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Retuning the CPF: PM Goh Chok Tong

Excerpt of Prime Minister Goh's ministerial statement in Parliament on 28 Aug 2003

Source: www.gov.sg 

"I feel, therefore, that it is better to set an upper limit and a lower limit for the CPF contribution rate for the long-term, instead of a single rate.

"We propose that this range of rates be from 30 percent to 36 percent. The employee contribution will be fixed at 20 percent. The employer contribution will vary between 10 and 16 percent.

"We will not have any formula to decide what the actual CPF rate should be at any point in time. We will look at the prevailing economic conditions, and assess accordingly. If there is to be a rise or cut in the rate, we will give as much notice as possible, to allow for advance planning. I do not envisage fine-tuning the rate every year. We will only adjust it from time to time, when conditions have changed significantly......

"With effect from 1 October 2003, the CPF rate will be lowered from 36 percent currently to 33 percent. Employees will continue to contribute 20 percent. Employers will contribute 13 percent, 3 percentage points less than now.

"For older workers aged 50 to 55, we will bring the CPF rate down to 27 percent. But to cushion the impact, we will not do it immediately. Their CPF rate will come down to 33 percent on 1 October 2003, the same as for younger workers.

"On 1 January 2005, it will be reduced further to 30 percent: employee contribution will be cut by one point to 19 percent, and employer contribution by 2 points to 11 percent.

"On 1 January 2006, the contribution rate will be reduced by a further three percentage points: again, one point from employees and two from employers. This will bring the CPF contribution rate to 27 percent: 18 percent for employees and 9 percent for employers.....

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Friday
29 August 2003

Singapore Time