Singapore Budget 2015: CPF salary ceiling, contribution for older workers, to go up

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The government will raise the Central Provident Fund (CPF) salary ceiling to benefit middle-income Singaporeans, and raise contribution rates for older workers, said Tharman Shanmugaratnam, Deputy Prime Minister and Minister of Finance, on Monday.

It will also enhance CPF interest rates further in retirement to benefit those with lower balances, Mr Tharman said.

"These are important enhancements. They will be on top of the changes recently proposed by the CPF advisory panel, aimed at providing more flexibility and certainty to CPF members, which the government has accepted."

READ MORE: CPF rethink needs to address structural retirement inadequacy; "Very small" deficit of S$0.1 billion expected; Infrastructure spending to grow by 50% to reach S$30b

INFOGRAPHIC: Snapshot of the Singapore economy