Why the new CPF income ceiling will benefit more workers

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.