SINGAPORE - The Government is aware of business cost pressures posed by an upcoming hike in Central Provident Fund contribution rates for older workers, as well as a rise in retirement and re-employment ages, said Trade and Industry Minister Chan Chun Sing on Tuesday .
His comments come after Prime Minister Lee Hsien Loong announced at the National Day Rally last Sunday that CPF contribution rates for workers aged 55 to 70 will be raised gradually from 2021.There will also be a rise in the statutory retirement age from 62 to 63 in 2022, and to 65 by 2030. The re-employment age will go up too, from 67 now to 68 in 2022, and 70 by 2030.
More details on measures to help smaller companies cope will be announced closer to next year's Budget, said Mr Chan in response to questions. Companies such as Hai Sia, in redesigning jobs via automation and new machinery, have helped older workers stay employed and continue contributing to their employers.
Asked about feedback he has received on the announcements, Mr Chan said the issues surrounding older workers have been discussed for many years.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SBF calls on firms to support new retirement, re-employment ages and CPF contributionsSINGAPORE: Given that the newly announced increases in retirement and re-employment ages, as well as Central Provident Fund (CPF) contribution ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Retirement and re-employment ages, CPF rates to go up: PM LeeTHE retirement and re-employment ages will be raised, as will Central Provident Fund (CPF) contribution rates, to enable older Singaporeans to continue working and be more financially independent, said Prime Minister Lee Hsien Loong in his National Day Rally speech, adding that no changes are being made to CPF withdrawal policies and ages. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Retirement age, CPF rates for older workers to be raised: PMFROM helping older workers stay employed to tackling climate change, Prime Minister Lee Hsien Loong addressed major issues for Singapore's future in Sunday night's National Day Rally - while noting that the current economic slowdown does not warrant stimulus measures, for now. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Move to help seniors work longer, build up CPF savings a crucial first step: Josephine TeoSINGAPORE — With tough economic times ahead, Manpower Minister Josephine Teo has outlined the careful balance to be struck on the timing of incremental moves to add three years to retirement and re-employment ages, and to raise Central Provident Fund (CPF) contribution rates for older workers.
Source: TODAYonline - 🏆 1. / 99 Read more »
Explainer: How much your CPF contribution rates will increase in about a decade from nowSINGAPORE — At the National Day Rally on Sunday (Aug 18), Prime Minister Lee Hsien Loong announced that Central Provident Fund (CPF) contribution rates for workers aged between 55 and 70 will be raised.
Source: TODAYonline - 🏆 1. / 99 Read more »
Employers, older workers to chip in for CPF rate hike from 2021The move to bolster retirement savings of Singaporeans will see both employers and employees paying for the hikes in the Central Provident Fund (CPF) contribution rates for older workers from Jan 1, 2021.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »