CPF
Central Provident Fund
Just Tell Me
CPF is Singapore’s Central Provident Fund, a social security savings system supporting retirement, housing and healthcare for citizens and permanent residents.
Also called: Central Provident Fund
Explain Like I’m Five
CPF is a set of personal savings accounts within Singapore’s social security system. For covered workers, contributions from wages and employers build savings that can be used under CPF rules for needs including retirement, housing and healthcare.
How It Works
Contributions are allocated among CPF accounts with different purposes. The applicable contribution and usage rules depend on factors such as citizenship or permanent-resident status, age and the specific CPF scheme.
Where You’ll Run Into It
Employees see CPF contributions on payslips and can view their balances through CPF’s digital services. CPF also appears in conversations about buying an HDB flat, medical costs and retirement income.
Example
“Part of my pay goes into CPF, and my employer contributes too.”
The worker is describing the monthly contribution arrangement, not an ordinary bank transfer into spending money.
Watch Out
CPF is more than a pension, but its money is not freely interchangeable with cash in a bank account. Check CPF Board’s current rules for any specific use or withdrawal.
Sources
Related
- workAWS (Annual Wage Supplement)Updated
In Singapore employment, AWS means Annual Wage Supplement, a single yearly payment often called the 13th-month payment.
- housingHDBUpdated
HDB is Singapore’s Housing & Development Board, the public agency that plans towns, builds flats and supports public housing.