Director Joel Tan quoted in Asia Business Law Journal on retirement cost creep in Asia-Pacific

07 Aug 2026

Joel Tan, Director, Corporate and Mergers & Acquisitions and a member of Drew & Napier’s Employment Practice, was quoted in Asia Business Law Journal's (ABLJ) feature on retirement cost creep across the Asia-Pacific.
 
The article noted that Singapore's Central Provident Fund (CPF) underwent changes on 1 January 2026, with the Ordinary Wage ceiling rising from SGD7,400 to SGD8,000, and contribution rates for older employees increasing – from 32.5% to 34% for those aged 55 to 60, and from 23.5% to 25% for those aged 60 to 65.
 
Speaking on the rise in Singapore's CPF contribution rates and the Ordinary Wage ceiling, Joel said, “For employers, this means higher employer CPF contribution costs for employees whose monthly ordinary wages exceed SGD7,400.”
 
He added that “The CPF framework is likely to continue evolving to address Singapore's ageing population and longer life expectancy, as well as to support the CPF's objectives of helping Singaporeans set aside savings for retirement, housing and healthcare needs.”
 
You may click here to read the full article that appears on ABLJ’s website.