Sep 15, 2022 1 min read

Singapore – Social Security Rate Change

Article Navigation

The Finance Minister of Singapore, in his Budget 2022 speech on 18 February, announced that Central Provident Fund (CPF) contributions for individual aged 55 to 70 and who earn less than 750 Singapore dollars per month will increase effective from January 2023. The monthly CPF contribution will see an increase between 1 and 2 percent in employee and employer contributions.


The CPF contributions for employees earning monthly wages less than SGP 750 in 2023 will be as follows:


Employees AgeEmployee Contribution percentageEmployer Contribution percentageTotal Contribution percentage
55 and below201737
56 to 60 Years15 (+1)14.5 (+0.5)29.5 (+1.5)
61 to 65 Years9.5 (+1)11 (+1)20.5 (+2)
65 to 70 Years7 (+1)8.5 (+0.5)15.5 (+1.5)
Above 70 Years57.512.5

Please refer to CPF announcement for additional information.

Mercans Recommends

View PDF

Mercans Statutory Change Alert Singapore – Social Security Rate Change
Size

778.33 KB

Article Navigation

Most viewed posts

View all posts

Avasant Selects Mercans as a Leader in Payroll Business Process Tra...

The meticulous research methodology employed by Avasant included analyzing publicly available information like SEC filings, annual reports, and executive interviews, along with engaging in discussions and market interactions.

Dec 22, 2023 4 min read

Global BPO Leader Infosys Selects Mercans’ Payroll Tech to Power i...

This partnership brings together Mercans' disruptive payroll tech and Infosys' consulting and BPO capabilities to create the most tech advanced and operationally resilient global payroll offering.

Sep 26, 2023 3 min read

Mercans: A Leader in Global Managed Payroll – ISG Provider Lens™ 2023

Payroll solutions and services study meticulously assessed 36 vendors across three distinct quadrants, and Mercans proudly emerged as a frontrunner.

Nov 9, 2023 2 min read