Singapore Budget 2014: MPs question impact of older workers' CPF rate on jobs, housing
Published on Mar 4, 2014 2:04 PM
Workers' Party MP Pritam Singh (Aljunied GRC) worries that higher CPF rates for older workers may cost them their jobs but People's Action Party MP David Ong (Jurong GRC) wants rates to rise even more, to ensure seniors have enough for housing and retirement.
Mr Ong believes the crux to keeping older workers in the workforce is not cost, but mindsets.
He said on the second day of debate on Budget 2014: "Singaporeans must move away from viewing people in their 50s, 60s as 'over the hill'....our seniors today are more active, healthier and fitter than before and they can remain productive into their 60s and beyond."
Mr Ong welcomed the announcement in the Budget that employers' CPF contributions to workers aged above 50 to 55 will go up by two percentage points.
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