NTUC calls for CPF contribution rate to be restored

• Mason H

  15 Apr 10, 11:49

  Labour movement calls for CPF contribution rate to be restored
  Posted: 15 April 2010 1134 hrs

  SINGAPORE : Singapore's labour movement has called for a restoration of the employer's CPF contribution rate in the wake of the strong rebound of the Singapore economy in the first quarter of this year.
  
  Singapore's economic growth for this year is expected to come in at between 7 and 9 per cent.
  
  The current total CPF contribution rate is 34.5 per cent with employees contributing 20 per cent and the rest from employers.
  
  The CPF contribution rate was last restored in 2007 after it was cut in 2003.
  
  Speaking to reporters after a company visit on Thursday, NTUC Chief Lim Swee Say noted that the long term target of the CPF contribution rate is 36 per cent.
  
  However, he would like to leave it to employers to channel their feedback to the government before a final decision is made on the restoration rate.
  
  Mr Lim hoped that a decision on this can be made before the NWC recommendations are out by the end of May.
  
  - CNA/il

• ditzy

  15 Apr 10, 11:50

  Employer would want to give less, not more.

• Rock^Star

  15 Apr 10, 12:11

  It seems that one of the KPIs for being a politician is to either make or save money. Increasing it to 36% is a way to generate more funds for the govt. Makes no difference to us anyway, all of it will be locked up in the HDBs.

• charlize

  15 Apr 10, 12:14

  Cannot.

   

  We need to be cheaper, better and faster.

• charlize

  15 Apr 10, 12:16

   

   

  But take it with a pinch of salt.

   

  It's election year.

   

  They will say all the nice things to make it look like they care.

   

  It has happened before, it will happen again.

   

  And again.

• Clivebenss

  15 Apr 10, 19:03

  much need to make HDB "affordable".

  

• el2345

  15 Apr 10, 23:37

  another reason for employers to hire foreigners

• likeyou

  15 Apr 10, 23:42

  Yes who want to pay more (employees)??

• BanguIzai

  15 Apr 10, 23:49

  Originally posted by charlize:

   

   

  But take it with a pinch of salt.

   

  It's election year.

   

  They will say all the nice things to make it look like they care.

   

  It has happened before, it will happen again.

   

  And again.

  i agree, agree, agree

• charlize

  16 Apr 10, 11:07

  Anyway, any increase will go into the CPF account.

   

  Not directly into your own pockets.

   

  No wonder some people look at their CPF statements and feel rich.

   

  But only some.

• βέτά

  16 Apr 10, 15:46

   

  It used to be 20% employees and 20% employers, these days they lower their expectations to 36%.

   

   

• BanguIzai

  16 Apr 10, 16:02

  Originally posted by βέτά:

   

  It used to be 20% employees and 20% employers, these days they lower their expectations to 36%.

   

   

  government policy no choice. if they increase to more than 20% will be even better