Ask the Finance Minister: Why raise the CPF salary ceiling now? | Part 1 of 3

In the first part of Ask the Finance Minister, Mr Lawrence Wong responded to questions raised by Singaporeans on Budget 2023, including help for lower-income families, as well as the timing of raising the CPF monthly salary ceiling. cna.asia/3XD1NvB
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[@yuanmingwee8033]

The GST vouchers is meant to cover the 1% increase, not the 8%.

[@ikiga4385]

As an employer with 100 staff - raising the CPF ceiling from $6,000 to $8000 means i have to increase CPF contribution by $340 per staff ($8,000 x 17%) - ($6,000 x 17%) x 100 staff = $34,000 x 13 months means additional $442,000 per year. And more wants to "work from home" walking the dog at the beach for hours, going for hair colour dye and perm, gym, supermarket run, movie, wash car, sleeping longer and what else during office hours citing work life balance.

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE

[@yusufbest4475]

Employer also must learn to have good hearts. You should be happy if your employees are happy and productive. Work from home means save on office space and electricity. The rich must not always think of how to lord over and exploit the poor. The funny thing is that most employers like to "invest" and spend money on everything except their employees welfare. This is shameful and show lack of humanity.

[@petrushka2]

Do you pay all 100 of your employees more than $8000 per month? If you do, your calculation is correct. Otherwise, don't mislead others into believing your misinformation.

[@petrushka2]

@Betray Singaporeans Employers do not pay CECA employees CPF. Unless their PR application is approved, which i doubt.

[@vincecarlo]

@@yusufbest4475 So says 9 mth OLD EMPTY FAKE ACCOUNT

[@kpnglt]

I find it interesting how they keep talking about increasing cpf salary ceiling due to inflation. In that case, what about the stagnant cpf interest rate that they happen to “not have thought about” with the rising interest rates from the US central bank? GST know how to increase, cost of living all increase, CPF contribution rate know how to increase, but there is no change in the CPF interest rate, this one just keep quiet??

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE

[@ebcho1]

Thanks for the reminder. Yes something to consider before applying for that PR.

[@iuhaijyohc]

Hmm but for the past 14 years since the financial crisis the banks Saving interest and FD are mostly way less than 1%,US interest also near 0. Why didn’t you come out and say CPF is pay too much at 2.6% for OA and 4% for SA for the past decade and keep quiet 😂. It’s always easy say the popular idea

[@frankchong5585]

And what will employer think? It will become too expensive to hire and they will hire less. Who get impacted? Local Sporean/PR. Why govt want to steer a country like company only focus on profits?

[@petrushka2]

Any company who pays their staff >$6,000 per month are unable to relocate their function overseas to a cheaper place. Not all of them anyway. Otherwise they would have been relocated when it reaches $4000 per month. In any case, the job market today is too hot and we don’t have sufficient talent to fill the role anyway.

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE

[@tryolegend]

High salary = answer for cost of living doesn’t matter if less employment More outreach programs, salary subsidies, training programs = more employment doesn’t matter if companies employ or not. They just need show they do something More business expense = more income for government balance budget. Doesn’t matter if end result is everyone paying more

[@maxlim3673]

How about also increase the individual income taxable bracket for personal income tax? Salary went up due to inflation but income taxable bracket still remain the same.

[@rachaelyeo9273]

Government gives subsidies to offset the childcare fee with the term that the child need to attend school at least 1 day a month. The attendance day should be increased to at least 10 days of attendance in a month. This is to close the learning gap of the children. There are parents out there only send their kids to school just 1 day in order to get the subsidies from the government.

[@ttkoh123]

127 Types of Good Paying Jobs were Traded in the CECA.

[@louisloh1333]

Why not change percentage contribution instead? Median income of about 5k which means the change in cpf income ceiling does not hit at least 50% of working population.

[@exoticredtadpole2713]

The worry might be if you increase the percentage for everyone it might take away money from the people who need to spend on needs right now.

