Uplift and strengthen support for vulnerable and mature workers

From Work Year 2023, Workfare will be enhanced to:

• Provide higher payouts for all recipients, up to $4,200 per year.
• Raise qualifying monthly income cap to $2,500.
• Lower qualifying age from 35 to 30 years old.
• Place all persons with disabilities in highest payout tier.

View the infographic on Workfare enhancements.

The Progressive Wage Credit Scheme will help employers co-fund wage increases up to a wage ceiling of $$3,000.

The new Tripartite Standard and Progressive Wage (PW) Mark will be introduced to further promote the well-being of our lower-wage workers.

• Government suppliers will need to be accredited with PW Mark from March 2023.

View the infographic on the TS-LWW.

To provide higher lifetime payouts for CPF members, the Basic Retirement Sum (BRS) will be adjusted for cohorts turning 55 from 2023 to 2027.

• About 8 in 10 active members aged 55 in 2027 – the highest level of attainment thus far – are expected to receive payouts of around $1,000 per month^*, when they turn 65.
• There is no requirement to top up CPF in cash or sell property if members have less CPF savings than their BRS.
• The CPF withdrawal rules remain unchanged.

^*Assumes male member under CPF LIFE Standard Plan, starting payouts at age 65.

More info:

• Factsheet on BRS for CPF Members Reaching Age 55 from 2023 to 2027
• Infographic on higher BRS payouts

The CPF contribution rates for senior workers aged above 55 to 70 will continue to be increased gradually over this decade, to support their retirement adequacy.

• From 1 January 2023, the employer and employee CPF contribution rates for senior workers will be raised by up to 1 percentage point each, as shown in the table below.
• To support this, employers will receive a one-year CPF Transition Offset from 1 January 2023 to cover half of the increase in employer CPF contribution rates in 2023.

View the Factsheet on Senior Worker CPF contribution Rates.