Singapore to raise CPF contribution rates for older workers

Singapore plans to increase its central provident fund contribution rates for three groups of Singaporeans aged 50 to 65, Finance Minister Tharman Shanmugaratnam said in a budget speech in Parliament today, reported Bloomberg.

 

The government will also raise the income tax relief of older taxpayers so that they can retain more of their income, he said. Shanmugaratnam said 119,000 older Singaporeans will benefit and the increased relief will cost the government $30 million per annum.