Why the new CPF income ceiling will benefit more workers

The change will not affect workers who earn less than $6,000 as their amount of contribution depends on their actual salaries. PHOTO: ST FILE
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There were a lot of instant giveaways in Budget 2023, but a measure concerning Central Provident Fund (CPF) contributions that will have far-reaching benefits may not be obvious to many workers.

The changes are well-timed as CPF is likely in the minds of many people now, since February is usually when we might notice a bump in our CPF accounts from an extra dollop of contributions.

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