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With the economy doing well, it is timely to retune the balance of our CPF contribution rates towards the upper end of the 30-36% range. A modest CPF increase will not erode our economic competitiveness and will allow us to better meet the needs of an ageing population. To enable our workers to benefit from economic growth and to help them build up their CPF savings, effective 1 July 2007 the Government will raise the employer's CPF contribution rate by 1.5 percentage points. |