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Singapore Budget 2003
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Budget Speech 2003
   
Parliamentary Statement by DPM and Minister for Finance on Help Measures For Singaporeans and Businesses, 29 Aug 2003
 

More for Older Workers

 
43. Seventh, we will look after the older workers. The restructuring of the economy, and especially the CPF changes, will affect older workers the most. Wage restructuring often mean lowering wages for older workers, who are at the top of their salary scales. They will experience the steepest CPF cuts to help them hold on to their jobs. We are cushioning the impact on them by phasing in over two years the reduction in their CPF rates. Nevertheless, it will still be difficult for these workers.
   
44. We have to proceed with the changes, but we will not forget the older workers who are hardest hit by economic restructuring. Hence, the next time the Government implements surplus-sharing schemes, we will especially remember this group of older workers, and give them something extra.
   
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