Exciting updates are on the way for Singapore’s Central Provident Fund (CPF) starting January 1, 2025!

1. Ordinary Wage Ceiling Increase: The CPF Ordinary Wage (OW) ceiling will gradually rise to $8,000 by 2026, providing greater support for employees’ contributions while maintaining the annual salary ceiling at $102,000.
2. Enhanced Contribution Rates: Contribution rates for employees aged 55 to 65 will also see increases, boosting retirement savings. Notably, the total contribution rate for those aged 55 and below will rise to 37%, while contributions for those aged 60 to 65 will increase to 23.5%.

These changes aim to strengthen retirement adequacy and support the workforce. For full details on the new rates, visit the CPF Board’s announcement here:
https://www.cpf.gov.sg/employer/infohub/news/cpf-related-announcements/new-contribution-rates

CPF contribution calculators:
https://www.cpf.gov.sg/employer/tools-and-services/calculators

Navigating the upcoming CPF contribution rate changes and ordinary wage ceiling adjustments in Singapore requires diligence and proactive management. As these regulations evolve, ensuring compliance is crucial to avoid penalties and maintain smooth business operations.

At Link Compliance, we are dedicated to guiding you through these changes. Our HR services are tailored to help businesses stay compliant with the latest updates, offering expert advice and customized solutions. We collaborate closely with you to ensure that your organization meets all legal requirements, allowing you to focus on what truly matters—growing your business.

Let us manage the complexities of compliance, so you can concentrate on achieving your goals. Connect with us at Link Compliance to discover how our services can benefit your organization.

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More information, www.linkcompliance.com
Email: info@linkcompliance.com 

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