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What is CPF?

What is CPF?what can CPF be use for?

  • Answer:

    CPF stands for Central Provident Fund, its a compulsory savings the government has for all singaporeans. the money in there comes from whatever thats left over from your edusave savings(if im not wrong) after you leave school and continues to grow when you work because your employer will contribute to some of your CPF savings. it can be used for a lot of things, like buying houses, etc etc. this website would be more detailed http://mycpf.cpf.gov.sg/Members/Gen-Info/mbr-Gen-info.htm

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CPF stands for Central Provident Fund, its a compulsory savings plan for every singaporean towards their retirement. With CPF the employee and the employer will jointly save about 30% of the employee's monthly income every month. This money is accumulated with compound interest (much higher than bank interest rate) till the employee reaches his retirement age. The govenment manages the funds. This money can be used to buy a house, medical bills and insurance. Singapore is not a welfare state which means the govenment is not responsible to taking care of you financially when you are not able to. So each of us is responsible for our own retirement accommodation and medical needs. As a result Singaporean pay much less tax then most countries. CPF is a safety net for singaporeans.

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