Employer CPF rate up one point from 2015

THE CPF employer contribution rate will go up by one percentage point across the board from January next year, with this increase to be funnelled towards the employee's Medisave account.

This will lift the overall CPF contribution rate from 36 per cent currently to 37 per cent in 2015, of which 20 percentage points comes from employees and 17 percentage points from the employers.

This is expected to help citizens provide for future healthcare needs, such as the higher premiums widely expected when the revamped national health insurance plan MediShield Life is launched next year.