Earlier this week, on 14th February, Deputy Prime Minister and Minister for Finance Mr Lawrence Wong delivered Singapore’s FY2023 Budget Statement – covering the Government’s strategy for the post-pandemic world and addressing concerns for businesses, workers, and households. With the theme “Moving Forward in a New Era”, Wong announced that the Government has plans to spend around S$104.2 billion in the coming year, focused on growing the economy while targeting immediate cost-of-living pressures. Here are Syfe’s top picks from the Budget 2023, and what investors should look out for:

1. CPF monthly salary ceiling to be raised

The Central Provident Fund (CPF) monthly salary ceiling will be raised to $8,000 by 2026, up from the current $6,000 ceiling cap that can be used to drawn CPF contributions. This change will be implemented progressively in four steps, so that employers and employees can adjust more comfortably. The last change to the monthly salary ceiling took place in 2016, where it was...