Payboy Q&A

CPF Contributions (from 1st Jan 2023 to 31 Aug 2023)

CPF Contribution Rates (from 1st Sept 2023 to 31 Dec 2023)

CPF Contribution Rate (from 1st Jan 2024)

CPF Contributions Rate (from 1st Jan 2025)

For employees obtaining Permanent Residency mid-month:

Monthly Salary liable for CPF contributions will be prorated based on the following formula: 

- Monthly Salary liable for CPF contributions will be prorated based on the following formula: 
   

Manually added &amp; recurring pay items liable for CPF contributions will be prorated based on the following formula:

- Manually added &amp; recurring pay items liable for CPF contributions will be prorated based on the following formula:

Additional Wage Ceiling CPF Contributions:

$102,000 – Total Ordinary Wage subject to CPF for the year. 

You may refer to the table below for the subjected CPF amount for the respective years : 

Overtime Hourly Rate (based on basic salary, recommended by MOM):

Payroll formulas on Payboy

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Payroll formulas on Payboy

For employees obtaining Permanent Residency mid-month:

Additional Wage Ceiling CPF Contributions:

$102,000 – Total Ordinary Wage subject to CPF for the year.

Leave Encashment:

Unpaid Leave:

Overtime Hourly Rate (based on basic salary, recommended by MOM):