1. CPF
Effective 1 Sept 2023, the monthly salary ceiling will increase to $6,300. On 1 Jan 2024, it will rise further to $6,800. By 1 Jan 2025, the ceiling will hit $7,400, and by 1 Jan 2026, it will reach $8,000.
CPF Monthly Salary CPF Annual Salary
Ceiling : Ceiling:
Current $6,000 $102,000
From Sept 1, 2023 $6,300 (+$300) $102,000
From Jan 1, 2024 $6,800 (+$500) $102,000
From Jan 1, 2025 $7,400 (+$600) $102,000
From Jan 1, 2026. $8,000 (+$600) $102,000
2. Paternity Leave
Working fathers of Singaporean children born on or after 1 Jan 2024, can take four weeks of government paid paternity leave, up from the current two weeks, depending on their employers. The extra two weeks will be given on a voluntary basis for a start. Employers who are ready to grant the additional leave will be reimbursed by the Government.
3. Singapore’s new COMPASS scoring system for EP applications & renewals
MOM will be raising the qualifying salary for Employment Pass (EP) renewals and introducing a points-based Complementarity Assessment Framework (COMPASS) for EP applications. The new system will apply to new applications from 1 September 2023, and one year after for pass renewals on 1 September 2024.
How the points are distributed in each criteria:
# Skills bonus is reduced to + 10 if the share of candidate’s nationality among the firm’s PMETs is one third or higher.
* Small firms with fewer than 25 PMET employees score 10 points on C3 and C4 by default.
PMETs are proxied by employees earning at least $3,000 per month.
