Budget 2023: Upskilling is key, though CPF support for platform workers may ease near-term pain

• The Platform Worker CPF Transition Support (PCTS) scheme will offset part of platform workers’ share of the year-on-year increase in CPF Ordinary and Special Account contribution rates for four years after implementation
• Singaporean platform workers earning S$2,500 or less per month, including from other employment sources, will be eligible if they are required to make CPF contributions under new rules, or opt in

A NEW support scheme announced in this year’s Budget will ease low-wage ride-hailing and delivery workers into making Central Provident Fund (CPF) contributions, with new regulations set to kick in from 2024 or later.

But the long-term solution for platform workers still lies in helping them to upskill and pursue job progression opportunities, industry observers told The Business Times.

In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong unveiled a new initiative, the Platform Workers CPF Transition Support (PCTS) scheme, for platform workers earning S$2,500 or less per month, inclusive of income from other employment sources.