18 Feb '11, 8am

Budget 2011: Govt to raise employer CPF contributions: SINGAPORE: The Singapore government will raise employer C...

SINGAPORE: The Singapore government will raise employer CPF contributions and CPF salary ceiling. In his Budget speech on Friday, Finance Minister Tharman Shanmugaratnam said the employer contribution rate will go up by another 0.5 percentage points to 16 per cent, which will restore the total contribution rate to 36 per cent. The additional 0.5 per cent will go into the Special Account. Mr Tharman said the CPF salary ceiling will also be revised from S$4,500 to S$5,000 per month to keep pace with income growth in recent years. The changes will take effect in September this year. In line with the higher CPF salary ceiling, the government will also raise the contribution cap within the Supplementary Retirement Scheme (SRS). The scheme offers tax incentives to encourage voluntary retirement savings to complement the CPF. Self-employed persons (SEP) will also get more help to...

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singaporebudget.gov.sg 18 Feb '11, 7am

Home » Singapore Budget » Budget Speech Budget Speech Live Budget Speech : Click here to disable auto-scroll. Javascript n...

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