Global Payroll Singapore - Changes to CPF Contribution Rates

Changes to CPF Contribution Rates

Deputy PM and MOF announced the initiatives relating to CPF during the FY2012 Budget Statement in Parliament on the 17th of February 2012. Accordingly the CPF contribution rates for older workers aged above 50 to 65 years will be increased effective the 1st of September 2012 to help them better prepare for retirement. On account of the notification, the contribution will be gradually increased to 0.5 to 2.5 percentage from employee and employer.

Position Statement has been revised to include this legislative update. We encourage customers to review the latest position statement to keep up-to-date. The latest document can be found on My Oracle Support, Document ID 1331056.1.

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