What is Singapore’s Central Provident Fund (CPF) All About?

singapore cpfIn Singapore, there a government fund call the CPF of The Central Provident Fund. It is a social security system that enables working Singaporeans and Permanent Residents (PR) to set aside funds for later in life. It also has a healthcare, home ownership, family protection and asset enhancement portion.

How does the CPF system work?

Both employees and employers make monthly CPF contributions. These contributions go into three accounts:
singapore cpf contributionsAs Singaporeans live longer, there is a need for a reliable stream of income to meet living expenses. Statistics have shown that today, 1 in 3 Singaporeans aged 65 is going to live to age 80 and 1 in 2 is going to live to age 90 and beyond.

To learn more about CPF check out their website.

I agree to have my personal information transfered to MailChimp ( more information )
We like you! Keep in touch with our current happenings, adventures and tips from PayrollHero! Join over 15,000 subscribers who are receiving our newsletter and growing!
We hate spam. Your email address will not be sold or shared with anyone else.