CPF Provident Fund is a mandatory benefit account providing income and health for the people of Singapore. Contribution to this retirement account is from both the employee and the employer. There are three types of PPF accounts. In which housing and health are available only.
Employees and employers each contribute to the PF account, the amount in the account is traditionally invested to earn around 5% per month. In 1968 the CPU was expanded to provide housing under the Singapore Public Housing Scheme, and in the 1980s the program expanded again to provide medical coverage for all participants.
What is CPF?
CPF i.e. Central Provident Fund It is also called CPF Board which is mainly implemented for the people living in Singapore. Which is a mandatory comprehensive savings and pension scheme for Singaporeans and permanent residents in which all residents are required to contribute and residents can withdraw money from CPF at the age of 55 years.
It is circulated by the Central Provident Fund Board which is a statutory board run under the Ministry of Jal Shakti responsible for the residence of contributions. The Ujjwal Pension Index report ranks Singapore at the top position in Asia and seventh worldwide in 2020.
What is CPF Full Form?
CPF was introduced when the Central Provident Fund was started in 1955 as a way to ensure all Singapore residents come into retirement and financial stability. Which was opposed a lot earlier but it is popular and very necessary to provide healthcare and social, housing assistance.
When can I withdraw money from CPF?
Singaporeans can withdraw money from CPF account after attaining the age of 55 years.
Where is the Headquarter of CPF?
Its head quarter is in Thomson Road, Novena Square Tower, Singapore.