MOM-led group to review seniors' CPF rates

It will also review the retirement and re-employment age relevance.

The Ministry of Manpower (MOM) will convene a Tripartite Workgroup on Older Workers (TWG-OW), MOM Minister Josephine Teo said.

The new group will safeguard older workers to an inclusive workforce and a progressive workplace that values them, according to Teo's speech during the ministry's Work Plan seminar at the Singapore Expo 2018. Amongst its agenda is to examine the Central Provident Fund (CPF) contribution rates and their adequacy for the retirement of older workers.

Aside from this, the new group will also review the retirement and re-employment age relevance.

According to the minister, about one in three resident workforce in Singapore is aged 50 and above. She further noted that most Asian countries will have elderly populations of 20% or more by 2030.

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“We should remain pro-business and pro-worker in all that we do. It is the only way to preserve trust within the tripartite movement,” Teo said in her speech.

The minister has appointed manpower permanent secretary (PS) Aubeck Kam to lead the new group.

Kam will be working with representatives from tripartite partners. Meanwhile, the minister together with key persons from the National Trade Union Congress (NTUC), and Singapore National Employers Federation (SNEF), will serve as advisors.