Ben5266 Supercharged January 2, 2016 Share January 2, 2016 The CPF salary ceiling, the maximum amount of ordinary wages that employee and employer contributions are calculated on, was raised from $5,000 to $6,000. "Middle-income Singaporeans will be able to accumulate more CPF savings during their working years," Deputy Prime Minister Tharman Shanmugaratnam said when he announced the latest change during the Budget in February last year. At least 544,000 CPF members are expected to benefit. - See more at: http://news.asiaone.com/news/business/more-cpf-savings-new-rules#sthash.pajiY2Zl.dpuf ==== 1. There are 544,000 people earning $5000 or more here. Excluding sole proprietors, directors and private tutors. 2. Each person (and employer) will pay $370 more monthly. Gov will receive >$200mil cash monthly. Or gov really short of cash meh? 3. $370 more in the CPF account. About $200+ can be used for housing loan. Positive impact to the property price. 4. $200 less take home pay.... Retail business and COE.... down down down. 5. Boss will tell us... "You already got $170 increase in your CPF. No increment this year." Are we really richer? The ChengHu is for sure. ↡ Advertisement 15 Link to post Share on other sites More sharing options...
2BDriver Hypersonic January 2, 2016 Share January 2, 2016 The CPF salary ceiling, the maximum amount of ordinary wages that employee and employer contributions are calculated on, was raised from $5,000 to $6,000. "Middle-income Singaporeans will be able to accumulate more CPF savings during their working years," Deputy Prime Minister Tharman Shanmugaratnam said when he announced the latest change during the Budget in February last year. At least 544,000 CPF members are expected to benefit. - See more at: http://news.asiaone.com/news/business/more-cpf-savings-new-rules#sthash.pajiY2Zl.dpuf ==== 1. There are 544,000 people earning $5000 or more here. Excluding sole proprietors, directors and private tutors. 2. Each person (and employer) will pay $370 more monthly. Gov will receive >$200mil cash monthly. Or gov really short of cash meh? 3. $370 more in the CPF account. About $200+ can be used for housing loan. Positive impact to the property price. 4. $200 less take home pay.... Retail business and COE.... down down down. 5. Boss will tell us... "You already got $170 increase in your CPF. No increment this year." Are we really richer? The ChengHu is for sure. I am expecting more to come beside this 4 Link to post Share on other sites More sharing options...
Showster Twincharged January 2, 2016 Share January 2, 2016 (edited) What will you do with all that CPF? Up to 50 years old, the amount going into OA is around 20% (if you have not reached the Medisave Cap) and around 30% (if you have already reached the Medisave cap). For a couple both earning 6K or above, the combined amount for OA monthly is between $2400 to $3600 (in 2016), from $2000 to $3000 (in 2015). Edited January 2, 2016 by Seohster 1 Link to post Share on other sites More sharing options...
lausai88 Hypersonic January 2, 2016 Share January 2, 2016 1. There are 544,000 people earning $5000 or more here. Excluding sole proprietors, directors and private tutors. I want to after seeing this statement. excluding others, there are 544K people earn more than me 9 Link to post Share on other sites More sharing options...
Latio2005A Turbocharged January 2, 2016 Share January 2, 2016 I want to after seeing this statement. excluding others, there are 544K people earn more than me No wonder your nick is lausai. 7 Link to post Share on other sites More sharing options...
2BDriver Hypersonic January 2, 2016 Share January 2, 2016 No wonder your nick is lausai. His boss never give increment because he visiting toilet too often 3 Link to post Share on other sites More sharing options...
lausai88 Hypersonic January 2, 2016 Share January 2, 2016 His boss never give increment because he visiting toilet too often got lah, my increment is 2 additional toilet rolls/month 4 Link to post Share on other sites More sharing options...
2BDriver Hypersonic January 2, 2016 Share January 2, 2016 got lah, my increment is 2 additional toilet rolls/month Boss will give you addition 1 packet and 2 Poh Chai Pills for special compassionate increment exclude CPF contribution 6 Link to post Share on other sites More sharing options...
