Tan Chuan-Jin urges caution over raising CPF rates
Acting Manpower Minister Tan Chuan-Jin has urged caution on recent calls to raise workers' Central Provident Fund (CPF) contribution rates.
To make his point, he referred to a 2003 statement made by then Prime Minister Goh Chok Tong, who said the Government would not be restoring CPF rates to 40 per cent, with equal contributions from employers and employees.
Doing so would hurt Singapore's economic competitiveness and cause job losses, Mr Goh added, and "these considerations remain valid today", Mr Tan said in his reply to Nominated MP Eugene Tan yesterday.
NMP Tan wants the employer's contribution to be put on par with that of the employee.