CPF rates should be enhanced: Labour Movement

February 12, 20143:32 pm315 views
CPF rates should be enhanced: Labour Movement
CPF rates should be enhanced: Labour Movement

SINGAPORE — The Labour Movement this morning (Feb 12) called on the Government to enhance CPF rates, and asked that employers’ contributions be increased more than those of employees.

Specifically, the National Trades Union Congress (NTUC) is urging the Government to increase employer contribution to the Medisave account in anticipation of rising healthcare and health insurance costs, raise Special Account savings for older workers aged 55 and above so they have more retirement savings, and work towards aligning the total CPF contribution rates of those in the above 50 to 55 age group with those aged 50 and below.

With current employer contribution rates lower than that of employees across all age bands (except for those above 65), NTUC said it would be fair for employers’ contributions to increase more than those of employees, in any enhancements to total CPF contribution.

The labour movement is also asking for contributions by employers and employees to move progressively towards parity within each age band, over the long term.

 

source: todayonline.com

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