Singapore is a country that keeps its focus on the well being of its citizens. There are several schemes where Singaporeans can save up for their future needs. One such saving scheme is the cpf investment singapore. The central provider fund or CPF is like social security for Singaporean and permanent residents of Singapore to save for their future retirement life.
How does the central provider fund work?
The working citizens and working permanent residents of Singapore along with their employers save a certain amount to the central provider fund or CPF. There are three accounts through which you can serve:
- The ordinary account
- Special account
- Medisave account
CPF plays a key role in Singapore’s social security system that helps the working class save up for their retirement, healthcare needs, and also housing needs.
About CPF investment Singapore
- For all working citizens of Singapore CPF is a mandatory social security savings scheme that is funded by employers and employees together
- The Singapore government helps lower-class workers through government schemes like workfare and Medisave top-ups to its senior citizens.
- You can start withdrawing from the fund when you are 55 years of age
Make your retirement safe by using CPF
The savings you made in your CPF ordinary account and the special account will be transferred to your retirement fund once you reach the age of 55. So to keep your future safe it is very important to think ahead and use the opportunity available to make your retirement safe.