📜Singapore Budget 2022 updates
With accordance to the Singapore Budget 2022, the following updates will be made on GoalsMapper platform.
1. Income tax rate increase for projections starting from Year 2024.
From Year 2024 onwards, if the income exceeds $500k, there will be an increase of tax rate based on the following:
- In excess of $500k up to $1m : Up from current 22% to 23% - In excess of $1m: Up from current 22% to 24%
2. CPF Basic Retirement Sum
The yearly increase for the CPF Basic Retirement Sum (amount in RA account required at age 55) will be raised to 3.5% per year for the next 5 cohorts of CPF members turning 55 from Year 2023 to 2027.
Previously, this yearly increase of CPF Basic Retirement Sum was 3%.
Refer to the table below for the Retirement Sum required at age 55 for the 5 cohorts. Source: https://www.straitstimes.com/singapore/budget-2022-cpf-basic-retirement-sum-to-be-raised-by-35-per-year-from-2023-to-2027