🏍️ AT A GLANCE: Details were released on Wednesday (March 1) of the transitional support for lower-income platform workers who will be required to make CPF contributions from the second half of 2024.
last month that platform workers aged under 30 will be required to come under the CPF scheme, while older workers can opt in to make additional contributions to their CPF.
TODAY asked the Ministry of Manpower how much of its budget had been set aside to provide this transition support, and the ministry said that it is unable to share further details.
For example, based on the Ministry of Manpower's estimates, a median income platform worker who turns 30 in 2024 and opts in from the start for the CPF contributions can use about S$450,000 in CPF savings by age 65 for his housing and retirement needs.Addressing questions from MPs about whether older platform workers born before 1995 who opt into contributing to CPF can later opt out, Dr Koh said that the decision to opt in would not be reversible.
He said that a recently released interim report by the Tripartite Committee on Workplace Fairness has recommended that the fair employment practice guidelines be enhanced to"provide clarity that intermediaries, such as platform companies, should treat contracted workers fairly".
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