Budget 2022 debate: Heng Chee How on strengthening retirement adequacy for older workers
To maximise CPF retirement savings gained from work, employees need to work for as many years as they are willing and able to. However, the qualifying criteria for employer CPF contributions should be periodically reviewed to ensure that it keeps pace with improving pay levels, said Senior Minister of State for Defence and NTUC Deputy Secretary-General Heng Chee How. Mr Heng also noted that with an ageing population comes an increase in middle-aged workers, particularly women, leaving their jobs to care for older family members. He suggested that a study be done on how to scale up affordable day care services for seniors. Finally, Mr Heng called for attention to sectors that have significant numbers of older workers, so that they can be reskilled and remain employed even as their companies transform to meet technological and low-carbon demands. He spoke in Parliament on Tuesday (Mar 1).
To maximise CPF retirement savings gained from work, employees need to work for as many years as they are willing and able to. However, the qualifying criteria for employer CPF contributions should be periodically reviewed to ensure that it keeps pace with improving pay levels, said Senior Minister of State for Defence and NTUC Deputy Secretary-General Heng Chee How. Mr Heng also noted that with an ageing population comes an increase in middle-aged workers, particularly women, leaving their jobs to care for older family members. He suggested that a study be done on how to scale up affordable day care services for seniors. Finally, Mr Heng called for attention to sectors that have significant numbers of older workers, so that they can be reskilled and remain employed even as their companies transform to meet technological and low-carbon demands. He spoke in Parliament on Tuesday (Mar 1).
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