1.63 Secondly, we will phase in the lowering
of the employee contribution rate for older workers
aged 50-55. The rate is currently 20%. It will
be lowered to 18% in January 2004, and further
to 16% in January 2005. These changes will enable
older workers to take home more of their pay,
and will help them when their companies phase
out seniority based wage structures.
Table 2: Lower CPF Contribution Rates
for Workers Aged 50-55
