The Central Provident Fund (CPF) acts in place of a national social security. Essentially, the CPF is a mandatory savings scheme that was introduced in 1955 to help cover the cost of living for Singapore residents upon retirement / cessation of employment.

Monies saved in the Ordinary Account of the CPF can be used to help pay for home ownership, education and investment. The Special Account is meant for old age and contingency purposes and to purchase retirement-related financial products. A portion of the CPF known as Medisave can also be used to help pay for hospital treatment and for medical insurance (known as MediShield).

The CPF scheme applies to all Singaporeans and Singaporean Permanent residents; foreigners who are on a Work Pass are not required to contribute to this fund. However, when a foreigner takes up permanent residency in Singapore, the foreigner will be expected to contribute to the CPF scheme. Both the employer and the employee contribute to this fund in varying proportions.

For more information about this fund, you visit their website at www.mycpf.gov.sg. Walk-in enquires are entertained at CPF Service Centers located throughout the island. Click here for the location of all the service centers.