When does Partial CPF kick in

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

When does Partial CPF kick in

Postby DadOfGirl » Thu Jan 20, 2011 3:00 pm

CPF for older worker triggers at 50,but will it be when you turn 50 or when you complete 50.

My question is , for 1962 born who turns 50 this year, will reduction take place thie year or next year in 2011?

You loseout @ 300 dollars out of 675 that Employer puts & if you are paying mortage from it, you have to come out with Cash!


And one final question, should you negotiate with employer to give that cash back if you are continuing to work in same capacity (even harder!)

DadOfGirl
BrownBelt
BrownBelt
 
Posts: 543
Joined: Wed Nov 04, 2009 2:02 pm
Total Likes: 0


Postby caroline3sg » Thu Jan 20, 2011 3:49 pm

I think is when you turn 50, not complete 50, the rate kicks in.

And I don't think employer will give cash if negotiate because they have to account this payout in their accounting books. If according to what you said work harder in capacity, perhaps the company may channel this into yr end bonus.

caroline3sg
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 1004
Joined: Mon May 26, 2008 5:33 pm
Total Likes: 0


Postby DadOfGirl » Thu Jan 20, 2011 4:19 pm

caroline3sg wrote:I think is when you turn 50, not complete 50, the rate kicks in.

And I don't think employer will give cash if negotiate because they have to account this payout in their accounting books. If according to what you said work harder in capacity, perhaps the company may channel this into yr end bonus.


Thank you. Cash ... what i mean was increase monthly salary.

DadOfGirl
BrownBelt
BrownBelt
 
Posts: 543
Joined: Wed Nov 04, 2009 2:02 pm
Total Likes: 0


Postby 30plus » Thu Jan 20, 2011 4:41 pm

I think it depends on company ba. My company pay additional 14.5% to people on EP because they do not have CPF account.

30plus
GreenBelt
GreenBelt
 
Posts: 114
Joined: Thu Oct 21, 2010 12:13 am
Total Likes: 0


Postby tankee » Thu Jan 20, 2011 5:01 pm

most companies don't since they are not required to do so.

I do heard of a european MNC that gave back in form of pay rise when the govnt last cut the employer's CPF contribution.

tankee
Site Admin
 
Posts: 17790
Joined: Tue Jun 30, 2009 4:04 pm
Location: Singapore
Total Likes: 18




Return to Money Matters