[@user-oh8fc9sl2d]

Mr. Minister respected Lee was referring how u was brought to PAP 4G leader, so u know how me & Mr. President have good rapport , thanks.

[@NinJa-qr1sp]

With inflation, shouldnt the income tax brackets be adjusted too.

[@tryolegend]

Inflation = increase of money in the system. Who can make more money? Enuff said.

[@yenthimuthu7245]

Sir We Have To Learn To Help Ourself.

[@93hothead]

This is the worst round table talk

[@vincecarlo]

Typical PROPAGANDA 🐃💩

[@noproblematallmate]

The lousy thing about such discussion being on TV is "sorry we are running out of time".

[@vincecarlo]

Thanks for Increasing GST Now Everything has gone UP By 10-20%; some even As High As 30% Good Job In CAUSING INFLATION

[@petrushka2]

This is pure lies. Not every increase is due to GST increase. General inflation is 7% (specific sectors as high as 30%) even before GST increase this year. Inflation was there before GST was increased. Who are you working for?

[@vincecarlo]

@@petrushka2 Grow A 🧠 L-A-C-K-E-Y L-A-P 🐶 COE Record Levels. Who Controls THE quota ? HDB Record Highs. Who is THE Biggest Landlord ? Petrol Record High. Who Increased petrol tax IMMEDIATELY after GE 2015 n 2020 ? Who Increased GST ? When U Found the Answer; then You Will Know WHO has CAUSED The INFLATION n HARDSHIP

[@EZJRVCXY]

@@petrushka2 he isn't lying. Many merchants are using the excuse of "GST increase" to mark prices up.

[@kelvinkelvin1335]

Shamir Rahim question at 15:25 sums it all , good job 👍

[@deschan2246]

The best help from him is GST 9% HIKE !!!! Incompetent!!!

[@chiaoengchia7507]

What can we expect from someone trained as an engineer is now doing the work of an economist?

[@vincecarlo]

@@chiaoengchia7507 LKY Got the BEST to work With him His Son Got a Bunch of MUPPETS In the WRONG Jobs Min of Health; Electrical Engineer n Econs/Biz Major, BOTH With ZERO MEDICAL TRAINING

[@LonganLee]

Singapore construction business operators are not even willing to hire mainly malaysians and china workers that they resort to the cheapest . So, it's clearly not worker shortage but sg businessmen cannot survive without cheap or they are maximizing profits using the cheapest despite being in a rich country

[@deschan2246]

How does incompetent help people? Tax people heavily and Return peanuts !!! Pretty low tactics!!!

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[@robhochsteindickey1269]

Same here, I earn $13,000 a week. GOD bless Charles, he has been a blessing to my family.

[@ttkoh123]

$5,000 EP Pass and before you know it, they and family become Singaporeans escaping from EP Pass criterion.

[@ttkoh123]

Simi Sai? Another Friday PAP brain rationalization programme & Excuses? Another choreographed Q&A Session?

[@tonykwok9763]

👍👍👍👍👍

[@vincecarlo]

4G are EXPERTS in POSTURING n PROPAGANDA 🐃💩

[@expatriatecarrental-rentca479]

CPF monthly salary ceiling to be raised, What does this mean? It meant to help middle-income earners reach their retirement goals faster with higher employee and employer contributions, it also means that they will see less disposable income progressively over the transitional period of four years, up till changes are completed in 2026. Investors may need to review their budget allocations more frequently for expenses, savings and investments to adjust to changes. Tax increase for luxury property, What does this mean? The local real estate sector may see a slow down in demand and sales, as consumers reconsider snapping up property in the immediate future with the hike in stamp duty. For investors who have plans to purchase higher value property and luxury cars will need to budget more in their financial planning in order to effectively absorb this tax increase.

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE

[@Asher89leo]

I do not get it. Why aren't people angry with this. They are increasing your taxes.

