In Singapore’s Budget 2023, Deputy Prime Minister and Minister for Finance Lawrence Wong announced the changes in CPF moving forward. He have highlighted 5 changes that will impact Singaporeans. In this article, I will give some insights on the changes and how it will impact your journey to retire confidently. Increase in monthly CPF salary ceiling to $8000 This is the most talked about among my peers as I guess this impacts them the most. There will be 4 years of adjustment (until 2026) to realised the full impact of this increase. The annual salary ceiling of $102K will not be changed for now. CPF Changes 2023 Budget Highlight Impacts CPF Monthly Salary Cap You will feel this impact if you are earning between $72,000 to $102,000 annually. There are 3 obvious impacts from this change. Firstly, our take home pay will be lower. Secondly, our total CPF contribution will be higher. Thirdly, our overall package will be higher....