Started from 1 September 2023, if you are earning more than $6,300 a month, your take-home pay will become lower as a result of the increases in the CPF monthly salary ceiling.
Example, if you born in 1980 and your salary is $8,000 a month, your CPF contribution before ceiling changes is
|
Employee Contribution: = 20% x $6,000 = $1,200 |
Employer Contribution: = 17% x $6,000 = $1,020 |
After increase the ceiling, your CPF contribution will be:
|
Employee Contribution: = 20% x $6,300 = $1,260 |
Employer Contribution: = 17% x $6,300 = $1,071 |
The changes will also impact the total AW ceiling subject to CPF for year 2023 to become:
= $102,000 – (($6,000 x 8) + ($6300 x 4))
=$28,800
Comments
0 comments
Please sign in to leave a comment.