Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam announced the following initiatives relating to financial planning during the FY2012 Budget Statement in Parliament on 17 February 2012: - Increase in CPF Contribution Rates for Older Workers Lower CPF contribution rates for older workers were introduced to help improve the employability of older workers. Now, the same CPF contribution rates will be maintained for all workers up till age 55, rather than age 50. This move will encourage more workers to work longer, but at the same time, it may discourage employers to employ older workers. In my opinion, it is definitely a good move as CPF is also used for housing loans and a decrease in contribution after 50 can have a significant impact, especially when loans nowadays stretch till most are 60s. - Enhancement to SEC It is good, more help for the lower wage earners. However, still ......