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.
To view more on this topic, click the link to view the official ministry of man power webpage – Paternity leave (mom.gov.sg)
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.
Click here to view a more comprehensive breakdown of the new COMPASS scoring system on Human Resources Online – A comprehensive guide to Singapore’s new COMPASS scoring system for EP applications & renewals | Human Resources Online
