CPF contribution rates: To raise or not, enough or not?

It was announced during the Budget that the Central Provident Fund (CPF) contribution rates for workers aged above 50 to 55 will increase by 1.5 percentage points while workers aged above 55 to 65 will see an increase of 0.5 percentage point.

CPF contribution rates: To raise or not, enough or not?

ST FILE PHOTO

It was announced during the Budget that the Central Provident Fund (CPF) contribution rates for workers aged above 50 to 55 will increase by 1.5 percentage points while workers aged above 55 to 65 will see an increase of 0.5 percentage point.

But this is still not enough, especially for workers above 55, said Mr David Ong, MP for Jurong GRC.

Over the last two days, MPs debated over there is a need to further raise the CPF contributions of older workers.

Read the full reports in The New Paper on Wednesday (March 5).

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