2023 payroll cycles, the previous CPF contributions rates will apply.