Kb27 Supersonic January 2, 2016 Share January 2, 2016 cpf running low on funds. constantly need more and more from you. lucky I'm 55, nothing more to contribute. 2 Link to post Share on other sites More sharing options...
Showster Twincharged January 2, 2016 Share January 2, 2016 The CPF salary ceiling, the maximum amount of ordinary wages that employee and employer contributions are calculated on, was raised from $5,000 to $6,000. "Middle-income Singaporeans will be able to accumulate more CPF savings during their working years," Deputy Prime Minister Tharman Shanmugaratnam said when he announced the latest change during the Budget in February last year. At least 544,000 CPF members are expected to benefit. - See more at: http://news.asiaone.com/news/business/more-cpf-savings-new-rules#sthash.pajiY2Zl.dpuf ==== 1. There are 544,000 people earning $5000 or more here. Excluding sole proprietors, directors and private tutors. 2. Each person (and employer) will pay $370 more monthly. Gov will receive >$200mil cash monthly. Or gov really short of cash meh? 3. $370 more in the CPF account. About $200+ can be used for housing loan. Positive impact to the property price. 4. $200 less take home pay.... Retail business and COE.... down down down. 5. Boss will tell us... "You already got $170 increase in your CPF. No increment this year." Are we really richer? The ChengHu is for sure. Not forgetting the annual CPF ceiling of 17 months go up from 85K to 102K. If you have huge bonuses, more of it will go into CPF as well. 2 Link to post Share on other sites More sharing options...
Porker Turbocharged January 2, 2016 Share January 2, 2016 "Indirect tax" raised. We pay an extra $200 with the 1k increase. 1 Link to post Share on other sites More sharing options...
Kusje Supersonic January 2, 2016 Share January 2, 2016 "Indirect tax" raised. We pay an extra $200 with the 1k increase. Those making more than 6k will take home 200 dollars less but get 170 dollars more for their gross salary. Summary: Take home: -200 SGD Gross Salary: + 170 SGD (Employer: -170SGD) CPF: +370 SGD 3 Link to post Share on other sites More sharing options...
Porche 5th Gear January 2, 2016 Share January 2, 2016 What u think, they got a pig to sell the NOL. Need more cash to cover the losses clown's wife make 3 Link to post Share on other sites More sharing options...
Icedbs Turbocharged January 2, 2016 Share January 2, 2016 This will definitely affect increment decisions for MNCs and banks where quite a fair bit of their employees could be at the 6k salary and above. 3 Link to post Share on other sites More sharing options...
tenyawph Turbocharged January 3, 2016 Share January 3, 2016 Once I reach 55 years old, should I withdraw the money (less the minimum sum) from CPF account, or to keep it in there to attract higher interest? If I decide to keep it in there, can I still collect it later, say at 60 years old, or collect less (because the minimum sum keep increasing every year?) 2 Link to post Share on other sites More sharing options...
Wt_know Supersonic January 3, 2016 Share January 3, 2016 (edited) more $$ in cpf = higher bto/hdb price = higher private property price govt and agent say sibei affordable $1M property with 35 years loan is sup sup water Edited January 3, 2016 by Wt_know 4 Link to post Share on other sites More sharing options...
Showster Twincharged January 3, 2016 Share January 3, 2016 The last time it was raised was in 2011, from 4500 to 5000. The next raise, if income continues to grow, can be expected within 7-10 years time latest. If we feel the CPF contribution is not enough for retirement, we can also put in additional contributions. CPF was the winner in growth via interest gains versus stocks and bonds and most other investments in 2015. Whether one loves CPF for its interests or use for housing purposes, one will not be shortchanged. more $$ in cpf = higher bto/hdb price = higher private property price govt and agent say sibei affordable $1M property with 35 years loan is sup sup water 2 Link to post Share on other sites More sharing options...
Kr_toy 1st Gear January 3, 2016 Share January 3, 2016 I am expecting more to come beside this Of course, where do you think govt come up with money to cover new Medishield Life ? ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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