[@NinJa-qr1sp]

CPF is not a tax. The maximum drop in take home pay is $400 and applies only to those earning 8k or more a month. Most importantly, it's still their money and this doesn't even include the additional employer contribution. And for those earning this level of income they are likely to have no problems hitting the FRS which means they will have a lot more available to draw out after the "locked up" funds at 55.

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE

[@petrushka2]

Spend less and you will pay less GST. Don't spread misinformation.

[@petrushka2]

@@vincecarlo If you salary is up to $8000 per month, you shouldn't complain.

[@vincecarlo]

@@petrushka2 So No To eat ? STUPIDITY Sure is INFINITE

[@eddymohd5282]

Greetings DP Minister Lawrence Wong as well as others too. Dated 18th February 2023. Day: Saturday. Time: 0602hrs.. 🇸🇬🇸🇬

[@audreyang]

$1800 salary what really can you do with it.

[@LonganLee]

We wonder which party Steve Chia votes. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🙈🙉🙊

[@amirulalias2104]

Liang popo?

[@kenifxyz]

CPF salary ceiling discussion - 15:40

[@vincecarlo]

Hah, HELP ? COE Record Levels. Who Controls THE quota ? HDB Record Highs. Who is THE Biggest Landlord ? Petrol Record High. Who Increased petrol tax IMMEDIATELY after GE 2015 n 2020 ? Who Increased GST ? When U Found the Answer; then You Will Know WHO has CAUSED The INFLATION n HARDSHIP

[@ttkoh123]

Do you think the average Singaporeans are pretty much pathetic? Like wearing a tuxedo but the pockets are empty and staying in hardly affordable rented public HDB's apartment aka a house NOT his own?. All the years of would be retirement savings end up reverting to zero and gone to others like the 10 years COE, HDBs etc? So, What values of life am I looking for in 2025?

[@tonykwok9763]

👍👍👍👍👍

[@kengleetan63]

80% stay in HDB, so what do you think? Young gen from this segment have problem paying for just HDB BTO! While foreigners come in to sweep CONDOs...like what Teo Chee Hean would have asked...WHAT DO YOU THINK?

[@ttkoh123]

White Collar Or Blue Collar? Do you think the EP Pass for FT Professional, Manager at $5000 is White Collar Or Blue Collar? Well, 127 Types of Good Paying Jobs were Traded in the CECA.

[@ttkoh123]

New Citizens at "Prime Career Age" are exempted from Serving Army and Reservist. Do you think is Unfair Competition for our Locals who are serving the Army and the Reservist?

[@ttkoh123]

ONLY: "Lower Income households to get GST vouchers worth up to S$850 each year from 2024." [Ref: CNA News] We ought to know that for every $125 we spent, we pay the Govt $10 for this 8%GST Tax in this year. Next year will be even more. Even the Jobless, weak and elderly will have to pay the GST Tax. Assuming minimum $1,350 spent for them in a month excluding other medical expenses, in a year, Aren't they paying $1,296 in GST tax alone?. Have to cough out for it. Time to Help Ourselves in 2025.

[@kengleetan63]

If one is lower income in such a HIGH cost country, they are already DEAD! Irregardless what sort of handouts they will receive! They are also the ones who generations after generations, pose the highest social problems for Mr Lawrence Wong and his peers to deal with. And the cost of this, goes to taxpayers!

[@ttkoh123]

@@kengleetan63 Then what do we need "YOUR" types of Govt for if Generations after Generations you can't solve but add into the equality and poverty Problems and sit to expect such problems will resolve by itself or having such mentality to hate, to evade the POORS? Don't be too simple minded. Period. Example: MIW open leg to "White Collars" and new citizens at "Prime Career Age" exempted from Serving. 127 Types of Good Paying Jobs were Traded in the CECA. The so call PAP FT talents are rated at $5,000 EP Pass and before you know it, they and family become Singaporeans escaping from EP Pass criterion. Some people don't like change, but you need to embrace change if the alternative is disaster. [ElonMust] Time to help ourselves in 2025.

