Lower CPF contribution rates for older workers were introduced to help improve the employability of older workers when seniority-based wage structures were prevalent. Since then, older workers have become more employable and progress has been made in reducing seniority-based wage rigidities. This positive trend is expected to continue. After consultation with its tripartite partners, the Government has reached a consensus to maintain in the long term the same CPF contribution rates for all workers up till age 55, rather than age 50.
The changes to CPF contribution rates for older workers will be introduced gradually to moderate the cost impact on employers and to take into account the subdued global economic outlook in the near term. The following increases as shown in the table below will be introduced as a first step with effect from 1 Sep 2012.
Increase in CPF older worker contribution rate
Indirectly, Uncle8888 has small pay increase (actually, it is pay re-stated).
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