Govt to fully offset first year of higher CPF payments for platform workers
Younger platform workers will have their increased CPF contributions fully offset by the government next year. The enhanced Platform Workers CPF Transition Support scheme kicks in from January 2025. In the second year, the offset will increase to 75%, while remaining at 50% in the third year. In the fourth and final year, the offset will be 25%. The qualifying monthly income cap will also increase from $2,500 to $3,000. A group representing riders said when the scheme ends in 2028, more has to be done to ensure these workers are able to contribute to their CPF on their own.Â
Younger platform workers will have their increased CPF contributions fully offset by the government next year. The enhanced Platform Workers CPF Transition Support scheme kicks in from January 2025. In the second year, the offset will increase to 75%, while remaining at 50% in the third year. In the fourth and final year, the offset will be 25%. The qualifying monthly income cap will also increase from $2,500 to $3,000. A group representing riders said when the scheme ends in 2028, more has to be done to ensure these workers are able to contribute to their CPF on their own.Â
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