[@ttkoh123]

@@kengleetan63 Feigning Intelligence or False Pretense is the opposite of Obfuscating Stupidity. Don't be too simple minded. Period!.

[@petrushka2]

Assuming $1296 GST is correct. This represent 8%. ... the increase is 1%, interpolates to $185. So the government is giving $1350, covering more than the 8% you mentioned ie. $1296, which essentially, no GST for the whole year.

[@ttkoh123]

@@petrushka2 I am not surprised that your Maths was taught by a part-time P.E. teacher. Magical Maths trick to fool others. Well done!

[@deschan2246]

Ask incompetent, is people cpf money still there?

[@kengleetan63]

You raise loh, raise somemore lah, Bosses now can get EP no need you locals with so many 'disadvantages '. In raising the CPF ceiling is really killing the local PMET of those whose pay is that high to exceed current CPF contribution ceiling! Maybe that was the intention afterall!

[@tonykwok9763]

👍👍👍👍👍

[@wangjinwen7708]

Im just finding ways to clob your money loh

[@mahandranparamasivam73]

Enjoy Singapore with him ha ha ha much more all the reserve is for the future that what our grandparents father made for us.why their pay so high the money for them not for the people.

[@kyouichilogpose8059]

I think the example given is CRITICALLY NOT a representation of the MAJORITY facing THE PROBLEM most of us are worried about. Please put more effort in setting up the session and do not waste and misdirect DPM’s time. Thank you. As my favourite late PM Lee said: you can’t satisfy everyone. You will do something but the decisions you made are supposed to be FOR the MAJORITY. I think the middle income are being squeeze LEFT RIGHT UP DOWN. And they are the MAJORITY. If everyone progresses upwards, then the only one losing is NORTH POLE.

[@davidarchangels6500]

Whatever it is, good or bad, The Creator of all Creation in Heaven is watching... Anyone can play god in this world no matter who they are, but they have to answer to their deeds before the Supreme Judge in Heaven... Karma follows and also reincarnation to all... Mortal beings are answerable for all their actions.. So no one escapes for all the inhabitants of the earth.. U can fool one person or many, but not Him that watches us from His Mercy Seat in Heaven... We are only like tiny ants to Him...

[@tonykwok9763]

HDB BTO 99 YEAR LEASE TIMEBOMB......Y NOT 50 YEAR LEASE????????????? JUST RETURN CITIZENS' CENTRAL PROVIDENT FUND💩💩💩💩💩 GST......PAY TO LOW WAGES CITIZENS🙏

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE

[@tonykwok9763]

👍👍👍👍👍

[@eddymohd5282]

It seems that majority are please while some minority otherwise. In fact, can't please everyone.. 🙏🙏✌✌🇸🇬🇸🇬❤

[@vincecarlo]

So say 5 mth OLD EMPTY FAKE ACCOUNT

[@ngkeong3387]

Laziness and laid back mindset is the main issues why there are poor . Plenty of jobs everywhere. The govt keep helping the poor, they will stay poor only with all those help

[@okp11111]

very good move.. increase cpf savings to save more and return back the monies that was spent on the pandemic this will strengthen our FX and keeping the Sing dollar strong and at the same time most companies will retrench or hire less or bring in cheaper FT to control the increase cost, that will create more unemployment thus slowing down inflation.

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE

[@mrtienphysics666]

Singaporeans love PAP and GST.

[@vincecarlo]

Thanks for Increasing GST Now Everything has gone UP By 10-20%; some even As High As 30% Good Job In CAUSING INFLATION

[@vincecarlo]

Increase CPF Contributions Means More $$ get LOCKED UP =>> Even HIGHER HDB Prices that Goes to ZERO VALUE