Lawmakers representing employers’ and employees’ interests respectively jointly slammed a government-drafted non-mandatory central provident fund bill during a plenary session yesterday – but for rather different reasons.
The unsually heated debate of the outline of the bill was held in the legislative hemicycle yesterday.
The bill proposes that employers and employees can opt for the central provident fund, each paying a minimum of five percent of the employees’ basic wages per month into a provident fund account in the name of the employee. While it won’t be mandatory for bosses and their staff to contribute to the fund, the government plans to encourage their participation in it through tax incentives.
Lawmakers and government officials attend yesterday ‘s plenary session to discuss a government bill on the city’s long-delayed non-mandatory central provident fund. Photo: Leong Lok Ian
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