Release Date: 28th August 2023 (Monday)
These features and enhancement updates have been tested and made available on the following product plan:
|Features Updates||Financio Payroll Essentials||Financio Payroll Premier|
|Compliance Update: CPF Contribution Changes||Yes||Yes|
1. Compliance Update: CPF Contribution Changes
In line with the Singapore Budget 2023 announcements made in February 2023, a progressive increase in the Central Provident Fund (CPF) monthly salary ceiling is scheduled, reaching $8,000 by 2026. Starting from 1st September 2023, the CPF monthly salary ceiling (Ordinary Wage) will be raised by $300 to $6,300. It's important to note that the CPF annual salary ceiling of $102,000 remains unchanged. This annual ceiling dictates the maximum CPF contributions applicable to all received salaries throughout the year, covering both Ordinary Wages and Additional Wages.
Please refer to the table below for a detailed CPF OW and annual salary ceilings between 2023 and 2026.
Financio Payroll v1.4 has been updated to include the first set of changes, effective from 1st September 2023. Click here for more details.