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