Why are platform workers' CPF contribution rates being aligned with employees' rates gradually instead of immediately?
For platform workers (PWs) born in 1995 or later, or who have opted in, the CPF contribution rate will gradually increase to align with employees by 2029.
This is to allow PWs to adjust to the new CPF contributions without a sudden reduction in take-home earnings. The transition period will also give PWs time to progressively adapt their monthly budgeting and financial planning.
In addition, this also gives platform operators time for a smoother transition in their business operations as they adapt to the changes.
This information is sourced from CPF
Related questions
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