Singapore Legislation Updates | July 2023
1. Senior Workers CPF Contribution Rates Effective 1 Jan 2024
Increase in CPF Contribution Rates from 1 January 2024
CPF contribution rates for senior workers were raised in 2022 and 2023. Following the Singapore Budget for 2023, the government plans to increase contribution rates for employees aged above 55 to 70 further to strengthen their retirement adequacy. The changes will apply to wages earned from 1 January 2024:
Note: Figures in brackets () denote increase in rates
To read more on CPF rates effective from Jan 1st 2024, view the CPFB webpage here – CPFB | CPF Contribution Changes from 1 September 2023 and 1 January 2024
2. Increased Unpaid Infant Care Leave
Singapore government will increase unpaid infant care leave for each parent in the child’s first two years, from six days a year to 12 days.
This will apply from 1 January 2024 to working parents of eligible Singaporean children aged two and below, who have worked with the company for at least three continuous months.
To get more information on this topic, click here to view the .gov webpage Unpaid infant care leave (mom.gov.sg)