Deputy Prime Minister and Minister of Finance, Tharman Shanmugaratnam announced that the CPF salary ceiling will raise from $5,000 to $6,000. The change will take effect on 1 January 2016. In line with the increment of CPF salary ceiling, the government also will raise the CPFcontribution rates for older workers.
Source: Central Provident Fund Board’s website, 23 February 2015
leapsUP Payroll system eliminates the most tedious and error-prone areas of payroll processing. The system will take care of statutory and CPF changes. Auto-calculation on staff claims, benefits, allowances and deductions will enable to reduce time-consuming of Payroll processing. Simple clicks needed to generate itemised payslips. Furthermore, employee self-service functions will empower your staff to view their monthly payslip, YTD earning report and IR8A form.