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Changing CPF rates over the years

Published on Feb 12, 2014 9:59 PM
 
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Click on the picture to see our interactive graph of CPF rates of the past three decades. Best viewed on Chrome, Firefox or Safari.


The labour movement on Monday called on the Government to raise the CPF rates of those aged above 50 to 55 so that they are on a par with younger workers.

Currently, the CPF total contribution rate of these older workers is 32.5 per cent compared to 36 per cent for younger workers.

Contribution rates for all age groups were the same from 1955 - the year the savings scheme was started - until 1988.

Here are some of the key changes over the years:

-- ST GRAPHIC: LIN ZHAOWEI

1986: Employers’ contribution rate was cut by 15 percentage points following 1985 recession.

1988: Lower rates for workers aged above 55 were introduced to encourage their employment.

1999: To regain Singapore's cost competitiveness and preserve jobs after a year of recession, employers’ contribution rates were cut by 10 percentage points for workers aged 55 years and below.

2000: Rates were restored progressively as economy recovered.

2003: Cut in employers’ contributions due to economic restructuring.

2005: Contributions for employees aged above 50 to 55 years cut to increase their employability.