Companies That Voluntarily Restored CPF Contribution Rates for Employees Aged 55 Years and Above

Assoc Prof Daniel Goh Pei Siong asked the Minister for Manpower to date, how many companies have voluntarily restored the CPF contribution rates for employees aged 55 years and above and how many employees have benefitted.

Mrs Josephine Teo: Today, employers can make voluntary CPF contributions on top of mandatory CPF contributions for all their employees. The three ways are through the Additional MediSave Contribution Scheme, Retirement Sum Topping Up Scheme and Voluntary Contribution to all three CPF Accounts Scheme.

In 2018, about 1,000 employers made voluntary contributions for about 13,000 employees aged 55 and above. However, as these are private arrangements between the employers and their employees, CPF Board does not have sight over the basis for voluntary contributions and if they are due to voluntary equalisation of CPF contribution rates for employees aged 55 and above.