Employers' contributions to older workers' CPF to be raised
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SINGAPORE: Prime Minister Lee Hsien Loong said employers' contribution rates to the Central Provident Fund for older workers have to go up, but added that any increases will have to be gradual.
Mr Lee revealed this at a pre-Budget dialogue with unionists last week.
Currently, CPF contribution rates are cut when workers reach 50 years old, and cut further when they turn 65.
The labour movement, NTUC, has been calling for this to be reviewed.
This too, comes at a time when Singaporeans are being encouraged to work beyond their retirement.
Mr Lee said the government is discussing the matter with unions and employers.
But cost is a consideration.
He noted for instance, that a larger proportion of older workers kept their jobs during the recession, because their CPF was lower, and so they were cheaper to retain.
The government's concern here, is that once older workers lose their jobs, it's much harder for them to get back to work.
Separately, Mr Lee also told unionists the government will spend more on social schemes.
And that the poor, the elderly, and those from broken families will get the most attention.
Mr Lee said help has to be given carefully, to avoid the impression that the government can meet all requests for help.
It's also a matter of ensuring Singapore can afford it and that the government can balance its budget.
He was confident cost will not be an issue for the next five years, but said as society ages, the government will have to think of more ways to raise revenue.
- CNA/cc -
Why put in cpf?
Old people need the cold hard cash.
Not a figure on the cpf statement which they cannot touch.
In the end, the employers are just putting more money for the people at the top to lock up.
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increasing the cpf rate at a reduced salary and re-contractual for older workers (not permanent employment) would only increase their financial burdens gradually...and some may even be forced to moonlighting to secure that much needed $100 or $200 more...eventually their anxieties and greater work exertion would only affect old folks health.....and more medical attention and expenses needed which the company may not cover or reduced for contract staffs......and the monthly retirement disbursements from cpf is only that pithy little.........(unless this is revised upwards to balance up)
moreover, in a non-welfare society...this is a cul-de-sac....
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Thank you, once again!
Sir, have you answered my question if Singapore is a marriageable country for your men?
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they should lower health care expense for SINGAPOREANS elderly, not need to put so many for them in CPF medisave like that. excuse again.
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and we may have more old folks pushing tissues on the streets...do not take them as harassers....please..allow them that little dignified space...
In what distant deeps or skies.
Burnt the fire of thine eyes?
On what wings dare he aspire?
What the hand, dare seize the fire?
And what shoulder, & what art,
Could twist the sinews of thy heart?
And when thy heart began to beat.
What dread hand? & what dread feet?
- Blake
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Times are bad.
Haiz.
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Originally posted by Fcukpap:
and we may have more old folks pushing tissues on the streets...do not take them as harassers....please..allow them that little dignified space...
In what distant deeps or skies.
Burnt the fire of thine eyes?
On what wings dare he aspire?
What the hand, dare seize the fire?
And what shoulder, & what art,
Could twist the sinews of thy heart?
And when thy heart began to beat.
What dread hand? & what dread feet?
- Blake
come one - even their jobs got cheaper labor to compete with them okay - the flood gate's opended by the gahmen. social visit pass 6 months can do lots of things here - once the money earn voer stay even get caught got free lodging in changi hotel