Budget 2023 Recap — What You Need To Know - Singapore News

CDC and GST Vouchers 2023: Everything You Need To Know Plus The Amount You’ll GetThere is a CPF monthly salary ceiling for CPF contributions. Currently, both employees and employers contribute a percentage of one’s monthly salary towards CPF, capped at the first S$6,000 of monthly income.

This increase in the CPF monthly salary ceiling is to align CPF savings with wage inflation. With the higher ceiling, the CPF system will continue to cover workers up to the 80th percentile of the monthly income distribution.Housing Grants for First-Time Buyers Additionally, the Singapore government has increased their efforts to help first-time home buyers with children as well as young married couples under the age of 40 to secure a BTO flat. A new measure was introduced where the aforementioned groups will get an additional ballot for their BTO flat applications in order to give them a better chance at getting a flat.

Similarly, for non-residential properties, the portion of the value of the property in excess of S$1 million to S$1.5 million will be taxed at 4%. The portion of the value of the non-residential property in excess of S$1.5 million will be taxed at 5%. This is up from the current rate of 3%.Increased Baby Bonus and Support for New Parents

The payout schedule has also been amended. Previously, the cash was disbursed in five instalments over the first 18 months after the child was born. After the new adjustments, parents will receive the cash gift every six months until their child is six and a half years old.

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