SINGAPORE - The planned increase in Central Provident Fund contribution rates for senior workers will be deferred by one year to Jan 1, 2022.
CPF contribution rates of those aged 55 to 70 will be gradually raised during this decade until those aged 60 and younger enjoy the full CPF rates. Currently, the rates begin to taper down from 37 per cent after workers turn 55. In his speech on the fourth Covid-19 support package, Mr Heng thanked the National Trades Union Congress and the Singapore National Employers Federation for supporting the one-year deferment.
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