INCREASE IN CPF CONTRIBUTION RATES FROM 1ST JANUARY 2023
Effective 1 January 2023, the CPF contribution rates for employees aged above 55 to 70 will be increased to strengthen their retirement adequacy. The changes will apply to wages earned from 1 January 2023. No change to the CPF contribution rates for other age groups. Contribution rates are for employees who are Singapore Citizens or Singapore Permanent Residents (3rd year and onwards) earning monthly wages > $750.
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