Increase in CPF contribution rates
As part of Singapore's ongoing efforts to strengthen retirement adequacy, the government has announced further adjustments to Central Provident Fund (CPF) contributes rates, salary ceilings and retirement sums.
Singapore Budget 2022 Commentary - A Bold Budget
On 18 February, Finance Minister Mr. Lawrence Wong delivered the much-anticipated Budget 2022 speech. The Budget remains expansionary, with an estimated ministry spending of S$102.4 billion, marking a 4.1 percent increase from the total expenditure in the previous year.
Anchored on the goals of strengthening our digital capabilities and social compact, the theme “Charting A New Way Forward Together” augurs well for the future direction of our economy. Other key premises of the Budget include advancing the green transition and building a fairer and more resilient tax system.
Download our full Budget commentary to find our expert views and analysis on:
- Key Tax changes
- Corporate Tax
- Global Minimum Tax
- Goods & Services Tax (GST)
- Personal Tax
- Property Tax
- Tax changes for Vehicles
- Other changes
- Industry insights
- Financial services
- Privately Owned Businesses (POBs) and Small and Mid-Size Enterprises (SMEs)
- Technology and digitalisation
Increased salary threshold for new E and S Pass
In the Budget 2022 announcement on 18 February, Finance Minister Lawrence Wong announced that the minimum qualifying salary will be raised by S$500 for Employment Pass and S Pass applicants from September this year.
Budget 2022 Wish list
Accelerating sustainable growth: What are some of the measures that we might expect in Budget 2022?
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Our experts
Mark Chew Partner, Audit & Assurance - Singapore
Gene Kwee Partner, Head of Tax - Singapore
Kee Yin Lai Partner, Technology & Digital Consulting - Singapore
Chester Liew Partner, Head of Risk Consulting & Sustainability - Singapore
