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Explainer: What changes to the monthly CPF ceiling mean for you

SINGAPORE For some Singaporeans, their take-home pay might look slightly different this month. During Budget 2023, Deputy Prime Minister and Finance Minister Lawrence Wong announced that the monthly salary ceiling for the Central Provident Fund (CPF) will be raised in stages from S$6,000 to S$8,000 by 2026. 

How to minimise your taxes on endowment insurance policies

Budget 2023 taxed maturity proceeds of high-value endowment life insurance policies bought after April 1, 2023. Last week, the government released detailed guidelines on how these would be taxed. The proceeds will fall under ‘income from other sources’ and will be added to your income and taxed as per the slab rate applicable to you.

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