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Businesses dismayed by call for CPF rate hikes

Already feeling the heat from rising rentals, as well as wage pressures in the tight labour market, businesses reacted with dismay at the labour movement’s call for employers’ Central Provident Fund (CPF) contribution rates for workers aged above 50 to 55 to be raised this year. While they were resigned to the eventuality of the move — given that the Government had previously signalled its intention to close the gap between contribution rates for this group of workers and that of their younger counterparts — most bosses hoped hikes would not kick in until at least next year, so that they would have time to make adjustments.

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