Trade and Industry Minister and one of the future leaders of the 4G government, Chan Chun Sing, says that the government realises the cost pressure the government themselves are putting on businesses, with the planned increases in the ages for re-employment and retirement, as well as Central Provident Fund (CPF) contribution rates for older workers.
All these planned changes were announced by PM Lee during his National Day Rally, where he announced what all Singaporeans wanted to hear, that we could all work until the day we die, as the retirement age will be further increased. Of course, when older workers keep on working pass their sell-by date, their CPF contribution to the economy will also continue, instead of them withdrawing all their CPF money and retire like most old folks would want to.
To mitigate this, Chan said that the Government will collaborate with the Singapore National Employers Federation and unions in order to aid companies to make adjustments for the changes, as well as keep an eye on economic conditions as these changes are made over the next ten years.
What he didn’t say was that all these planned changes to retirement age and CPF contribution would actually not benefit anyone else apart from the government itself.