Singapore to raise employer's contribution to state pension fund

Singapore will raise the employer’s contribution rate to its national pension fund to 16% from 15.5%, Finance Minister Tharman Shanmugaratnam said in his budget speech today.

The increase restores the total contribution rate to 36%, he said. The income ceiling will be raised to $5,000 a month from $4,500, the minister said. The changes will be effective in September