Changes in CPF monthly salary ceiling from 1 September 2023
27 September 2023
From 1 September 2023, the Central Provident Fund (“CPF”) monthly salary ceiling has been raised from S$6,000 to S$6,300 pursuant to the Central Provident Fund Act 1953 (Amendment of First Schedule) Notification 2023 which amends the relevant provisions in the First Schedule to the Central Provident Fund Act 1953.
The CPF monthly salary ceiling limits the amount of salary that attracts CPF contributions in a calendar month for all employees. To keep pace with rising salaries, the Singapore Government is raising the CPF monthly salary ceiling from S$6,000 to S$8,000 by 2026. The increase will take place in four phases, as set out in the table below, to allow employers and employees to adjust to the changes. There will be no change to the CPF annual salary ceiling of S$102,000. These changes were first announced in the 2023 Budget Statement.
|
|
CPF monthly salary ceiling |
CPF annual salary ceiling |
|
From 1 January 2016 to |
S$6,000 |
S$102,000 |
|
From 1 September 2023 |
S$6,300 (+S$300) |
|
|
From 1 January 2024 |
S$6,800 (+S$500) |
|
|
From 1 January 2025 |
S$7,400 (+S$600) |
|
|
From 1 January 2026 |
S$8,000 (+S$600) |
(Source: CPF Board website)
Reference materials
The Central Provident Fund Act 1953 (Amendment of First Schedule) Notification 2023 is available from Singapore Statutes Online sso.agc.gov.sg.
The CPF Board has updated its relevant webpage with further information, including CPF contribution rate tables.