Prudential Singapore’s higher contribution rate for older employees will take effect only if these employees voluntarily raise their individual CPF contribution rate to 20%.
SINGAPORE (Aug 8): Prudential Singapore has raised its Central Provident Fund (CPF) contribution rate for its employees above the age of 55, in a move to help its older employees better prepare for financial needs with longer life expectancy.
Beginning Aug 7, 2019, employees above 55 will have the option to enjoy a CPF contribution rate of 37%, which is the same as that of their younger colleagues. The 37% contribution rate is split between 17% from employers, and 20% from employees themselves.
