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Labour Chief: Restore CPF rate
Fri, Apr 23, 2010
SINGAPORE'S strong economic growth may spell good news for workers.
With the outlook for the economy looking buoyant, Labour chief Lim Swee Say has called on the Government to restore part of the employers' Central Provident Fund (CPF) contribution rate to workers.
His call came a day after Singapore reported exceptionally strong economic growth of 13.1 per cent for the first quarter, leading the Government to lift its annual growth forecast to 7 to 9 per cent for this year.
Mr Lim did not specify the size of increase the labour movement is seeking. But he noted that the scope for restoration is 1.5 percentage points and added that the labour movement is not pushing to achieve it "in one step". Employers now typically contribute 14.5 per cent of a worker's pay towards his CPF savings.
Mr Lim, who is secretary- general of the National Trades Union Congress, also expressed hope that the Government would announce its decision next month, ahead of the National Wages Council's annual salary guidelines.
Mr Lim also urged bosses to raise employees' wages, given the strong economic rebound, but to do so through variable components such as bonuses.
Fri, Apr 23, 2010
SINGAPORE'S strong economic growth may spell good news for workers.
With the outlook for the economy looking buoyant, Labour chief Lim Swee Say has called on the Government to restore part of the employers' Central Provident Fund (CPF) contribution rate to workers.
His call came a day after Singapore reported exceptionally strong economic growth of 13.1 per cent for the first quarter, leading the Government to lift its annual growth forecast to 7 to 9 per cent for this year.
Mr Lim did not specify the size of increase the labour movement is seeking. But he noted that the scope for restoration is 1.5 percentage points and added that the labour movement is not pushing to achieve it "in one step". Employers now typically contribute 14.5 per cent of a worker's pay towards his CPF savings.
Mr Lim, who is secretary- general of the National Trades Union Congress, also expressed hope that the Government would announce its decision next month, ahead of the National Wages Council's annual salary guidelines.
Mr Lim also urged bosses to raise employees' wages, given the strong economic rebound, but to do so through variable components such as bonuses.
