What is the central provident funds?
I've been employed for a few months now and somehow I still don't understand what the Central Provident Funds are for and why I need them. All I know is that I need it for my social security but when do I actually get my benefits and how much can I get from it? What are the different types of CPF accounts?
The CPF is a mandatory social security system scheme funded by both the employers and the employee. There are four accounts: Ordinary, Special, MediSave and Retirement. It is the key pillar of Singapore’s social security system, and serves to meet our retirement, housing and healthcare needs. You can withdraw at the age of 55 and you are eligible for monthly payouts if you were born in 1953. The basic retirement sum is S$88,000 and the basic Healthcare sum is S$57,200.