SINGAPORE, Dec. 24 -- Ride-hailing giant Grab will raise its platform fee for transport bookings by 30 cents (RM0.95) from January 1 in Singapore, citing higher mandatory Central Provident Fund (CPF) contributions for drivers under the city state's Platform Workers Act.

The CPF is Singapore's compulsory savings scheme that workers and employers pay into to fund retirement, housing and healthcare.

The fee will rise to S$1.20 from the current 90 cents, the company said in an e-mail notice today, as reported by The Straits Times.

Grab said the adjustment to its "platform and partner fees" would help support the upcoming CPF rate increases for younger workers born on or after January 1, 1995, who are now required to contribute more to thei...