Legislative Update for PeopleSoft HCM Global Payroll for Singapore - CPF rates

The CPF board has publised revised CPF rates and OW ceiling tables effective from 1^st January 2024. 

1. Increase of employer and employee contribution rates of workers aged 55 to 70 effective 1^st January 2024.

2. Increase of the CPF monthly ordinary wage ceiling from $6,300 to $6,800 starting from 1^st January 2024.

Our new Position Statement is now updated with the details of the CPF Changes. We encourage our customers to review the latest statement to keep up to date. The updated Position Statement can be found on My Oracle Support, Doc ID 2931213.1