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Singapore Budget 2015: CPF contribution for workers aged 55 and above to go up

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The government will increase the Central Provident Fund (CPF) contribution rate for workers aged 55 to 60 by one percentage point from employers, Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, said on Monday.

For workers aged 60 to 65, the contribution rate will go up by 0.5 percentage points from employers.

The change will take effect from Jan 1, 2016.

READ MORE: CPF salary ceiling to be raised to S$6,000 from S$5,000CPF contribution rate for those aged 50-55 to be restored

INFOGRAPHIC: Snapshot of the Singapore economyWhat Budget 2015 may bring