Central Provident Fund
From Freepedia
The Central Provident Fund (CPF) is a comprehensive social security savings plan which aims to provide working Singaporeans with a sense of security and confidence in their old age. The conceptualisation of such a savings plan can be traced back to policies of the Singapore Progressive Party, who set up the Central Provident Fund in 1948, even under the hindrance of limited self-government at the time. The overall scope and benefits of the CPF encompass the following:
- Retirement
- Healthcare
- Home Ownership
- Family Protection
- Asset Enhancement
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.
See also
External Links
- CPF Home
- Singapore’s Central Provident Fund Scheme An Overview and A Comparison with the U.S. Social Security System
Categories: Singapore-related stubs | Economy of Singapore | Singapore government policies | Singapore-related lists
