Singapore – Social Security Rate Change
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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 Age | Employee Contribution percentage | Employer Contribution percentage | Total Contribution percentage |
|---|---|---|---|
| 55 and below | 20 | 17 | 37 |
| 56 to 60 Years | 15 (+1) | 14.5 (+0.5) | 29.5 (+1.5) |
| 61 to 65 Years | 9.5 (+1) | 11 (+1) | 20.5 (+2) |
| 65 to 70 Years | 7 (+1) | 8.5 (+0.5) | 15.5 (+1.5) |
| Above 70 Years | 5 | 7.5 | 12.5 |
Please refer to CPF announcement for additional information.
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Mercans Statutory Change Alert Singapore – Social Security Rate Change
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