To help older workers build up their retirement savings in their later years, the government will also proceed with the next step of planned CPF contribution rate increases for senior workers in 2027, Wong adds.
In addition, the government will continue to provide the CPF Transition Offset to employers, which covers half of the increase in employer contributions for 2027.
Finally, CPF members will be able to enjoy more investment options moving forward.
“We will select two to three credible providers to keep choices simple for members,” says Wong, adding that a key requirement is for providers to keep fees low.
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“The government will also be prepared, in-principle, to provide some time-limited support to kick-start the scheme,” he adds.
Participation in the new investment scheme is voluntary.
