The government’s top advisory Executive Council (ExCo) announced yesterday that it has completed its discussion of a government-drafted bill on the city’s long-planned non-mandatory central provident fund system.
The bill proposes that the city’s employers and employees each pay at least five percent of the basic wages into a provident fund account in the name of the employee.
ExCo spokesman Leong Heng Teng made the announcement during a press conference at Government Headquarters.
Social Security Fund (FSS) President Iong Kong Io (right) talks during yesterday’s press conference at Government Headquarters while Executive Council (ExCo) spokesman Leong Heng Teng looks on. – Photo: Ian Sio Tou
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