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Singapore:
Employer contribution to CPF to be raised
At the end of November 1999, the deputy prime minister announced that employers’ contributions to the Central Provident Fund (CPF) are to be increased from 10% to 12% with effect from April 2000 and it is the intention to restore employers’ contributions to 20% within five years, if conditions are favourable. The employers’ CPF rate was halved to 10% as part of a cost-cutting package in 1998 to help Singapore weather the Asian economic crisis.
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