The government’s bill for the city’s long-delayed non-mandatory central provident fund was finally passed by the legislature yesterday, eight years after it had first been presented by the government.
During a plenary debate about the bill’s outline, Secretary for Social Affairs and Culture Alexis Tam Chon Weng said he was “confident” that the government could convince the city’s major enterprises to take part in the fund.
The bill proposes that employers and employees can opt to pay into 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 obligatory for bosses and their staff to contribute to the fund, the government plans to encourage their participation in it through a string of tax incentives.
Legislative Assembly (AL) President Ho Iat Seng looks on as the outcome of yesterday’s vote is shown on the two screens behind him during a plenary session about the government’s long-delayed non-mandatory provident fund bill in the legislative hemicycle. Photo: Leong Lok Ian
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