You are here

Singapore Budget 2015: CPF contribution for "working years" to go up, Silver Support scheme introduced

nabmCPF230215.jpg
Central Provident Fund (CPF) contributions during the working years will be increased, said Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, on Monday.

For more stories, analysis and infographics on Singapore Budget 2015, head to btd.sg/budget_15

Central Provident Fund (CPF) contributions during the working years will be increased, said Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, on Monday.

"In addition, we will make the CPF system more progressive, by increasing the extra interest feature for smaller CPF balances for older Singaporeans," he said.

The government will also introduce the Silver Support scheme, meant to supplement the incomes of Singaporeans who end up with "much less resources than others in their retirement years".

sentifi.com

Market voices on:

READ MORE: CPF rethink needs to address structural retirement inadequacy; CPF contribution for "working years" to go upSilver Support scheme introducedCPF salary ceiling to be raised to S$6,000 from S$5,000

INFOGRAPHIC: Snapshot of the Singapore economyWhat Budget 2015 may bring

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom