Singaporeans will receive assistance to cope with difficulties arising from the government's proposed changes to the state-run social security system, Deputy Prime Minister Lee Hsien Loong said.
In the lead-up to the proposed changes to the Central Provident Fund [CPF] to be announced this week, Lee sought to assure lower-income families over the weekend that they would not be left to face the financial difficulties alone.
"We are not making changes to the CPF in isolation. I am very mindful that lower income families are having difficulties making ends meet, that workers are worried about losing their jobs, and that unemployment will stay high for at least another six months," Lee said in remarks that were published yesterday.
"So as we work out the CPF changes, we are also assembling a package of measures to help Singaporeans deal with the immediate difficulties, which we will implement at the same time," he said.
On Thursday, the government is set to announce sweeping reforms to the CPF which has been the social safety net for the majority of Singaporeans who use it to finance home mortgages, pay for medical bills and children's education.
It is also a retirement fund for Singaporeans, who can withdraw a set amount upon reaching 55 years old.
A key part of the proposed changes is likely to be a cut in employers' monthly contributions to the social scheme, which is currently pegged at 16 percent of a worker's salary.
The government has said the employers' contribution rate must be lowered to save jobs from going to lower-cost countries.
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