{"id":2048,"date":"2022-11-28T15:29:19","date_gmt":"2022-11-28T07:29:19","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=2048"},"modified":"2023-05-02T16:08:20","modified_gmt":"2023-05-02T08:08:20","slug":"increase-in-central-provident-fund-cpf-rates-for-those-55-to-70-years-old","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/increase-in-central-provident-fund-cpf-rates-for-those-55-to-70-years-old\/","title":{"rendered":"Increase in Central Provident Fund (CPF) rates for those 55 to 70 years old"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2048\" class=\"elementor elementor-2048\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14ea1614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14ea1614\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280712e8\" data-id=\"280712e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10583e9 custom-red-bullets elementor-widget elementor-widget-text-editor\" data-id=\"10583e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>From 1 January 2023, CPF contribution rates for employees between 55 and 70 years of age will be adjusted upwards. The increase in the contribution rates aims to strengthen the retirement adequacy of older workers and will apply to employees earning more than S$750 per month. There will be no change to the contribution rates for those below 55 and above 70 years of age.<\/p><p>The table below shows the new rates of contribution.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21e8b88 elementor-widget elementor-widget-image\" data-id=\"21e8b88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"840\" height=\"499\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2022\/11\/Table-CPF.png\" class=\"attachment-full size-full wp-image-2051\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2022\/11\/Table-CPF.png 840w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2022\/11\/Table-CPF-300x178.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2022\/11\/Table-CPF-768x456.png 768w\" sizes=\"(max-width: 840px) 100vw, 840px\" style=\"width:100%;height:59.4%;max-width:840px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0bceefc elementor-widget elementor-widget-text-editor\" data-id=\"0bceefc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The entire amount from the increase will be allocated to the employee\u2019s Special Account that attracts a higher interest rate than the Ordinary and Medisave Account.<\/p><p>Employers need to take into account the increase in calculating CPF contributions from January 2023. To prevent errors and ensure compliance, employers can <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/payroll-hr-services\/outsourced-hr-and-payroll-services\/\">outsource HR payroll services<\/a> to a <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/payroll-hr-services\/outsourced-hr-and-payroll-services\/\">payroll services provider<\/a>. The CPF Board will impose penalties for errors and omissions when calculating CPF contributions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ede61d elementor-widget elementor-widget-spacer\" data-id=\"2ede61d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a9ee7e3 elementor-widget elementor-widget-html\" data-id=\"7a9ee7e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"text-center tab-contact-btn\"> <a class=\"default-btn red\" href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/contact-us\/\">Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f983722 elementor-widget elementor-widget-spacer\" data-id=\"6f983722\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>From 1 January 2023, CPF contribution&#8230; <\/p>\n","protected":false},"author":10,"featured_media":2049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-updates-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=2048"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/2049"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=2048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=2048"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=2048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}