Legislative Update for PeopleSoft HCM Global Payroll Singapore - changes to CPF during the 2023 Budget session

The Ministry of Finance has made the following changes to CPF during the 2023 Budget session. 

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

2. Gradual increase of the CPF monthly ordinary wage ceiling from $6,000 to $8,000 starting from 1^st September 2023 until 1^st January 2026

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