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From September 2012, the new tongkat for the old folks is that employer CPF contribution rates would increase in the 51-55, 56-60 and above 60 bands by 2%, 1.5% and 0.5% respectively.
Anybody who has a brain would know that this increases costs for businesses. It would now be more expensive to retain older employees, and SMEs, the backbone of Singapore's family businesses, would be affected more than others.
The government has good intentions to try stock up the old folks' CPF piggy bank so that these old timers have more for retirement, or at least more for servicing their mortgage as many in Singapore still have a housing loan to pay right until they retire.
The cruel irony is that this do-good policy actually screws the old folks more than support them.
- http://pratapolitics.blogspot.com/2012/02/facepalm-of-increasing-cpf-contribution.html
Anybody who has a brain would know that this increases costs for businesses. It would now be more expensive to retain older employees, and SMEs, the backbone of Singapore's family businesses, would be affected more than others.
The government has good intentions to try stock up the old folks' CPF piggy bank so that these old timers have more for retirement, or at least more for servicing their mortgage as many in Singapore still have a housing loan to pay right until they retire.
The cruel irony is that this do-good policy actually screws the old folks more than support them.
- http://pratapolitics.blogspot.com/2012/02/facepalm-of-increasing-cpf-contribution.html
