Factors Considered in Reviewing CPF Annual Salary Ceiling

108 Mr Chua Kheng Wee Louis asked the Acting Minister for Manpower (a) whether the Government is reviewing the CPF annual salary ceiling; (b) if so, what is the outcome of the review; (c) if not, what factors are being considered before the annual salary ceiling is raised and whether the annual salary ceiling will be raised in tandem with the already-raised monthly salary ceiling; and (d) what is the timeline for doing so.

Ms Jasmin Lau: The Government reviews the Central Provident Fund (CPF) wage ceilings periodically. Our reviews consider factors such as the retirement needs of CPF members, resident wage growth as well as the impact of higher CPF contributions on employees and employers. This is to ensure that the broad majority of members have sufficient CPF savings for their housing, healthcare and retirement needs. Any updates may also have to be phased, in order to give employers and employees time to adjust.