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
