Singapore Budget 2015: CPF contribution rate for those aged 50-55 to be restored

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The government will restore the Central Provident Fund (CPF) contribution rates for workers aged 50 to 55 to the same level as those for younger workers, Tharman Shanmugaratnam, Deputy Prime Minister and Finance Minister, said on Monday.

The contribution rate for these workers will go up by two percentage points in 2016 - one percentage point from the employer, and one percentage point from the employee.

The change will take effect from Jan 1, 2016.

FOR MORE: 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