Central Provident Fund - CPF


Central Provident Fund - CPF
A mandatory benefit account set up to provide Singaporeans with a healthy retirement plan. The Central Provident Fund (CPF) was first introduced in 1948 by the Progressive Party to help ensure that Singaporeans would save up for retirement. Many people disagreed with the idea but it was believed that making this fund compulsory would give security and assurance to retirees.

Rates of contribution vary depending on the employee's age. For example, members that are 35 years old or younger must contribute approximately 33% of total wages to the fund. This breaks down to the employees contributing 20% of their wages and their employers contribute the remaining 13%.

The purpose of the fund was to ensure that those entering retirement had the healthcare and support that they needed. The funds are then managed and invested to obtain an adequate return.


Investment dictionary. . 2012.

Look at other dictionaries:

  • Provident Fund — may refer to:* Employees Provident Fund Organisation of India, India s retirement plan * Mandatory Provident Fund, Hong Kong s retirement plan * Central Provident Fund, Singapore s retirement plan *Employees Provident Fund, Malaysia s retirement… …   Wikipedia

  • Employees Provident Fund — The Employees Provident Fund (Abbreviation: EPF) also known in Malay as Kumpulan Wang Simpanan Pekerja (Abbreviation: KWSP ) is a government organisation in charge of social security or retirement planning for legally employed workers in Malaysia …   Wikipedia

  • Mandatory Provident Fund — (zh t|t=強制性公積金), often abbreviated as MPF (強積金), is a compulsory saving scheme for the retirement of residents in Hong Kong. Most of employees and their employers are required to contribute monthly to Mandatory Provident Fund Schemes provided by… …   Wikipedia

  • Employees Provident Fund Organisation of India — The Employees Provident Fund Organisation (EPFO) of India is a state sponsored compulsory contributory pension and insurance scheme. It is one of the largest social security organisations in the world in terms of members and volume of financial… …   Wikipedia

  • Mandatory Provident Fund (Hong Kong) — The Mandatory Provident Fund (Chinese: 強制性公積金), often abbreviated as MPF (強積金), is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Most of employees and their employers are required to contribute monthly to …   Wikipedia

  • Provident — may refer to: *Entertainment **Provident Label Group, a music label *Finance **Financial companies ***Unum, formerly UnumProvident, formerly two separate companies Unum Provident, a financial services company focusing in the United States… …   Wikipedia

  • fund — A fiscal and accounting entity with a self balancing set of accounts in which cash and other financial resources, all related liabilities and residual equities, or balances, and charges therein, are recorded and segregated to carry on specific… …   Financial and business terms

  • Pension fund — A pension fund is a pool of assets forming an independent legal entity that are bought with the contributions to a pension plan for the exclusive purpose of financing pension plan benefits. Pension funds are important shareholders of listed and… …   Wikipedia

  • National Social Security Fund (Uganda) — National Social Security Fund Type Parastatal Industry Social Security Founded 1986 Headquarters 14th Floor Workers House, Plot 1 Pilkington Road, Kampala, Uganda Key people Vincent Ssekono …   Wikipedia

  • Ministry of Manpower (Singapore) — Ministry of Manpower Logo of the MOM Agency overview Jurisdiction Government of Singapore Headquarters 18 Havelock Road, Singapore 059764 Employees …   Wikipedia

  • Pension — This article is about the retirement income arrangement. For the type of lodging, see Pension (lodging). For the mortgage repayment scheme, see Mortgage loan. Financial market participants …   Wikipedia