Central Provident Fund contribution hikes for older workers will kick off on Jan 1, 2021, with employers and employees each increasing their contribution by either 0.5, or 1 percentage point, depending on the age bands.CENTRAL Provident Fund contribution hikes for older workers will kick off on Jan 1, 2021, with employers and employees each increasing their contribution by either 0.5, or 1 percentage point, depending on the age bands.
An increase in CPF contributions, which are tied to wages, tend to make a worker less attractive to hire. But the Workgroup, made up of government, union and employer representatives, didn't expect its proposed increase for workers aged 55 to 60 to reduce the employability of these workers, because the employment rate of workers in this age group has jumped from 64.2 per cent in 2008 to 72.7 per cent in 2018.
The total CPF hike for workers aged above 70 should stay unchanged at 12.5 per cent, according to the Workgroup. The Workgroup felt the retirement and re-employment age are still relevant in ensuring Singaporeans continue to work, while providing businesses experienced workers to tap.
Source: News Formal (newsformal.com)
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