Singapore in Brief

LOWER CPF RATES FOR OLDER WORKERS DESPITE PROPOSED ADJUSTMENT

Singapore workers aged 51 to 55 might soon see an increase in CPF contribution rates by 1 to 2 percent.

The NTUC is proposing this increase to to bring the contribution rate of this group closer to workers below 50 years old.

As it stands, there is a 3.5 percent gap between the groups.

Workers aged 51 to 55 earn receive 32.5 percent a contribution rate, and even after the adjustment, the rate will fall short of that received by younger workers.

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