As from April 2013 my Journey in Investing is to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

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Saturday, 18 February 2012

Increase in CPF Contribution Rates for Older Workers

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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