Median-income among older workers to gain most from changes

Singapore

OLDER Singaporean workers whose incomes are in the middle of their cohort will benefit the most from being able to work longer and have more retirement savings over the next 10 years, based on calculations by an economist. Associate Professor Chia Ngee Choon, who has studied retirement adequacy, said on Friday that recent moves to raise the CPF contribution rates for older workers will enhance the annuity payout of median-income earners by close to 22 per cent come 2030.

Prof Chia, of the National University of Singapore's Department of Economics, was taking part in a roundtable on supporting older workers at the National Press Centre in Hill Street.

It was organised by The Straits Times, in partnership with the Ministry of Manpower, National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF). Also on the panel were Manpower Minister Josephine Teo, labour chief Ng Chee M…