The government will align their CPF contribution rates with those of regular employers and employees over a period of five years, Wong adds.
Platform or gig workers aged below 30 years will be required to make increased CPF contributions when the changes are implemented. The changes are expected to take place from the second half of 2024 at the earliest. The move is optional for older gig workers.
This will enable younger gig workers to be better equipped to purchase homes and make their retirement plans in the long term, says Finance Minister Lawrence Wong during his Budget 2023 speech.
