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CPF Transition Offset (CTO) The Government will provide employers with a transitory wage offset equivalent to half of the increase in employer CPF contribution rates for senior workers. The CTO is calculated based on employee's wages paid up to the current CPF salary ceiling.
Senior Employment Credit, Enabling Employment Credit and CPF Transition Offset – Eligibility Search and Breakdown Request
This Digital Service allows you to check payout eligibility or request for payout breakdown by qualifying employees for Senior Employment Credit (SEC), Enabling Employment Credit (EEC) or CPF Transition Offset (CTO), based on the UEN or NRIC/FIN number that you have registered with CPFB in making CPF contributions to your employees.
Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals. The following payouts are not taxable either because a specific exemption has been granted to exempt the payouts from tax or the payouts are not income in nature:
Feb 20, 2024 · For workers aged 60 to 65: The total CPF contribution will increase by 1.5% from the current 22% to 23.5% starting on January 1, 2025. The employee’s share of the contribution increases by 1%, while the employer’s share of the contribution increases by 0.5% .
Dec 13, 2023 · Similar to the support provided in 2022, the CPF Transition Offset (CTO) will provide transitory wage offsets to alleviate the rise in business costs due to the increase in CPF contribution rates for senior workers. Find out more about CPF Transition Offset.
• The wage offset will apply to senior workers earning up to $4,000, with the maximum wage offset targeted at senior workers earning $3,000. (2) CPF Transition Offset# • To alleviate the rise in business costs due to the increase of CPF contribution rates in 2022, the Government will provide employers with a one-year offset of
