The DollarsAndSense Podcast
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The DollarsAndSense Podcast
Singapore Budget 2023: What Businesses Need To Know
CPF contributions was a prominent part of Budget 2023. The CPF Annual Salary Ceiling will be raised from $6,000 to $8,000 by 2026. CPF contributions will also increase for senior workers above 54 to 70, while Platform Workers will start receiving CPF contributions from the tail-end of 2024.
Employers will also have to focus on employee productivity. DPM Lawrence Wong mentioned that guidelines will be put in place for flexible work arrangements. Working fathers can now enjoy up to 4 weeks of Paternity Leave (with the additional 2 weeks on a voluntary basis for now).
At the same time, schemes will also be rolled out to enable SMEs to invest in increasing employee productivity, building new capacities and expanding.