{"id":2266,"date":"2023-05-02T17:57:57","date_gmt":"2023-05-02T09:57:57","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=2266"},"modified":"2023-05-03T15:43:13","modified_gmt":"2023-05-03T07:43:13","slug":"increase-to-cpf-ordinary-wage-ceiling","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/increase-to-cpf-ordinary-wage-ceiling\/","title":{"rendered":"Increase to CPF Ordinary Wage Ceiling"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2266\" class=\"elementor elementor-2266\">\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 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>Starting from 1 September 2023, the Central Provident Fund (CPF) Ordinary Wage (OW) ceiling will increase from the current S$6,000 per month to S$6,300 per month. The increase in OW ceiling be staggered over 3 years and eventually rise to S$8,000 per month from 1 January 2026. The increase is to keep pace with rising wages and ensure adequate retirement funds for Singaporeans and Singapore residents.<\/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-996b77a elementor-widget elementor-widget-text-editor\" data-id=\"996b77a\" 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 quantum and dates of increase are shown in the table below.<\/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-a170b19 elementor-widget elementor-widget-image\" data-id=\"a170b19\" 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=\"841\" height=\"337\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-1.png\" class=\"attachment-full size-full wp-image-2270\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-1.png 841w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-1-300x120.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-1-768x308.png 768w\" sizes=\"(max-width: 841px) 100vw, 841px\" style=\"width:100%;height:40.07%;max-width:841px\" \/>\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-44bd12e elementor-widget elementor-widget-text-editor\" data-id=\"44bd12e\" 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>For employees earning more than S$6,000 per month, employers should calculate their CPF contributions based on the new OW ceiling after 1 September 2023. As there will be no change to the CPF Annual Wage ceiling (S$102,000 per annum), the new OW ceiling may affect how the Additional Wages (AW) ceiling is calculated for 2023.<\/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-a570534 elementor-widget elementor-widget-text-editor\" data-id=\"a570534\" 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>For example, for an employee earning S$6,500 per month, the OW and AW calculations would look like the following:<\/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-15e83e5 elementor-widget elementor-widget-image\" data-id=\"15e83e5\" 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 decoding=\"async\" width=\"841\" height=\"223\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-2.png\" class=\"attachment-full size-full wp-image-2271\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-2.png 841w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-2-300x80.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/05\/CPF-Article_table-2-768x204.png 768w\" sizes=\"(max-width: 841px) 100vw, 841px\" style=\"width:100%;height:26.52%;max-width:841px\" \/>\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-2e39a25 elementor-widget elementor-widget-text-editor\" data-id=\"2e39a25\" 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>Some employers may have contributed to AW based on a higher AW Ceiling before the increase in OW. Employers who have overpaid the CPF contributions may apply for a refund for each affected employee.<\/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-d8166e5 elementor-widget elementor-widget-text-editor\" data-id=\"d8166e5\" 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>To ensure your company complies with the current <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/changes-to-central-provident-fund-cpf-contribution-rates-and-auto-inclusion-scheme-ais\/\">CPF contribution rates<\/a>, you may <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/payroll-hr-services\/outsourced-hr-and-payroll-services\/\">outsource hr payroll services<\/a> to a payroll services provider.<\/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-f9ec9dd elementor-widget elementor-widget-html\" data-id=\"f9ec9dd\" 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-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\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>Starting from 1 September 2023&#8230;<\/p>\n","protected":false},"author":10,"featured_media":2268,"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-2266","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\/2266","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=2266"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/2268"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=2266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=2266"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=2266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}