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BUDGET 2014

Employers face higher wage costs with CPF rate hike

From Jan 1 next year, they will have to pay up to 2 percentage points more

EMPLOYERS are likely to see their wage costs rise more than usual come January next year, because they have to contribute more to the Central Provident Fund.

Finance Minister Tharman Shanmugaratnam said yesterday that the CPF rate for employers would increase by at least one percentage

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