SINGAPORE: The Singapore government is aware of the cost pressures businesses will face as a result of the, as well as higher Central Provident Fund contribution rates for older workers, said Trade and Industry Minister Chan Chun Sing on Tuesday .
“We think it is the correct thing to do for the long term to ensure that our workers have sufficient retirement savings. And also, by lengthening the career, it also allows people who live longer the chance to contribute meaningfully to the society,” Mr Chan said. “But if you make it too slow, then we will actually deprive many cohorts of older workers to stay meaningfully employed.” Mr Chan added.READ: Full restoration of CPF contributions for those aged 55 to 60; higher rates for workers above 60
“Every company, including the public service, need to redesign their jobs to employ older workers in a more productive way. Our workers also must play their part, to make sure that they keep pace with the changes in the employment landscape.” Mr Chan said.
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