A lot of people that I have talked to seem to have very limited knowledge of a place that they have most of their money at, the CPF. Most of us take it like its a saving account for buying flats and so for
Central Provident Fund (CPF) is a comprehensive social security savings plan that provides working Singaporeans with a sense of security and confidence in their old age.
Working Singaporeans and their employers make monthly contributions to the CPF and these contributions go into three accounts:
- Ordinary Account – the savings can be used to buy a home, pay for CPF insurance, investment and education.
- Special Account – for old age, contingency purposes and investment in retirement-related financial products.
- Medisave Account – the savings can be used for hospitalisation expenses and approved medical insurance.
More info on contribution rates can be found here.
