Singapore's new law boosts CPF contributions for younger platform workers, starting January 2025.

The Platform Workers Act in Singapore has led over 8,000 platform workers to opt for higher Central Provident Fund (CPF) contributions, set to become mandatory for younger workers starting January 1, 2025. Workers born after January 1, 1995, must contribute more to their CPF accounts, with rates increasing up to 2.5 percentage points annually for workers and 3.5 percentage points for companies. Older workers can voluntarily increase contributions to boost savings.

3 months ago
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