CPF contribution rates to stay the same despite COVID-19 economic downturn

CPF contribution rates to stay the same despite COVID-19 economic downturn

Channel NewsAsia - SG·2020-06-04 14:08

SINGAPORE: The Government will not be lowering Central Provident Fund (CPF) contribution rates temporarily despite the economic fallout caused by the COVID-19 pandemic, Manpower Minister Josephine Teo said in Parliament on Thursday (Jun 4).

She was responding to Member of Parliament Seah Kian Peng’s question on whether the authorities will consider reducing CPF contributions by both employees and employers for the time being, until the economy recovers from the COVID-19 crisis. 

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