Debated in Parliament on 22 Feb 2023.
Mr Leong Mun Wai asked the Minister for Manpower whether the Ministry will consider increasing the CPF Ordinary Wage (OW) ceiling of $6,000, given that the ceiling was last raised seven years ago, and for the OW ceiling to be pegged to the 80th percentile of income, in keeping with the spirit of the recommendations of the Economic Review Committee on the CPF system in 2002.
As announced at Budget 2023, the Government will raise the CPF Ordinary Wage ceiling to $8,000 by 2026 to keep up with increases in salaries of Singaporean workers. This will be done in four phases to allow employers and employees to adjust to the changes.
The CPF salary ceilings will be reviewed and adjustments will be made as necessary to ensure that they continue to cover the broad majority of resident workers.
PAPERCUTS