The Budget 2024 outlines Singapore’s revenue and expenditure for the upcoming fiscal year, setting forth the Government’s financial priorities and policy directions.
Effective January 1, 2025, The CPF contribution rate changes for employees of the age group 55 to 65 increases by 1.5% points. The CPF monthly salary ceiling on Ordinary Wages will be increased to $7,400.
These CPF changes are the ones that have an impact on payroll. Apart from the CPF, the relevant income tax highlights of the Budget 2024 also have been updated in our latest position statement.
The updated Position Statement can be found on My Oracle Support, Doc ID 2973834.1